The mortgage lending market in Greece is restored

Professional real estate market expect that the first three months of the year, banks will resume activity in the mortgage market, according to Ekathimerini.com . At the same time, they point out a number of difficulties that exist today in the country, including the unfinished recapitalization of the banking sector and the problems with the tax on capital gains from real estate. Over the past few years, Greek banks have refrained from participating in the sale of real estate transactions. According to the Bank of Greece, no more than 17% of registered transactions took place with the participation of the bank loans. At the same time in 2009, the figure was 82%. The average share of the credit loan in the transaction amounted to 35%, while in 2009 this figure reached 70% last year. According Theologos Bosdasa, head of the Greek branch of the agency Engel & Volkers, the recapitalization of the banking sector should be completed before the date when the interest of banks to the real estate market will give a dynamic mortgage market. This will help to stabilize the economy. According to the latest analysis of the rating agency Fitch, in the local real estate markets continue lending reduction due to rationalization of the credit portfolio, so in 2014 is not expected to increase the volume of credit loans. HomesOverseas.ru