According to the Ministry of Finance, the agency for the acquisition and rental of homes will launch early 2021. The agency is part of the new insolvency framework that will soon be submitted for a vote in the Parliament.
The institution will emerge after a tender that is estimated to take place at the end of October. In terms of its capital adequacy, it will have to have tens of millions of euros in order to be able to buy the houses it will acquire through bankruptcy proceedings. Reportedly there is great interest in the institution from both foreign and domestic investors.
The borrowers that lost their homes by the banks will have the chance to repurchase their main residence at 12 years. In the meantime, they will be paying rent.
The sale price will be the current commercial value of the house and the former owner will have to pay the rent for 12 years and then request the repurchase of the property he uses as his first home.
The amount of rent will depend on its value and the area where the property is located.
Original Source: Euro2day
Adaptation/Summary: Kiki Athanasiadis