The Greek real estate colapse
The mere fact that investments lost 18 bn. Euros, ie 8.2% of GDP from the building, showing the size of the market collapse real estate and construction, and is one of the main causes for the deep recession which lies total economy. Even worse is the fact that millions of Greeks see lost much of their property as the 'tile' in which they invest their savings, has largely discredited.
Characteristically, according to the Bank of Greece, since 2008, the number of purchases and sales decreased by 72%, while house prices fell by 41%, with the sharpest fall was seen in urban centers. Even this figure, however, does not reflect the truth as recorded cases of price reduction up to 60%.
Characteristically, according to the Bank of Greece, since 2008, the number of purchases and sales decreased by 72%, while house prices fell by 41%, with the sharpest fall was seen in urban centers. Even this figure, however, does not reflect the truth as recorded cases of price reduction up to 60%.
Taxation in real estate has increased 6 times compared to 2010, accounting for nearly 2% of disposable income per capita. This means that the property, in addition discredited, burdened with huge taxes, so it is "Bob" for idiokiti.
Apoulita houses
In the Greek market is estimated that there are more than 200 000 unsold homes, many of which have never been inhabited, though built in 2007-2009. But even left building sites due to the inability of manufacturers to completion. As for the construction activity, declining each month by more than 30% and only the months that renovations are taking place (especially in June and July in homes and hotels) recorded an upward trend.
Within the climate of complete dissolution, experts are now sure that the "madness" period in the property market will never return. The research of PriceWaterhouseCoopers is typical. Analysts point out that there are four scenarios for the evolution of the industry.
But according to the predominant scenario for the Greek economy, GDP per capita will return to pre-crisis levels of about 2030
The balance between supply and demand in the Greek housing will occur around 2047 because of oversupply, high taxes and lack of mortgage lending.
House prices will rise slowly, with an average rate of around 0.6% annually, reaching levels of 2002 to 2008 period after 2050.
Development
Housing investment is expected to play a strong role in the development of the country over the medium term will remain well below historical levels, approximately 4.5 billion. Annually on average.
In order to restart the Greek housing market and to return to the levels of 2002-2008, a real growth of at least 3.5% per annum for a very long period of time
Mortgage lending should follow the growth of the economy in order to help stimulate demand.
Taxes on real estate must be gradually reduced in order to increase investor interest in housing.
H forecast balance of housing 2036 provides for a systematic and significant growth market while, say analysts, with low development will not balance before 2050.
Due to excess supply, house prices are expected to return to average over the period 2002-2008 at the earliest in 2042, if the economy developed rapidly.
Also, the average pace of construction of new housing is placed, depending on the growth rate between 3.2% and 9.3% per year, while the average annual investment in new dwellings is estimated to range between 2 and 10 billion. Euro. Essentially the estimate is built on average 20,000 homes with low growth and 100000 ... with high. Investments in housing are made by estimating that the average house is 94 square meters, the construction of which costs 100 thousand. Euro.
Stock 6.4m.
Interests are other survey data:
About 55% of municipal buildings in Greece are built before 1980 and approximately 13% after 2001. The stock in urban centers are newer outside of Athens and Piraeus.
In contrast to the significant expansion of nominal house prices (+ 10.7%), average real prices in Europe increased by 3% over the same period. The nominal and real house prices in Greece showed a decrease of 30%, followed by Spain.
The existing housing stock reaches the 6,4 m. Cottages and corresponds to less than 9 m. People (population over 18 years). In 2002 they represented 64 dwellings per 100 people, while in 2014, increased to 71 houses per 100 people (or 1.7 homes per family), reflecting the expansion of available housing in the period. The corresponding ratio in other countries of the sample changed residences from 55 in 2002 to 60 houses in 2014. The oversupply of housing is difficult to absorb, especially in a period of decreasing income and limited mortgage lending.
"Smother" debts
Red loans totaling 12.9 billion.
In red are due to high lending sectors of construction and real estate. According to Bank of Greece data, exposures (ie loans, bonds, etc.) of EUR 23.5 billion. Euro allocated to enterprises of these two branches, more than half (12.9 bn., 54, 9%) are recorded as non-performing exposures. 2/3 of these are loans overdue more than 90 days and katangelmena loans, while the remaining 1/3 although currently serviced normally considered to be of uncertain recovery (ie. Are more likely to display problem in the future) . Banks and companies in the sector have already entered into arrangements for loans of EUR 4.5 billion., Of which a relatively large proportion shows again a problem. For these sectors, the banks have formed accumulated provisions amounting to 6.4 billion.
Apoulita houses
In the Greek market is estimated that there are more than 200 000 unsold homes, many of which have never been inhabited, though built in 2007-2009. But even left building sites due to the inability of manufacturers to completion. As for the construction activity, declining each month by more than 30% and only the months that renovations are taking place (especially in June and July in homes and hotels) recorded an upward trend.
Within the climate of complete dissolution, experts are now sure that the "madness" period in the property market will never return. The research of PriceWaterhouseCoopers is typical. Analysts point out that there are four scenarios for the evolution of the industry.
But according to the predominant scenario for the Greek economy, GDP per capita will return to pre-crisis levels of about 2030
The balance between supply and demand in the Greek housing will occur around 2047 because of oversupply, high taxes and lack of mortgage lending.
House prices will rise slowly, with an average rate of around 0.6% annually, reaching levels of 2002 to 2008 period after 2050.
Development
Housing investment is expected to play a strong role in the development of the country over the medium term will remain well below historical levels, approximately 4.5 billion. Annually on average.
In order to restart the Greek housing market and to return to the levels of 2002-2008, a real growth of at least 3.5% per annum for a very long period of time
Mortgage lending should follow the growth of the economy in order to help stimulate demand.
Taxes on real estate must be gradually reduced in order to increase investor interest in housing.
H forecast balance of housing 2036 provides for a systematic and significant growth market while, say analysts, with low development will not balance before 2050.
Due to excess supply, house prices are expected to return to average over the period 2002-2008 at the earliest in 2042, if the economy developed rapidly.
Also, the average pace of construction of new housing is placed, depending on the growth rate between 3.2% and 9.3% per year, while the average annual investment in new dwellings is estimated to range between 2 and 10 billion. Euro. Essentially the estimate is built on average 20,000 homes with low growth and 100000 ... with high. Investments in housing are made by estimating that the average house is 94 square meters, the construction of which costs 100 thousand. Euro.
Stock 6.4m.
Interests are other survey data:
About 55% of municipal buildings in Greece are built before 1980 and approximately 13% after 2001. The stock in urban centers are newer outside of Athens and Piraeus.
In contrast to the significant expansion of nominal house prices (+ 10.7%), average real prices in Europe increased by 3% over the same period. The nominal and real house prices in Greece showed a decrease of 30%, followed by Spain.
The existing housing stock reaches the 6,4 m. Cottages and corresponds to less than 9 m. People (population over 18 years). In 2002 they represented 64 dwellings per 100 people, while in 2014, increased to 71 houses per 100 people (or 1.7 homes per family), reflecting the expansion of available housing in the period. The corresponding ratio in other countries of the sample changed residences from 55 in 2002 to 60 houses in 2014. The oversupply of housing is difficult to absorb, especially in a period of decreasing income and limited mortgage lending.
"Smother" debts
Red loans totaling 12.9 billion.
In red are due to high lending sectors of construction and real estate. According to Bank of Greece data, exposures (ie loans, bonds, etc.) of EUR 23.5 billion. Euro allocated to enterprises of these two branches, more than half (12.9 bn., 54, 9%) are recorded as non-performing exposures. 2/3 of these are loans overdue more than 90 days and katangelmena loans, while the remaining 1/3 although currently serviced normally considered to be of uncertain recovery (ie. Are more likely to display problem in the future) . Banks and companies in the sector have already entered into arrangements for loans of EUR 4.5 billion., Of which a relatively large proportion shows again a problem. For these sectors, the banks have formed accumulated provisions amounting to 6.4 billion.
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