Inset Economy: The rate of home ownership in Greece is decreasing

PRESENTATION: GOGO KATSELI

The government’s battle against precision is multi-layered, with checks for profiteering ongoing throughout the supply chain, and more products being added to the permanent price-cutting measure every day.

In a visit he made to a store of a large supermarket chain, the Minister of Development said that for more than 650 products from 53 companies, the intention to reduce the price by more than 5% and for a period of at least 6 months has been announced.

PERMANENT PRICE REDUCTION

-650 product codes
-53 companies

Mr. Skrekas emphasized that the initial goal of 500 codes set by the government was exceeded and the next goal is 1,000 products that cover the basic needs of a household.

With regard to olive oil, whose producer price ranges from 9-10 euros, the Minister of Development stated that intensive controls are being carried out throughout the supply chain, from the producer to the shelf, announcing fines if violations of the margin ceiling are found profits.

High interest rates are here to stay in Europe and prices will be slow to return to normal levels, according to an IMF report. In terms of growth, he sees no risk, although the general picture is expected to become clearer after the first half of 2024.

FORECASTS FOR THE EUROPEAN ECONOMY

2023: +1.3%
2024: +1.5%
SOURCE: IMF
High interest rates, inflation eating away at real income and the continued rise in property prices are exacerbating the household housing problem. The Bank of Greece’s report on financial stability points out the three risk factors for households.

PROPERTY SALE PRICES
(2nd quarter change 2023)
Newly built 13.8%
Over 5 years 14.1%
CHANGE OF INCOME
(in Q1 2023)
Nominal increase: 11.3%
Actual increase: 5.8%

INCREASE IN INTEREST RATES
(on existing loan balances)
September 2023 6.1%
July 2022: 4%

“Gold” is the cost of housing for young people, whether it concerns renting or buying a house. Even for a house of 50-60 sq.m. in the center of Athens a rent of more than 500 euros is required, while those interested in buying should know that about half of the houses available for sale have an asking price of more than 100,000 euros. Market players estimate that the utilization of the 900,000 “closed” properties can prevent the explosion in rental prices. Let’s follow the issue of Valeria Dolapsaki.
The incidents of electronic fraud are increasing and multiplying, with attacks on “plastic” money reaching 202,000 in the first half of 2023. The data contained in the Bank of Greece’s Financial Stability report reveal the extent of the phenomenon.

ELECTRONIC FRAUDS
TURNOVER IN THE FIRST HALF OF 12.5 MILLION EUROS

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