ECONOMY

Over 120,000 homes close to repossession

over-120-000-homes-close-to-repossession

An estimated 122,700 households in Greece are facing the threat of losing their homes due to accumulated loan and tax obligations that they cannot pay, a survey by Marc research company for the Hellenic Confederation of Professionals, Craftsmen and Merchants (GSEVEE) showed on Thursday.

Households’ fears are on the rise due to a change in the legislative framework concerning repossessions valid as of January 1 that has made the criteria for acquiring protection status stricter.

A great number of households surveyed (36.3 percent) said that they live on up to 10,000 euros per year, which is the lowest income bracket. This is up from 34.4 percent in 2014 and 28.1 percent in 2013.

Of particular concern is the finding that more than half of the households polled (51.8 percent) have a pension as their main source of income, up from 42.3 percent in 2012. Just 6.1 percent of respondents said they have a business activity as the main source of income, less than half of the share recorded in 2012 (12.6 percent).