More than 8 out of 10 real estate transactions in Greece are now carried out using cash, with no bank involvement whatsoever, according to a survey published recently by the Association of Certified Brokers of Greece (BPOR).
The survey reflects the generally difficult situation in the banking sector as well as the downturn in providing loans.
The BPOR says that real estate is often purchased by foreigners who transfer money from abroad, while Greek buyers seem to use cash they have stashed away under mattresses and in bank vaults.
According to the survey, banks are among the key real estate sellers, as 27.8 percent of all Greek real estate sold came directly from bank holdings.
Greek real estate sold at a higher value in the last six months of 2018 than it did in the first half of the year. In addition, the required time between the selling of properties and closing on them has been significantly lowered.
Properties valued between 91,000 and 180,000 euros now constitute 23.3 percent of transactions, compared with 17.3 percent six months ago. According to the analysis, older, less expensive properties are now few and far between, and their prices are rising.
According to the report, these developments point to a tangible recovery of the property market in Greece.