Concerns over NPL property market

The foreign investment groups that have positioned themselves in the Greek bad-loan management market are about to increase their asset sale rate, including real estate properties used as collateral for loans. However, among servicers and realty professionals alike there is concern over the success of this venture, as besides the time lost due to the pandemic, the property market features have also changed.

For instance, according to Values surveyors Chief Executive Panagiotis Merekoulias, the coronavirus has created major problems to the course of the retrieval of real estate owned (REO) properties, as the it has effectively frozen transactions as well as online auctions. It has also brought additional difficulties as residential properties have become less attractive due to the considerable drop in the appeal of short-term rentals, while large offices will be hard to sell...

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