After a decade of stagnation, the mortgage loan market in Greece is now in a development phase with converging estimates that have been made by competent bank executives raise the new loan disbursements in this sector to 900 million euros by the end of year.
The interest of households, as bank executives have pointed out in their official presentations, is even greater, but the long disbursement time of a mortgage loan that in 2020 exceeded 4 months is one of the deterrents. That time is estimated to be drastically reduced as the market and all relevant services involved (public services and courts) now return to normality after the restrictive measures imposed due to the pandemic and the gradual digitization of proceedings.
The average home loan currently ranges between 70,000 – 90,000 and seven out of ten applications are approved, while the borrower’s own participation should amount to about 25% of the value of the property.
SOURCE: AMNA
