IntroductionThe Greek residential mortgage market has grown significantly over the last few years driven by strong house price growth and falling interest rates.
What are the current issues facing this market? How are housing policies affecting its performance? Who are the biggest lenders? What will be the size of the sector in the next five years? This report provides the answers.ScopeCovers the residential mortgage marketProvides market sizing data in terms of gross advances and balances outstandingProvides competitor market share for the top five players in terms of balances outstanding; a short profile of the top players is also providedLooks at housing policies and issues in the marketHighlightsThe Greek economy has grown healthily in the past few years, recording on average more than four per cent in GDP growth from 2001 to 2004.
This growth has mainly been driven by an expansion in investment and infrastructure renovation, as a result of the Athens Olympic Games held in 2004.The growth in supply of new dwellings from 2001 to mid-2003 has led to weaker growth in house prices in 2003.
Moreover, private building activity as measured by the volume of construction permits rose by 13.1 per cent on a yearly average during this period, as opposed to a ten-year average of 4.2 per cent.The entry of Greece into the EMU had a major impact on interest rates, which used to be in the two digits range.
Between 1995 and 2004, real interest rates declined by 800 basis points.Reasons to PurchaseLearn how the Greek residential mortgage market has developed over the last five yearsUnderstand the recent developments in the market in terms of regulation, competition and product innovationsFind out Datamonitor's opinion on the future performance of the Greek residential mortgage market over the next five years and its future prospects