EL

News

10

2019

Fire in property prices - Upheavals from 2020


After the Airbnb phenomenon and the Golden Visa that warmed the frozen, for more than a decade, real estate market, a new scenario comes to be set from the beginning of the new year.

The three-year suspension of VAT on all properties is expected to shake the waters of domestic real estate. Thousands of houses will be put on the market at bargain prices, the newly built ones will again become attractive to Greek and foreign investors, the plots and the forgotten consideration will return to the game, while the people of the market are discussing with the banks the leasing solution as an alternative form of financing for private housing.

The freezing of 24% VAT for three years on all properties with a building permit from January 1, 2006 onwards will very quickly overturn the map of the real estate market.

The change of landscape will start to be seen from the beginning of 2020, as soon as about 100,000 houses, offices, shops without VAT enter the market. The competition is predicted to be fierce and as the people of the real estate market say, the builders will be forced to lower the prices in order to "get rid" of the stock of the properties that were left in their hands even from 2006.

"Everyone wants to sell the unoccupied properties in order to obtain funds that will invest in the construction of new properties," Dimitris Kapsimalis, president of the Federation of Greek Builders, told "NEA", predicting a reduction in house sales prices. The real estate that will be put on the market by the investment funds through either direct sales or auctions will be cheap.

It is estimated that more than 20,000 properties of all types that guarantee the red loan portfolios that were sold or will be sold in the coming months to funds and groups will be available in the market in the coming years. Most of these properties, as Dimitris Kapsimalis tells us, are aged 10-15 years and many of them will pass into the hands of builders who after proceeding with a facelift will market them at better prices than the newly built ones.

However, sooner or later the selling prices of older homes, 20, 30 and 40 years old, which are currently preferred by Greek and foreign investors due to lower prices and taxes, are expected to take a downward spiral.

The change of landscape will begin to be seen from the beginning of 2020, as soon as about 100,000 houses, offices, shops without VAT enter the market.

Thus, in order to attract the interest of potential buyers, their owners will be forced to reduce the sale prices of their properties in order for them to change hands faster. Today almost 70% of buyers prefer small and old properties, which he usually repairs to then sell them on one of the Airbnb short-term rental platforms.

Loan installment or rent?
When asked if the real estate market is profitable, Themistoklis Bakas, president of the Panhellenic Network of Real Estate Agents E-Real Estates, points out that "the current selling prices of real estate of 85-110 sq.m. which are suitable for a family in relation to the rents of the same properties are the combination that can lead the tenant to make a direct purchase of the property he rents or to look for a property of the same specifications for purchase ".

"In fact, if the interested party allocates 25% of the purchase value of the property and the remaining 75% is borrowed, then in many cases the repayment of his loan will be made in 15 years or if he chooses a duration of 30 years, the loan installment is the 50% of the monthly rent ".

Real estate leasing
For home buyers who meet the bank mortgage requirements but do not have the same 20% -25% stake, market people are discussing with banks the leasing solution as an alternative form of financing for private homes.

Real estate leasing is a familiar financial tool, which has been available since 1999 and concerns exclusively all self-employed and businesses of all types, sizes and legal forms, who wish to acquire real estate for the exercise of their professional activity.
 

"If leasing is also adopted by banking institutions for private homes" as Themistoklis Bakas tells us "then the individual will be able to pay two and / or four monthly rents as a guarantee or as a first-initial rent and not the 20% -25 % of the value of the property required for the mortgage. 20% -25% of the own participation could function as the pre-agreed transfer price of the property at the end of the lease. At the same time, based on the operating data of the finance lease, the lessee can choose to have an increased monthly rent to cover during the lease the own participation 20% -30% of the value of the property that currently does not have as savings for the own participation required to obtain a mortgage.

With the adoption of leasing, potential buyers will have more opportunities to obtain housing.

Return of consideration
It is estimated that the three-year VAT freeze will put the consideration back on the map of the real estate market. Landlords will be exempt from the 24% VAT they will have to pay to get the keys to the apartment or apartments that the builder will give them in return. This measure will apply to all properties that will be constructed even from 2023 onwards after the three-year suspension of VAT has expired, provided that the building permit will be issued by December 31, 2022.

The prices on the plots are stinging
For the first time in a decade, land prices have started to plummet. Builders and contractors are interested in plots in order to invest, at a time when the construction activity is gaining momentum and better days are expected in the market with the freezing of VAT.

Banks are more willing to finance new developments, while the picture in the southern suburbs is more encouraging than in the northern suburbs. Buildings have begun timidly to re-erect buildings, which are mainly located in medium profile areas (Agia Paraskevi, Paleo Faliro, etc.), where the plots were bought cheaply during the crisis and ENFIA is not prohibitive, as in expensive areas.

SOURCE: THE NEWS

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LAW OFFICE Ioannis P. Christodoulou

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