In specific areas and large cities, housing prices have however increased at a faster pace than households’ incomes and may show signs of overvaluation. 11 / 20  BIS central bankers' speeches  On the other hand, property prices and transaction volumes have grown strongly in recent years and have already reached historical highs in many euro area countries (see Figure 12).
Moreover, as of early March the EBRD is supporting the expansion of international trade with a facility to National Bank of Greece under the EBRD’s Trade Facilitation Programme (TFP). Through the programme, the EBRD provides guarantees to international confirming banks and short-term loans to selected banks and factoring companies for on-lending to local exporters, importers and distributors.