Eurobank kicks off local credit sector’s realty package sales

The mass sale of properties by banks is getting under way with Eurobank's initiative for the concession of two major real estate portfolios with a total value of 120 million euros. They contain residential as well as commercial properties, and their progress will be the first test for the market of major real estate managers.

Against the backdrop of a stable property market with some signs of price recovery, Eurobank's move constitutes the first attempt at the mass liquidation of properties that are not associated with loans and are in the bank's full ownership. It remains to be seen whether the fragmented Greek real estate market can attract the interest of major investment funds that might be interested in the group utilization of those assets mainly for tourism purposes through short-term rentals, the acquisition of the Golden Visa residence permit, or for use by students...