The management of real estate assets held by banks needs efficient solutions, George Kormas, senior general manager in Piraeus Bank and CEO in Piraeus Real Estate said on Friday.
Addressing a 19th Prodexpo congress, Kormas recommended that banks should not spend time and money in selling these assets and that the end-buyer should bear all legal, technical procedures, along with payment of any taxes and duties on the asset. He noted that banks, through the purchase of real estate assets, supported economic recovery and seek to have a strong contribution in transactions by offering financing.
Kormas said that foreign investments were a crucial factor in the development of the real estate market and noted that a positive climate and investment interest for the Greek market would be enhanced after a reduction of taxation on real estate investment companies (REIC). He underlined that Greek banks should not use auctions solely as a mean to manage their non-performing loans.