The rise of prices of residentialfaster than incomes, has aggravated their accessibility, according to the conclusions of research by its financial analysts Eurobank.
At the same time, in the Eurobank research, led by economic analyst Tassos Anastasatos, it is reported that the accessibility of the houses remains better than the pre -crisis period and comparable, albeit a little smaller than in other eurozone countries.
More specifically, in the conclusions of an article on “Why does the housing market become less accessible?” are mentioned, inter alia, the following:
- The dynamic recovery of the real estate market after the pandemic gives boost to the construction activity affected by the debt crisis, spreading positive effects on the economy. In short, the housing supply is adapted with time lag to increasing demand. Long -term, there is a risk of monopolizing investment if other investments do not increase equally rapidly.
- The rise in housing prices, faster than incomes, has exacerbated their accessibility, which still remains better than the pre -crisis period and comparable, albeit a little smaller than in other eurozone countries.
- However, its deterioration is a source of concern as it is a phenomenon of significant economic and social impacts, in particular, in particular with the significant increase in living costs over the last three years.
- The main cause is found in the narrowness of housing supply, which results in their prices being determined by the increased – in -house and international – demand.
- Paradoxically, the increase in sales and sells is not accompanied by an increase in housing faith, despite the increased disposition – and the ability – of banks to fund them
- Treating the problem will require a combination of measures, mainly on the part of the supply, to increase the available houses, possibly in combination with restrictions on the use of residential real estate for commercial purposes in cases where the negative externalities of these activities go beyond the positive contribution.