{"id":2717,"date":"2021-01-01T15:14:03","date_gmt":"2021-01-01T12:14:03","guid":{"rendered":"https:\/\/aglc.gr\/?p=2717"},"modified":"2023-06-07T15:25:56","modified_gmt":"2023-06-07T12:25:56","slug":"world-leasing-yearbook-2021_greece","status":"publish","type":"post","link":"https:\/\/aglc.gr\/?p=2717","title":{"rendered":"WORLD LEASING YEARBOOK 2021_GREECE"},"content":{"rendered":"

 <\/p>\n

GREECE<\/strong><\/p>\n

Market Review<\/u><\/strong><\/p>\n

2019 was an impressive year for the leasing market where a 40% y-o-y increase in new lease disbursements was achieved, reflecting the increased appetite in investment on fixed assets.<\/p>\n

The Greek economy maintained the same pace of expansion as in 2018 increasing by 1,9% y-o-y, despite a slowing to +1,0% in the fourth quarter of 2019, mainly supported by services (mostly tourism), gross fixed capital formation and final consumption. The economic sentiment indicator for Greece rose to 110,4 in December 2019, strengthening further to a 19-year high in the beginning of 2020, supported by a joint improvement in the consumer, services and construction confidence, on the back of improving labour market conditions and positive prospects for domestic demand, tourism and public investment. However, high frequency indicators are not capturing the rapidly increasing risks related to the Covid-19 outbreak, which now appears to cloud the near-term prospects of the economy.<\/p>\n

The Greek Leasing market produced \u20ac463 mn new lease disbursements in 2019.<\/p>\n

\"\"<\/p>\n

In terms of Assets Financed, in 2019 financing of Real Estate projects was more than three times compared with the volume in 2018. Machinery also performed exceptionally compared to 2018 (40% y-o-y), while Vehicles segment had a 12% y-o-y decline in new production, maintaining however its high levels of volumes.<\/p>\n

\"\"<\/p>\n

The increased levels in leases in real Estate and Machinery are the main drivers that leasing penetration ratio increased, even though investment in spending for Fixed Assets (Gross fixed capital formation) also increased in 2019.<\/p>\n

As for the evolution of Outstanding Capital in the market, it follows a steadily declining trend with the total market reaching\u00a0 \u20ac3,7 bn in 2019, 15% lower than 2018.<\/p>\n

\"\"<\/p>\n

Analyzing this trend on the asset level however, the market drop is due to the decline in outstanding capital of Real Estate leases.<\/p>\n

\"\"<\/p>\n

New Disbursements in Machinery & Vehicles seem to replenish stock repayments and maintain marginally their balances.<\/p>\n

The regulatory framework in Greece allows leasing companies to cater only for legal entities, with the main product offered being Financial Leasing. Short and long term rental, limited to passenger cars and selective types of equipment, is catered by rental companies that operate either as international franchises or local players. This segment is not reviewed in this article.<\/p>\n

Outlook<\/u><\/strong><\/p>\n

The increase in new business of 2019 is probably an indicator that the leasing market in Greece has stabilized and is being considered as an alternative investment tool. However its growth is highly dependent on investment growth, and in this respect the friendlier climate, which among others benefited from the improvement in NPE management, that was established in 2019 had a strong positive impact.<\/p>\n

Notwithstanding the above, the effect of Covid-19 outbreak to the economy is expected to have a deep negative impact in the economy and to contain significantly the investment appetite. New lease disbursements in H1:2020 may have reached the amount of \u20ac221 mn, but it remains to be seen if H2:2020 performance can match this result.<\/p>\n

 <\/p>\n

This article was written by Andreas Kouvatsos, CFO \u2013 NBG Leasing (Athens, Greece). <\/em><\/strong><\/p>\n

E-mail: <\/em><\/strong>a.kouvatsos@nbgleasing.gr<\/em><\/strong>\/Tel: +30 210 519 5020<\/em><\/strong><\/p>\n

\u00a0<\/em><\/strong><\/p>\n

ASSOCIATION of GREEK LEASING COMPANIES (AGLC)<\/em><\/strong><\/p>\n

c\/o NBG Leasing, 128 \u2013 132, Athinon Ave. & Ifigeneias St., 104 42, Athens, GREECE <\/em><\/strong><\/p>\n

Tel: +30 2105195044 \u2013 210 5195188\/ Fax: +30 2105195104 <\/em><\/strong><\/p>\n

E-mail: <\/em><\/strong>spyropoulos@nbgleasing.gr<\/em><\/strong> \/ <\/em><\/strong>\u00a0<\/em>a.panoriou@nbgleasing.gr<\/em><\/strong><\/a><\/p>\n

www.aglc.gr<\/em><\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

  GREECE Market Review 2019 was an impressive year for the leasing market where a 40% y-o-y increase in new lease disbursements was achieved, reflecting the increased appetite in investment on fixed assets. 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