National Bank and Qualco set up realty platform
National Bank of Greece (NBG) seeks to enter the real estate brokerage sector through its collaboration with technology provider Qualco for finding, selling and financing the purchase of real estate. The collaboration, in the form of a joint venture company in which Qualco will have 51% and National 49%, provides for the creation of a platform through which an interested buyer will be able to search for a property and subsequently secure its financing if necessary through National.
The aim of the platform is to locate properties from other sources as well – i.e. not only properties that are in the banks’ possession – through partnerships that will be developed with the estate agents’ market. Among the comparative advantages that the platform named Uniko will offer is the provision of technical and legal support, in order to deliver the property ready. The platform will also serve interested buyers who have already identified the property of their choice and are looking for financing or consulting services, with the aim of NBG expanding its share in the mortgage market. This is a vertically integrated company able to support all stages from the search to the acquisition of a property, which will rely on partnerships with agents across the country to fill the gap that exists in the housing supply.
From National’s point of view, the aim is to diversify its revenue streams by utilizing opportunities in the realty market, combining the bank’s integrated banking capabilities with Qualco’s expertise in technology solutions. The total investment is estimated at 11.5 million euros (National’s contribution is €5.6 million) and the platform is expected to be launched at the end of the year.
All the banks, including National, have already developed their own platforms for the sale of the properties that have come into their possession through auctions, as well as collaborations with property management companies to settle legal and technical pending issues, but also their maintenance.
National owns the RealEstateOnline.gr platform and, according to the published data in 2023, the revenue from the sale of 445 properties amounted to €76 million, while another €36 million was collected in the first half of 2024 through the sale of 346 properties.
