The housing crisis: the idiosyncratic connection to servants' real estate – the forks of auctions and the intentions of banks

The market demands improvements in the institutional framework and initiatives that would reduce bureaucracy as much as possible Real estate In order to free up a large reserve Of residences Which today – while the housing problem is worsening – remains unused for a number of reasons.

With factors Real estate Emphasize the need to have as accurate a record as possible of truly vacant/closed properties as well as incomplete properties so that there is a picture of how many people belong to them (natural persons, organizations, agencies, etc.). ) And in which areas they are located.

In this context, information indicates that the registration of real estate in their portfolios is also progressing Services (through REOCO companies) as well as, among other things, times when there was no liquidity in the market for the majority of properties yet Auctions And it ended up in banks and service companies, that is, the transportation companies themselves.

Servants ask for facilities

Market officials argue that the sale of these properties should be facilitated, among other things. With the current framework, the service provider is obligated to move forward with legalizing any violations during the recovery of the property, and not during the sale. Hence, thousands of real estate – housing They are not ripe for sale. However, if settlement is made at the time of sale or by the new owner, a very capable stock of housing is destined to immediately enter the market.

This is the least that can be said. The biggest problems in real estate are related to bureaucracy. This is the way it should be Faster response from mortgage offices And Surveyor offices, with transfer certificates issued within a specified deadline, preferably electronically.

It is usual that in the areas of Athens it may take from 12 to 15 months to obtain a transfer certificate and in some municipalities from 2 to 3 years.

Purchase means of auctions

Regarding purchasing housing through auctions, there are also obstacles. Even for someone who is not taboo (there are many who do not want to enter a house that someone else lost at auction) to acquire a residence via this road has not seen the plans, does not know if there are irregularities – an abuse that needs to be legalized, he does not know if there are. Other burdens.

Facial beauty ideas

In the Ministry of Finance there are ideas on this topic How to update the framework However, because the subject of auctions is very sensitive, the “practice” is very difficult and does not concern only one ministry. It is usual for a post-auction opposition trial that a debtor can undertake even after 5-6 years to determine what it means for the debtor themselves as well as for the new owner.

At the same time, banks have been seeing for several months that demand for new mortgages is weak – mainly due to high interest rates, accuracy and uncertainty – but the “Baity” program is in such high demand that it was. It's not possible to cover it – they are looking for a way to revive interest in home ownership.

What will the banks do?

Without deviating from their supervisory mandates and risking the integrity of their investment portfolios, they are moving towards…Reducing lending conditionsin creating new loan products for the acquisition or renovation of a home.

With regard to mortgages, bank employees are studying, according to Bayti standards, raising the financing ratio to 90%, which currently does not exceed 80%, according to the terms and conditions. With the possibility of the Bayti program continuing, at least for now, closed, banks are targeting those who were excluded from the program despite meeting the criteria.

In 2023, around €1.3 billion of new housing loans are expected to be “closed”, also thanks to some extent to the Beti programme. For 2024, a reheating of the market is expected, but not a spectacular increase in demand as many potential buyers await the European Central Bank's decisions to cut interest rates.

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