Greece's Capacity to Transform & Adapt the Local Servicing Market

Greece continues to reinvent itself and the progress achieved by the programs launched by the government and the positive impact they had on the economy is a proof of this capacity.

Greece has historically been a nation of strong and innovative personalities capable of rethinking their environment and finding solutions for their challenges, from the ancient times to nowadays. The country has relatively recently been through a major crisis starting in 2008 and consisting of one of the sharpest GDP decreases in global economic history.

The Government and all other active intervenients in the Financial Greek space have been creating the right conditions for a competitive market for domestic buyers and increase the acquisitions of international buyers on Real Estate. Programs like Golden Visa, some changes in law and taxes, fostered the prospects for returns from investing in the Greek Real Estate market for a home acquisition and reinforce the growth of the economy in the years to come. As a result of this crisis, the economy has accumulated a large stock of Non-Performing Exposures in which the Bank of Greece has been focused to reduce and control, both on the NPL ratio and on the overall volume of these assets. To this end, it has implemented a program of fiscal and macroeconomic measures over recent years, supported by the European Stability Mechanism (ESM).

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