Greek Daily News 26/03/2024

ECONOMY

-The National Bank of Greece successfully completed the placement of a reduced-security bond in the market amounting to 500 million euros with a return of 5.875%, the lender said in an announcement.

-The Bank of Greece (BoG) will impose a ceiling on new mortgages in an effort to prevent excessive lending. According to the new rules that will apply from January 1, 2025, the loan cannot exceed 80% of the commercial value of the property. However, the percentage rises to 90% for those take a mortgage for the first time.

-The turnover in retail trade recorded a significant increase of 10.3% in January, ELSTAT (Hellenic Statistical Authority) data showed.

REAL ESTATE

-The new terms for a five-year residence permit for foreign investors in Greece (known as Golden Visa) will kick in on March 31, raising the required investment total to 250,000-800,000 euros, depending on the area and property characteristics, AMNA reported.

-Greece’s homeownership rate in 2021 stood at 73.3%, slightly exceeding the European Union’s average of 70%, according to figures from the Hellenic Statistical Authority (ELSTAT) and Eurostat. However, homeownership in Greece declined 11.3% in 2005-21.

-Nearly half (44%) of more than 200 Greek property market executives who participated in Cerved Property Services’ annual market survey expect further growth in property prices, which is set to happen for both new-build and old homes, Kathimerini reported.

-From early 2018 until the end of 2023, average housing sales prices at the national level have increased by 60%, according to a Bank of Greece (BoG) report. Property prices are on a steady rise, posting a double-digit annual growth rate for nine consecutive quarters.

TOURISM

-The Ionian island of Corfu ranked 19th in the UK’s 18th annual Holiday Money Report for 2024, which measures the best-value-for-money destinations for British holidaymakers.

-Arrivals and overnight stays at tourist accommodations in January 2024 decreased by 1.3% on an annual basis on lower domestic traffic, according to ELSTAT.