Positive developments of construction loans in Greece
The news agency “Bloomberg” sees positive developments in the field of Greek construction loans in its article entitled “Quadrupling of the granting of construction loans from 2015 by Greek banks“.
The Chief Executive Officer of “Alpha Bank“, Mr. Theodoros Kalantonis, explains that the year 2015 will be a turning point for the granting of construction loans in Greece. The reasons for this are seen in the fact that real estate prices will not fall further in 2015 and it will not be worthwhile for real estate buyers to wait any longer. This will lead to increased demand for construction loans. Banks will respond to this increased demand by increasing the volume of construction loans.
Mr. Kalantonis also points out that the four systemically important banks are planning to double the volumes of mortgage-backed borrowings in 2014, which he estimates will continue into 2015. He also assumes that the banks will increase the granting of loans of 500 to 600 million euros before the end of this year.
