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84% of real estate in Greece is paid in cash

30 May 2014 / 12:05:11  GRReporter
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A survey by the Hellenic Association of Realtors in Greece shows that during the first four months of 2014 the vast majority of real estate purchase and sale transactions were totally paid in cash. This means that banks are almost entirely isolated from the real estate market and the conditions of their housing loans are totally unattractive to customers. The survey shows that the buyers were mostly married Greeks, aged between 30 and 50 years, with university education.
    28% of the buyers were foreigners, half of them being from European Union member states. In the region of the southern Aegean, European Union citizens were the only buyers, and the majority of them, 63%, bought economic properties at a price below 100,000 euro and only 11% preferred luxury villas. Real estate prices fell by 31-34% compared to 2009.
    According to Greek real estate agents, banks will recover within the next 5 years and will return to the real estate market, especially for the home mortgage loans, which financed the inflated housing prices before the crisis.

Tags: HousesReal estateCash paymentReal estate agentsEuropean Union citizensHousing loans
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