The housing crisis is the major social, political and economic problem in Greece, mainly affecting the younger ones and making it more difficult to create a family. With more than 2.2 million closed real estate in the country and over 40 million in Europe, the need for immediate interventions and solutions becomes necessary.
OR doValue Greece Real Estate Servicesthrough innovation and perseverance, he attempts to turn the problem into an opportunity, giving new impetus to the market. Ms Lila Pateraki Chief Real Estate Services Officer in Dovalue, a real estate professional with more than 25 years of investment management experience, explains how Dovalue turns closed real estate into a solution for the housing crisis.
The issue of housing crisis, combined with a multitude of other problems, has an impact on the treatment of demographic issue. The imbalance between supply and demand for residential real estate, coupled with the rise in construction costs, increased interest from abroad and the sharp increase in short -term lease over the last decade has led to the real estate market in the current situation.
Among the main causes caused by the current supply deficit are the large number of closed or even non -useful properties, which, according to ELSTAT and POMIDA surveys, are estimated to be 2.2 million. And here it is not that this is not a purely Greek phenomenon, as at a pan -European level it is estimated that there are more than 40 million closed properties, overwhelming to meet the needs of the population.
There are many reasons behind this deficit. Among them is the multiple ownership of inheritance that creates problems in their exploitation, the unknown exploitation, the high cost of renovation and the lack of tax and other incentives.
At the same time, it should be made clear that – despite what is mentioned in the contrary – banks and investors whose properties are managed by Servicers have absolutely no reason to keep in their possession, non -useful properties.
This is because they are multiplied by the real estate in their own “stock”, as they not only pay the whole tax, including ENFIA, but at the same time pay all the required costs of a property (OCO, communal, etc.).
On the contrary, in recent years they have made a catalyst for a large number of residential real estate that remained unused, with the aim of meeting housing needs.
Characteristically, the doValue Greece Real Estate Servicesone of the fastest growing real estate companies in the Greek market, has promoted and allocated more than 13,000 properties totaling € 1.6 billion since 2021, when it started operating, to date.
Of these properties, 60% are residential, which means that in less than five years, only Dovalue Greece Real Estate Services has allocated more than 7,500 a medium -sized residential real estate of 90,000 euros, thus covering the housing needs of a corresponding households with very competitive terms.
An important factor in achieving the above objectives is the utilization of cutting -edge technologies and the specialized know -how developed by Dovalue Greece Real Estate Services regarding the management, technical and legal maturity procedures in its portfolio.
In this way, Dovalue Greece Real Estate Services has internally automated maturation processes, significantly reducing the time required for the property available for sale, without weights and potential problems, significantly facilitating the prospective buyer.
Only in the last 2.5 years, the Dovalue Real Estate Services has completed the maturation of more than 1,000 properties, recording a great deal of improved in terms of market average. And this, having to face extraterrestrial difficulties and delays, as -indisputably -the completion of the necessary procedures in the Land Registries may require from 12 to 36 months, and there are urban planning committees that meet once a year, leading to corresponding delays.
In conclusion, the number of closed properties that could be available on the market, mitigating the housing crisis, would be clearly greater, since the processes of technical and legal maturation were simpler and faster than today’s data.
In addition, at European level, our country is one of those who have one of the most complex urban planning laws, which is even amended at regular intervals. Indicatively, it is stated that urban planning legislation has undergone a number of amendments over the last 15 years either through new laws, by variations to the old or by decisions of the Council of State, leading to the absence of a stable framework that would be simplified and accelerated.
As a result, it is common for the course of a real estate to ripen to change within the bank or investor and the Servicer should change the course of its ripening, causing further delays and demanding double effort.
However, despite the structural problems and inhibitors that affect real estate trading, Dovalue Greece Real Estate Services remains committed to her work, expecting to promote through its platform More than 20,000 properties next year on the market.
At the same time, in collaboration with the mediation of Finthesis, it can ensure sustainable solutions that combine real estate for sale with competitive funding solutions, thereby offering comprehensive choices to interested buyers, with the aim of meeting their housing needs in the best possible way.