More than 13,800 properties are listed on banks’ and servicers’ platforms

The need to channel a large number of properties into the market is greater than ever, as limited supply is driving rental and purchase prices sky-high. In this context, banks, real estate management companies and the government are seeking to put more than 13,800 homes on the market to provide some “relief” to the housing crisis facing Greece, particularly in major urban centers.

Specifically, the sharp imbalance between supply and demand in the real estate market has led to rental prices increasing by 10.9% in just one year, while the overall housing sector rose by 6%, according to ELSTAT data.

This problem is further exacerbated by nearly 800,000 vacant properties, which remain unused. Of these, more than 25,000 belong to banks and real estate management companies, coming from foreclosures, and essentially constitute a “burden” for them as long as they remain idle.

Indeed, discussions have already taken place regarding the possibility of deferring the costs of legalizing these properties so that payment is not a prerequisite for their use. It is estimated that out of the 25,000 properties of all categories, around 13,800 are homes and apartments, with a total estimated market value exceeding €6 billion.

Bank-owned properties

All systemic banks, as well as Attica Bank, maintain at least one real estate platform, either managing the properties directly or operating as digital real estate agents.

National Bank of Greece

The National Bank has two real estate platforms with different functions. The first is RealEstateOnline.gr, which provides access to properties owned by the bank, such as residences, plots, shops, offices, etc. It also provides access to the electronic auction platform for properties and movable assets, where customers can participate in auctions and request guarantees via internet banking.

The second platform is Uniko, the new digital real estate sales platform, operating as the first digital real estate agent in Greece with the support of the National Bank (49% stake). Its services range from finding a home, legal due diligence, certification and appraisal, to financing through the National Bank and digital contract completion.

Piraeus Bank

Piraeus Bank, through Piraeus Real Estate, manages pbre.gr, where interested parties can find high-value properties, both residential and commercial.

Alpha Bank

Alpha Real Estate Services, part of Alpha Bank, manages and exploits properties owned by the bank and third parties, providing comprehensive services such as valuations, sales, leases, property management and project coordination. In addition, it has a presence in Southeastern Europe through subsidiaries.

At the same time, Alpha Property Management and Investments S.A., a group company founded in 2018, undertakes the valuation, management, utilization and sale of properties acquired by the bank mainly through non-performing exposures (REOs).

Eurobank

Eurobank’s findyourproperty.gr platform offers easy property search and support from experienced partners, as well as financing proposals to complete the purchase. It lists residential, commercial and investment properties such as homes, plots, shops, offices, warehouses, buildings and hotels.

The bank has also invested in the digital platform Prosperty, which creates integrated digital real estate ecosystems aimed at increasing transparency, speed and efficiency in property promotion and sales.

Attica Bank

Attica Bank clients who are beneficiaries of the “My Home 2” program have access to properties ready for transfer from the portfolio of Resolute Cepal, through a recent collaboration of the two entities.

In addition, they have access to the My Home platform, developed for its clients by Ask Wire, offering customized searches enabling interested parties to locate available properties that meet the program’s requirements.

Platforms from servicers

doValue, Intrum, Cepal and QQuant are the four largest servicers in Greece, managing around 90% of non-performing loans, with a total value of approximately €70 billion.

doValue

Altamira Properties is a real estate platform from doValue, offering a comprehensive digital experience of searching for and acquiring properties throughout Greece. The platform targets both investors and individuals, providing easy, user-friendly and interactive property presentation, updates on new opportunities, and access to full property management services.

Intrum

Intrum operates Intrum REO, which facilitates the management and sale of properties through an innovative business model, leveraging cutting-edge technology and an extensive partner network.

Cepal

Cepal Group partnered with international company Resolute Asset Management Group to establish Resolute Cepal Greece Group (RCG), which provides comprehensive property management services, consultancy, technical and legal due diligence, as well as strategic planning for their utilization.