Popular short-term leasing platforms such as Airbnb and HomeAway seem to be the reason for Greece showing signs of fast recovery according to the latest bank data made public.
A recent study by Grant Thornton for the Hellenic Chamber of Hotels showed that the total number of properties listed for home sharing is estimated at 42,155 across Greece, while the annual revenues from short-term rentals are estimated at 860 million euros.
Banks receive a whopping of 40 million euros per month due to this new predicament which has led to the introduction of new loan products with affordable terms.
The findings are directly linked to a significant rise in mortgage applications, a market that had been stagnant since Greece was hit hard by the financial crisis, Kathimerini reports.
A 50 per cent rise has been recorder in home loans while next to a 30 per cent increase on savings from January till the end of May 2018 compared to the same period last year.
Apart from the applications for property purchase there is also a 25 per cent rise in demand for home repair loans.
White good sales are also on the up as a result as is the profit per day at establishments surrounding Greece’s most sought after locations on Airbnb and HomeAway.
