Market methods will be employed by the government in an attempt to control prices in the purchase of real estate.
The only solution in this direction is to increase the supply of residential real estate, which will ultimately and inevitably lower prices in market sales.
The economic staff will focus on three axes to achieve its goals and unravel a multifaceted problem with social dimensions.
A. Residential real estate in the hands of bank servicers
The danger of their proliferation – the opportunities
A strong effort by all stakeholders will be made to bring into the land market the 15,000 residential properties that are in the hands of banks and servicers to help with the acute housing problem facing the government.
Once the property sales taps are opened, the assessment is that it will also enable prices to come down due to increased supply.
The above is, among other things, a constant topic of discussion between the Ministry of Economy and the banks and seems to have been discussed at length in the meeting between the Minister in charge, Mr. Kyriakos Pierrakakis, and the servicers.
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