All those "well-known" institutional investors who
are particularly interested in the Greek real estate market and look forward to
the combination of dividend and value, are doing the... math.
Their conclusion is that "a project of managing a
scattered portfolio of small houses / apartments is not an investment option
when you have a household in front of you which hardly meets the needs of daily
living". Especially in a period of extremely high inflation and an energy
crisis that is knocking at the door of the hard core of the European Union,
making stagflation the most favorable scenario for the strong economies of the
North.
The new Entity that complements the bankruptcy law of the
second chance, starts with an asset value of around €2 billion, and the
investment scheme that bid in the tender for its implementation will be
announced by the Prime Minister, shortly after the 15th of August.
In the terms of the Concession Agreement, the acquisition
and re-leasing entity undertakes the obligation to acquire the main residence
of a "bankrupt" vulnerable debtor, and to re-lease it to him, for
twelve years.
The Concession Agreement will provide for a mechanism, based
on which, before the exhaustion of the initial financial commitments of the
Agency, the latter will have the right to choose to increase them, in any case
extending and in time its obligation to acquire a main residence from
vulnerable debtors. Otherwise, the State may reassign the obligations and
responsibilities of the acquisition and re-lease the entity to another legal
entity, without affecting the existing leases that have been concluded with the
Entity.
In addition to the Equity Participation, the Entity will be
able to finance real estate purchases and its general activity with loan
capital from acceptable sources of financing that will be determined in Phase
B'.
The State, at its absolute discretion, may choose to provide
guarantees to the Agency, the type, amount, extent and consideration of which
will be determined in Phase B after taking into account the results of the
Competitive Dialogue. The provision of any such guarantee will be subjected to
the rules of European State Aid Law, including the approval of an aid scheme by
the competent Directorate General for Competition of the European Commission.
The Ministry of Economy estimates that on an annual basis it
will purchasing about 5,000 houses, the systemic banks talk about 3,000, with
the result that it needs both capital and know-how supported by tools capable
of dealing with properties with a wide range in terms of value, but also
particularities that require the existence of data that currently do not exist
in the shallow and low volume Greek market.
Meanwhile, affordable housing production in the US enters a
new world in 2022, with increased emphasis from the Federal Housing Finance
Agency, a federal spending bill that will allocate up to $50 billion to
strengthen the housing stock and make more options available. financial
products. This program aspires to bridge the gap to produce new housing to meet
existing and future needs. In this way, it is calculated to meet the needs of a
population that has up to 60% of the average income.
