Economic woes forcing Greeks to give up their homes

Four out of ten Greeks who cannot keep up with mortgage payments are now contemplating giving up their home to the state to fulfill future payments, according to a new poll conducted by Kapa Research.

Economic woes forcing Greeks to give up their homes

World Bulletin / News Desk

Greece has seen the second steepest drop in house prices in Europe after Croatia as a result of the eurozone financial crisis, according to a report released in February by Eurostat.

Whie the report states that on average there has been a devaluation of property by 32% when compared to 2010, others estimate the actual figure to be closer to 50%.

87% of Greeks are home owners, one of the highest statistics in Europe, as they once saw property as a good investment. However, the situation now tells a different story.

Home owners today are desperate to sell before things get worse, but these days they are finding it almost impossible to find any customers due to economic uncertainty.

Four out of ten Greeks who cannot keep up with mortgage payments are now contemplating giving up their home to the state to fulfill future payments, according to a new poll conducted by Kapa Research.

One third of Greeks now fear that they may in fact lose their homes in 2014 as they struggle to pay their taxes, which have increased seven-fold in the past two years.

The Hellenic Property Federation (Pomida) reckons more than 500,000 home owners want to sell and that around 300,000 residences are currently empty.

Last Mod: 01 Mart 2014, 15:44
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