PROPERTY

Rent-to-buy solution sets foot in Greece too

rent-to-buy-solution-sets-foot-in-greece-too

The drop in disposable incomes and difficulty in securing bank credit have made the acquisition of real estate in Greece quite difficult in recent years, with more and more people shifting to renting property instead – which in turn takes rental rates higher.

As this problem is not peculiar to Greece, the market has identified new instruments, and one of them is the rent-to-buy model.

This idea provides for the tenant to pay an amount every month that is higher than the monthly rent, with the excess amount being saved for the purchase of that asset at some point in the future. If the tenants eventually decide against buying it, the cash is returned.