Fixed interest rates on mortgages are at historically low levels in Greece, with an emphasis not only on short terms of two or three years, but also on longer terms, like 10 to 30 years, making the purchase of housing through borrowing attractive, despite generalized uncertainty.
For households considering homebuying, the ability to secure a low interest rate in an environment of increased volatility is of particular importance, as, in addition to a low monthly installment, it ensures predictability against inflation and the risk of rising interest rates.
The 3-month Euribor rate has already been moving upward since last week, but banks have recently proceeded with new reductions in fixed-term interest rates in an effort to stimulate the mortgage market. Therefore, with the offers now being promoted for the purchase of a main residence, fixed interest rates are not only at historically low levels, but are, according to sources, a reliable option in the current environment created by geopolitical tension in the Middle East.
Average interest rates for a fixed term of three to five years are 2.5-3.5%, but now banks are competing with new offers, especially for those who want to borrow to purchase their main residence.