The Greek real estate market:
recent developments and prospects
Theo Mitrakos
Head of Real Estate Analysis Section
Bank of Greece
February 2012
BANK OF GREECE
EUROSYSTEM
Outline
 Available short-term indicators for the monitoring and
analysis of the real estate market in Greece
 Specific features of the Greek housing market
 Residential property prices in EU and Greece
 Number of transactions in the Greek real estate market
 Private building activity and residential investment
 Business expectations in construction
 Financing of the real estate market and financial stress
 Real property taxation and “objective” values
 Real estate developments and prospects in Greece: final
conclusions
BANK OF GREECE
EUROSYSTEM
Initiatives in the Bank of Greece
 Data collection from credit institutions
 Quarterly
Residential Property Price Indices
(Press Releases)
 Short-term
Indicators for the Greek real state
market (revised every two weeks)
 Quarterly
survey
among
the
real
estate
agencies
 Data
on transactions in the real estate market
from various sources
 Regular monitoring and reporting of short-term
developments and prospects in the housing
market in the publications of the BoG
BANK OF GREECE
EUROSYSTEM
Available short-term indicators
 Price indices on residential property and rents
 Indices of residential property transactions
 Construction cost Indices for new residential buildings
 Construction activity
 Business expectations in construction
 Investment in construction and capital inflows
 Financing of the real estate market (outstanding amount
of housing loans, interest rates)
 Indicators of financial stress
BANK OF GREECE
EUROSYSTEM
ELSTAT: Hellenic Statistical Authority, BoG: Bank of Greece,
DSA: Athens Bar Association, Ktimatologio: Hellenic National Cadastre
Residential Property Prices across euro area countries
(average annual percentage change)
Residential property prices (nominal) in the euro area
(annual percentage changes)
Weight
Belgium
Germany
Estonia
Ireland
Greece
Spain
France
Italy
Cyprus
Luxembourg
Malta
Netherlands
Austria
Portugal
Slovenia
Slovakia
Finland
Euro area
BANK OF GREECE
EUROSYSTEM
3.8
26.7
0.2
1.8
2.6
11.7
21.3
17.0
0.2
0.4
0.1
6.4
3.1
1.9
0.4
0.7
1.9
100.0
1999-2008
8.9
-0.3
9.3
9.7
12.2
10.9
6.9
10.9
8.3
7.3
1.7
3.1
5.8
6.4
2009
-0.4
0.6
-35.9
-13.7
-3.7
-6.7
-7.1
-0.4
-4.1
-2.1
-5.0
-3.3
3.6
0.4
-8.2
-11.1
-0.3
-2.9
2010
5.4
2.3
0.1
-15.5
-4.7
-2.0
6.4
0.1
-2.5
4.5
1.1
-2.0
5.7
1.8
2.8
-3.9
8.7
1.9
Source: BIS and ECB Monthly Bulletin, November 2011
(http://www.ecb.int/pub/pdf/mobu/mb201111en.pdf )
2011
H1
2011
Q1
Q2
3.1
6.4
-11.8
-4.9
-5.5
8.3
0.9
4.0
-1.3
-1.6
0.4
-2.7
3.7
1.7
3.2
2.2
-11.1
-5.2
-4.1
8.9
2.4
-2.6
-1.2
3.9
0.6
1.1
-2.5
4.2
2.3
3.0
10.7
-12.4
-4.5
-6.8
7.7
5.7
0.0
-1.9
0.2
-2.8
3.2
1.1
Residential Property Prices across euro area countries
(average annual percentage change)
 The annual growth of Euro Area house prices decelerated in the
first half of 2011, from 2,8% in 2010 H1
1999-2008: +5.6%, 2009: -2.9%, 2010: +1.9%
2011 H1: +1.7% (2011 Q1: +2.3%, Q2: +1.1%)
 Only in few countries house price growth continued to recover
(Estonia, Luxembourg, France)
 Divergent developments across euro area countries, with highest
price growth in Estonia and France and lowest in Greece, Ireland
and Spain.
 Demand side: uncertainty with regard to income and affordability
has been increasing
 The overvaluation of euro area house prices built up prior to
financial crisis has gradually declined, from its peak of around 15%
in 2007 to around 10% in 2011.
BANK OF GREECE
EUROSYSTEM
Source: ECB Monthly Bulletin, November 2011
(http://www.ecb.int/pub/pdf/mobu/mb201111en.pdf )
Specific features of the Greek housing market
 The construction industry in Greece is fragmented
(particularly in the residential market, 10-15,000 firms)
 High rate of home ownership (80%) and low mobility of land
market
 Significant impact of fiscal measures in the housing market
 High transaction costs and low trading volume over the
stock
 Non-homogeneous product (residential property)
 The supply responds slowly and with a significant lag in
demand signals (lack of land, construction time, issuing
building permit and financing, etc.)
BANK OF GREECE
EUROSYSTEM
Residential Property Prices in Greece
Index: 2007=100
20
94
15
74
10
54
5
34
0
Growth rate (right-hand scale)
Nominal
Real
-6
Ι
ΙΙΙ
Ι
ΙΙΙ
Ι
ΙΙΙ
Ι
ΙΙΙ
Ι
ΙΙΙ
Ι
ΙΙΙ
Ι
ΙΙΙ
Ι
ΙΙΙ
Ι
ΙΙΙ
Ι
ΙΙΙ
Ι
ΙΙΙ
Ι
ΙΙΙ
Ι
ΙΙΙ
Ι
ΙΙΙ
Ι
ΙΙΙ
Ι
ΙΙΙ
Ι
ΙΙΙ
14
-5
-10
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
 Cumulated adjustment of -21,5% in real terms and -12,9% in nominal
terms since the current financial crisis (2009 - 2011 Q3)
BANK OF GREECE
EUROSYSTEM
Source: BoG
% Change y-o-y
Residential Property Prices
114
Indices of Prices of Dwellings and Rents
(Average annual percentage change)
20
15
10
Urban areas
Athens
Other urban areas
Price Index of Rents
5
0
2004 III 2005 III 2006 III 2007 III 2008 III 2009 III 2010 III 2011 III*
-5 I
I
I
I
I
I
I
I*
-10
-15
BANK OF GREECE
EUROSYSTEM
 The rate of change in rents has declined slightly but has remained
positive during the current financial crisis (2008: 3.9%, 2009: 3.6%, 2010:
2.4%, 2011 10months: 1.0%)
Source: House Price Index (BoG), Price Index of Rents (ELSTAT)
Residential Property Price Indices: recent developments
 Relative strong persistence of apartment prices (2008: 1.7%,
2009: -3.7%, 2010: -4.7%, 9months 2011: -4.6%)
 Stronger decline in the prices of "old" apartments during the
crisis and relatively stronger persistence of newly-built
apartments typically available for sale by construction firms
Annual percentage changes 2008 2009 2010 2011 (9M)
New (up to 5 years old)
2,3 -2,0 -4,2
-3,5
Old (5 years old and above)
1,3 -4,8 -5,0
-5,2
Athens
Thessaloniki
Other cities
Other areas
0,9
1,5
1,8
3,3
-4,6
-6,0
-2,7
-1,9
-3,2
-7,4
-5,3
-5,8
-5,8
-6,3
-3,6
-2,4
 Stronger decline in house prices according to real estate agencies
BANK OF GREECE
EUROSYSTEM
Source: BoG
House price-to-rent ratio (overvaluation)
House price-to-rent-ratio
20
115
Average annual change in the house price index (left-hand scale)
Price-to-rent ratio (2007=100, right-hand scale)
110
15
105
100
10
95
90
5
85
80
0
75
70
-5
65
-10
60
I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I* II*III*
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
 The house price-to-rent ratio has been declining continuously, reaching
levels seen in 2001, indicating that in some extent a correction of overvaluation
of house prices has already taken place.
BANK OF GREECE
EUROSYSTEM
Sources: House Price Index (BoG), Price Index of Rents (ELSTAT)
Construction Cost Indices of (new) residential buildings
(average annual percentage change)
10
Total Cost
Materials Cost
Labour Cost
8
6
4
2
0
-2
2004
I
III 2005
I
III 2006
I
-4
III 2007
I
III 2008
I
III 2009
I
III 2010
I
III 2011 III*
I*
 Despite the recession, construction costs and particularly construction
materials remained high in 2010 (Total cost: 1.8%, Materials: 3.0%) and in
the first 9 months of 2011 (Total cost: 1.2%, Materials: 2.9%).
 The high cost of replacement of old residential buildings with new
impedes a further decline in prices.
BANK OF GREECE
EUROSYSTEM
Source: ELSTAT
Index of Residential Property Prices and number of
transactions-appraisals
Index of Residential Property Prices (nominal) and transactions
105
45
Number of transactions (in
thousands, right-hand scale)
Index (left-hand scale)
Index: 2007=100
100
40
35
30
95
25
20
90
15
10
85
5
80
0
Ι
ΙΙΙ
2006
Ι
ΙΙΙ
2007
Ι
ΙΙΙ
2008
Ι
ΙΙΙ
2009
Ι
ΙΙΙ
2010
Ι
ΙΙΙ
2011
 The current crisis in the real estate market reflected also in a strong
decline in the number of transactions-appraisals.
BANK OF GREECE
EUROSYSTEM
Source: BoG
Residential property transactions: recent developments
On the supply side, existence of a substantial stock of new houses,
which stabilized in 2010 and 2011 (150,000-180,000 housing units)
Significant drop in the number of transactions:
Bank appraisals (residential)
2008
2009
2010
2011 (9M)
-21.7%
-35.7%
-0.2%
-43.0%
…..
Number of notarial acts on real estate
-5.8% -13.9%
…..
Number of real estate transfers
…..
-13.0% -25.5%
-14.0%
Contracts in the presence of a lawyer* -10.0% -18.0%
Transfers in Athens Land Registry
…..
…..
-16.3%
-31.2%
-15.5% -26.2%
Much stronger reductions in the volume (in square meters) and
mainly the value of transactions
Buyers’ preference shifted towards smaller and more affordable
properties
Greater fall in the number of transactions in Athens
Increase in the number of cash transactions
BANK OF GREECE
EUROSYSTEM
* Transactions in Athens area only
Number of transactions in the real estate market
Number of transactions in the real estate market
4.0
Total Greece
Athens
Turnover* (right-hand scale)
215.1
200
172.9
166.0
167.7
3.0
158.0
150
2.5
136.0
2.0
110.0
100
82.0
1.5
1.0
50
23.0 0.5
0
0.0
2004
2005
2006
2007
2008
2009 2010* 2011*
*Turnover: Ratio of transactions to stock of housing units (%)
BANK OF GREECE
EUROSYSTEM
3.5
Source: ELSTAT (2004-09), *BoG estimates (2010-11)
Percentage
Number of transactions (in thous.)
250
Private building activity
(average annual percentage change)
Number of Building Permits
Floor Space of Buildings (in square meters)
Volume of Buildings (in cubic meters)
Cement Production Volume
40
% Change y-o-y
20
0
-10.9
-20
-14.3
-19.8
-23.7
-31.9
-35.4
-39.4
-44.0
-40
-60
2005
2006
2007
2008
2009
2010
20117months*
 Large decrease in building activity during the current crisis and even sharper
reduction in the first 7 months of 2011
BANK OF GREECE
EUROSYSTEM
Source: ELSTAT, * provisional data
Residential investment and real house prices
18
110
Residential Investment in % of GDP
Construction Investment in % of GDP
Real House Price Index (2007=100, right-hand scale)
16
100
14
90
12
10
79.8
80
8
6.0
70
6
4
3.1
60
2
50
0
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
H1
 Strong decline in residential investment (peaking at 11,7% of GDP in 2006, it
declined rapidly to 5,0% in 2010 and 3,1% in 2011 H1).
BANK OF GREECE
EUROSYSTEM
Sources: House Price Index (BoG, Real house prices deflated with HICP),
Residential and Construction Investment, HICP and GDP (ELSTAT)
Business expectations in Construction
 Significant and sustained decline in all indices of business expectations in
construction during the period of the current crisis
 An equivalent reduction of business expectations in public works (2010:-1.0%,
2011 10-months: -40.8%) and an even more significant reduction in residential
construction (2010: -32.4%, 2011 10-months: -45.1%)
 The months of assured production in residential property construction fell to
3.1 in October 2011, from 8.3 in 2010 and 11.0 in 2009
Total Construction
General Index of Business Expectations
Activity relative to previous quarter
Planned future activity
Prospects of employment, 3-4 months ahead
2009
2010
2011-Oct.
-31.4
-16.1
-42.8
-32.1
-27.4
-39.0
-63.2
-46.4
-30.8
-36.1
-85.0
-37.5
 Particularly important the role of business expectations in the recovery of
the real estate market
 Expectations of further decline in prices in the next quarter (according to
survey among the real estate agencies)
BANK OF GREECE
EUROSYSTEM
Source: ΙΟΒΕ
Domestic MFIs credit to households
35
Total Loans (stock)
30
Housing Loans (stock)
(%) 12-month change
25
20
Stock of housing loans:

15


10


5


December 2005: 33.5%
-//2006: 25.9%
-//2007: 21.5%
-//2008: 11.2%
-//2009: 3.7%
-//2010: -0.3%
September 2011: -2.1%
-5
Jan
Mar
May
Jul
Sep
Nov
Jan
Mar
May
Jul
Sep
Nov
Jan
Mar
May
Jul
Sep
Nov
Jan
Mar
May
Jul
Sep
Nov
Jan
Mar
May
Jul
Sep
Nov
Jan
Mar
May
Jul
Sep
Nov
Jan
Mar
May
Jul
Sep
0
2005
2006
2007
2008
2009
2010
-2.1
-3.1
2011
-10
 Continuous deceleration of the rate of change in outstanding loans to households and a
significant tightening in the financing of residential property market.
 Cautious attitude of households to house purchase and selective attitude of banks to
finance new mortgages
BANK OF GREECE
EUROSYSTEM
Source: BoG
Housing loans interest rates
6.0
5.8
5.5
(%) per annum
5.3
5.2
5.0
4.8
4.5
4.0
Interest rates on all new housing loans including charges
3.9
Interest rates on outstanding housing loans with initial
maturity of over 5 years
3.6
3.6
Jan
Mar
May
Jul
Sep
Nov
Jan
Mar
May
Jul
Sep
Nov
Jan
Mar
May
Jul
Sep
Nov
Jan
Mar
May
Jul
Sep
Nov
Jan
Mar
May
Jul
Sep
Nov
Jan
Mar
May
Jul
Sep
Nov
Jan
Mar
May
Jul
Sep
3.5
2005
2006
2007
2008
2009
2010
2011
 Continuous decline in mortgage rates from November 2008 to mid-2010. Recovery
since March 2010 for the rates of new mortgages.
BANK OF GREECE
EUROSYSTEM
Source: BoG - Including charges other than interest (handling fees, mortgage
registration fees, etc.).
Indicators of financial stress: Non-Performing loan ratio
Non-performing loan ratio (%)
14.0
12.8
11.9
12.0
10.4
Total loans
Housing loans
10.0
7.7
8.0
10.0
7.4
6.3
5.4
6.0
5.0 5.3
4.5
3.6
4.0
3.4
3.6
2006
2007
2.0
0.0
2005
2008
2009
2010
2011 Q2
Continuous increase in households financial stress during the current crisis
BANK OF GREECE
EUROSYSTEM
Source: BoG
Real property taxation: recent reforms
BANK OF GREECE
EUROSYSTEM

Increased tax burden and higher in taxation on real estate
property

3.7 billion additional public revenues in 2012 through the
taxation on real estate property, according to the new
government budget

The “objective” values in residential property are lower than the
market values (ratio of about 0.63, but increasing)

Higher ratio (“objective” to market value) in commercial real
estate (0.66 in June 2011). However for approximately 10% of the
commercial property units of REITS, the administrative value is
higher than the market value (REITs Analysis: Eurobank
Properties, Trastor, MIG Real Estate)

The expected increase in administrative values as from 2012 will
put additional burden on property owners and make the recovery
of the market more difficult.

The increase in administrative values should be combined with
abolition of other taxes or reduction in tax rates (taxes on
transactions, etc)
Administrative to Market Value of Residential Properties
200
0,70
190
(In thousand euros)
180
0,63
170
0,65
0,60
160
150
0,55
140
0,50
130
0,47
120
0,45
Market value per housing unit
110
Ratio of "objective" to market value (right-hand scale)
100
0,40
I
III
2006
I
III
2007
I
III
2008
I
III
2009
I
III
2010
I
III
2011
Continuous increase in the ratio of “objective” to market value since
2006
BANK OF GREECE
EUROSYSTEM
Source: BoG
Administrative to Market Value of Residential Properties
Ratio of Administrative to Market Value of Residential
Properties (2011)
0.70
0.68
0.66
0.65
0.64
0.63
0.64
0.61
0.62
0.60
0.58
0.56
0.56
0.54
0.52
0.50
Athens
Thessaloniki
Other cities
Other areas
Total Greece
The “objective” values in residential property are lower (about 2/3)
than the market values
BANK OF GREECE
EUROSYSTEM
Source: BoG
Ratio of Administrative to Market Value of Residential
Properties in Athens: 2011
0.50
0.55
0.60
0.65
0.70
0.76
Center (Kolonaki, Filopappou, Acropoli etc)
0.68
South (Argyroupoli, Alimos, Paleo Faliro etc)
0.65
Piraeus (center)
East (Agia Paraskevi, Papagou, Cholargos etc)
0.63
South (Voula, Glyfada etc)
0.63
0.61
West (Peristeri, Petroupoli, Chaidari etc)
West (Ilion, Acharnes etc)
BANK OF GREECE
EUROSYSTEM
Source: BoG
0.80
0.77
Center (Omonia, Vathis, Kypseli etc)
North (Kifisia, Dionysos, Penteli etc)
0.75
0.56
0.55
Real Estate Agents and
Consultants Survey
BANK OF GREECE
EUROSYSTEM
Assessment of the current situation in the housing market (1/2)
Q1
7%
34%
59%
-
2010
Q2
Q3
21%
67%
59%
33%
21%
-
Q4
8%
92%
-
Q1
24%
76%
-
Q2
6%
29%
66%
-
Q3
73%
20%
7%
-
Q4
-
A2: In your view, what is the balance between
Supply & Demand
Much higher Supply
Higher Supply
Balanced
Low Demand
Much LowerDemand
Q1
86%
7%
7%
-
2010
Q2
Q3
97%
90%
0%
7%
3%
3%
Q4
75%
25%
-
Q1
74%
19%
3%
3%
-
2011
Q2
Q3
89%
93%
6%
7%
3%
3%
-
Q4
-
A3: What is your assesment of the current house
price level
Very under-priced
Under-priced
Rational
Over-priced
Much over-priced
Q1
21%
17%
59%
3%
2010
Q2
Q3
21%
7%
72%
90%
7%
3%
Q4
17%
79%
4%
Q1
3%
3%
18%
74%
3%
2011
Q2
Q3
11%
7%
49%
60%
31%
20%
9%
13%
Q4
-
A1: What is your assesment of the current situation
compared to 3 months ago
Much worse
Worse
Unchanged
Better
Much Better
Deterioration of the housing market conditions
Over-supply of houses
Continuing rationalisation of the house prices
BANK OF GREECE
EUROSYSTEM
Source: BoG
2011
Assessment of the current situation in the housing market (2/2)
2010
A4: What is your assesment of the current volume
of house transactions compared to 3 months ago
Much Lower
Lower
Unchanged
Higher
Much Higher
A5: What is your assesment of the current house
prices compared to 3 months ago
Much Lower
Lower
Unchanged
Higher
Much Higher
2011
Q1
17%
21%
41%
21%
-
Q2
14%
17%
48%
21%
-
Q3
23%
40%
33%
3%
Q1
21%
55%
24%
-
2010
Q2
Q3
90% 53%
7%
43%
3%
3%
-
Q4
12%
17%
67%
4%
-
Q1
15%
41%
38%
6%
-
Q2
8%
34%
57%
-
Q3
40%
40%
13%
7%
-
2011
Q4
25%
21%
54%
-
Q1
3%
73%
21%
3%
-
Q2
71%
26%
3%
-
Q3
7%
80%
13%
-
 Strong reduction in house purchase transactions (also confirmed by the data of
the Hellenic Cadastre)
 Prices showed a continuous decrease during 2011
BANK OF GREECE
EUROSYSTEM
Source: BoG
Q4
-
Q4
-
Expectations in the housing market
Q1
17%
55%
24%
3%
-
2010
Q2
Q3
14%
37%
34%
23%
48%
30%
3%
10%
-
B2: What are your expectations about the volume
of house transactions in the next quarter
Much Lower
Lower
Unchanged
Higher
Much Higher
Q1
14%
59%
24%
3%
-
2010
Q2
Q3
14%
20%
34%
40%
45%
27%
7%
13%
-
Q4
21%
29%
50%
-
Q1
6%
18%
47%
29%
-
Q2
3%
32%
62%
3%
-
Q3
7%
80%
7%
7%
-
Q4
-
B3: What are your expectations about the house
prices in the next quarter
Much Lower
Lower
Unchanged
Higher
Much Higher
Q1
66%
34%
-
2010
Q2
Q3
83%
83%
17%
17%
-
Q4
79%
21%
-
Q1
3%
68%
29%
-
2011
Q2
Q3
3%
7%
54%
87%
43%
7%
-
Q4
-
B1: What are your expectations about the housing
market sitution in the next quarter
Much worse
Worse
Unchanged
Better
Much Better
 Worsening expectations in the housing market
 Lower number of transactions
 Further weakening of house prices
BANK OF GREECE
EUROSYSTEM
Source: BoG
Q4
21%
46%
33%
-
Q1
6%
18%
44%
32%
-
2011
Q2
Q3
3%
7%
18%
80%
68%
7%
12%
7%
-
Q4
-
2011
Assessment of the current situation in the commercial
real estate market
C1: What is your assessment of the current situation in the
commercial real estate market compared to 3 months ago
Economic Sentiment Index in the Commercial Real Estate Market
10
0
1Q
2Q
3Q
4Q
1Q
2Q
3Q
4Q
1Q
2Q
-10
2009
-20
-30
-40
-50
-60
BANK OF GREECE
EUROSYSTEM
Source: BoG
Offices
Stores
Industrial
2010
2011
3Q
Expectations in the commercial real estate market
C9: What are your expectations about the commercial real estate
market situation in the next quarter
Expectation Index in the Commercial Real Estate Market
10
0
-10
1Q
-20
2Q
3Q
2009
-30
-40
-50
-60
-70
BANK OF GREECE
EUROSYSTEM
Source: BoG
Offices
Stores
Industrial
4Q
1Q
2Q
3Q
2010
4Q
1Q
2Q
2011
3Q
Conclusions: Recent developments and prospects in the
housing market
(1/2)
BANK OF GREECE
EUROSYSTEM

Relative reluctance on the demand side and tightness on the
financing side

On the supply side, the existence of a substantial property
stock (available for sale)

Relative strong persistence of house prices with a slight
downward tendency in the next few months

The overvaluation in house prices has been corrected gradually
and its adjustment is probably not finished yet.

Buyers’ preference shifted towards smaller (average area from
about 97m2 in 2006 to 91m2 in 2011), existing (older) and more
affordable apartments

Cautiousness in developing new investment projects and
general shift to more affordable commercial properties
Conclusions: Recent developments and prospects in the
housing market
(2/2)
BANK OF GREECE
EUROSYSTEM

Overall increase of empty commercial premises, rent
decline, elimination of goodwill factor, renegotiation of
lease contracts

Negative short-term expectations (economic,
employment, taxation, etc.) with a significant effect on
the real estate market

Expectations of a further small adjustment in prices in
the housing market, with being rather low the risk of an
abrupt change

Increased tax burden and higher taxation on real estate
property

The recovery of the property market is linked directly
to improving the expectations of households and
businesses, reducing the prevailing uncertainty,
financing the market by the banking system, but also
the overall prospects for dealing with the problems of
the Greek economy (fiscal, structural, etc.).
BANK OF GREECE
EUROSYSTEM
Bank of Greece: Real Estate Market Analysis Section
Thank you!
For any queries, please contact:
Bank of Greece
Economic Research Department
Real Estate Market Analysis Section
21, E.Venizelos Avenue,
GR-102 50 Athens, Greece
Telephone: + 30 210 320 2376, 3837
Fax: + 30 210 320 2660, 2423
Email: sec.realestate@bankofgreece.gr
URL address: http://www.bankofgreece.gr/Pages/en/Statistics/realestate/default.aspx
BANK OF GREECE
EUROSYSTEM