PROPERTY

Realty shift to assets of lower value

realty-shift-to-assets-of-lower-value

Property market professionals and officials from companies cooperating with funds that have acquired bad-loan portfolios have declared their readiness for a more active management of the tens of thousands of properties of lower value, around 90,000-100,000 euros. These have been amassed through the process of clearing out banks’ nonperforming exposure backlog.

To date, income assets acquired from institutional investors have been prioritized, but now – after the pandemic and the mainly online preparation – the effort will begin for the sale or letting of the major volume of properties included as collateral in the portfolios of mortgage and corporate loans sold to funds over the last three years.

As the NPL Management Summit Greece heard on Wednesday, after the gradual sale of the large and pricier properties, emphasis is now placed on smaller assets, such as apartments, plots of land and retail spaces that account for the lion’s share in absolute figures.

“The biggest opportunity lies in assets of smaller value, as the average Greek buyer has a budget of €100,000,” noted Antonis Markopoulos, co-founder and CEO of the Prosperty online property management company.