Difficult Days Ahead for Homeowners in Greece

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Difficult Days Ahead for Homeowners in Greece

March 27, 2017

 It’s not a happy time to be involved in the Greek property market. If you are looking to sell your property in Greece fast in 2017 and get out of the country as soon as possible, once can fully empathise with your feelings.

Fact is, Greece has had a rough time over the last few years. There are few countries that have suffered as much as Greece has in the aftermath of the 2008 global housing crisis. Property prices are at the lowest they have been in Greece for a while.

This certainly presents a plenty of opportunities for those who are looking to buy cheap properties in Greece online. For just 40,000 to 50,000 EUR, you can now buy large apartments in the best Athens suburbs such as Keratsini, Drapetsona and Perama. The same apartments would cost over 150,000 EUR in the pre-crisis days.

It is the same story in the expensive neighbourhoods of northern Athens such as Ekali and Palaio Psychico. Here you can buy luxury apartments for as little as 160,000 and 200,000 Euros.  

There is no question that Greece has suffered considerably in recent years. This has been made worse by the country’s obscurantist bureaucracy, which seems to have become even more difficult to handle than before.

If you want to sell a villa in Greece, for example, you will have to fill up and submit at least a dozen documents, certifications and more. According to the Hellenic Federation of Enterprises (SEV), this is as bad as in poor African nations such as Uganda, which have barely functioning democracies and where the right of ordinary citizens are trampled upon.

Homeowners find it difficult to sell their properties and cannot afford to pay the exorbitant property taxes either. This has become an impossible situation for many that have properties for sale in Greece.

The SEV said in a statement to the Greek media, “Crisis and taxation have devalued real estate, so households and enterprises have become hostage to the properties they own.”

SEV explained how horrible the situation has become for many homeowners in Greece: “Properties valued above market prices by the authorities require more than a month’s salary or pension for their ownership tax. The Greeks became rich in the eyes of the state just when they had stopped being rich and when the state has made transactions impossible.”  

Clearly, the situation is untenable. The taxes levied by the Greek government are too excessive. There is just too much red tape, which has devalued the property market to a considerable extent.

Capital gains tax is expected to be levied on all property transactions in Greece starting from late-2017. This can make things even harder for those looking to sell their properties here.

One can only hope that better sense prevails and the Greek government looks into the interests of homeowners in the country. As of now, things are simply getting from bad to worse with no end in sight to Greece’s troubles.