BUSINESS

Cash remains king in Greek realty

NIKOS ROUSSANOGLOU

TAGS: Property, Banking

The majority of real estate transactions in Greece are carried out in cash, as banks continue to underfinance the property market because the majority of buyers do not have the credit profile for a substantial loan.

A survey by the association of realtors and chartered surveyors of Greece (EPPA) using a sample of 138 property transactions nationwide in the first half of the year showed that 84 percent were conducted in cash, without any bank credit involved.

Still, this rate had stood at 93 percent two years ago, according to a previous EPPA survey, so there has been some improvement.

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