Thou­sands of houses for sale to cover debts

Kathimerini English - - Focus -

More than 20,000 houses have been put up for sale in Greece over the last 12 months be­cause their own­ers are un­able to meet their obli­ga­tions, par­tic­u­larly re­gard­ing mort­gage pay­ments. Fear­ing that their bank ac­counts will be frozen or their prop­er­ties con­fis­cated, own­ers are be­ing forced to put their homes on the mar­ket at prices low enough to at­tract buy­ers and to pay their way out of fi­nan­cial trou­bles. This is the pic­ture con­veyed to Kathimerini by prop­erty mar­ket pro­fes­sion­als who are closely mon­i­tor­ing de­vel­op­ments re­lated to the process of bad loan set­tle­ments, and es­pe­cially as re­gards mort- gages. Gior­gos Lit­sas, head of char­tered prop­erty sur­vey­ors GLP Val­ues, which co­op­er­ates with credit in­sti­tu­tions in the assess­ment of prop­er­ties, says that some 10 to 15 per­cent of the ex­ist­ing stock of un­sold houses – i.e. be­tween 20,000 and 25,000 prop­er­ties – in­volve cases where own­ers have found them­selves at an im­passe. bill which re­duces the num­ber of ma­chines, aim­ing at a smaller ex­po­sure to gam­bling and a more ef­fec­tive su­per­vi­sion by the au­thor­i­ties. OPAP, Europe’s fourth-big­gest bet­ting firm, has said it will con­clude the roll­out of 16,500 video lottery ter­mi­nals (VLTs) by May next year. The com­pany plans to sub­con­tract an­other 18,000 ma­chines. OPAP, which was fully pri­va­tized in 2013, of­fers sports bet­ting and lotteries through a net­work of about 5,750 out­lets in Greece and Cyprus via a rev­enue-shar­ing scheme with agents. and NGB Leas­ing as well as its cor­po­rate loan port­fo­lio in Ser­bia to Hun­gary’s OTP Bank for 125 mil­lion eu­ros. OTP said in state­ment that the deal in­cludes other Ser­bian units of Na­tional Bank of Greece too. The agree­ment in­creases OTP’s Ser­bian bank­ing unit’s mar­ket share to 5.7 per­cent, mak­ing it the sev­enth big­gest in Ser­bia’s bank­ing mar­ket, ac­cord­ing to OTP. The trans­ac­tion is ex­pected to be com­pleted by the end of 2017, the Hun­gar­ian lender added in its state­ment.

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