by admin A construction blooming has been noted during the last 9 months in the country, despite the fact that the pandemic crisis and the war in Ukraine have created multiple problems. The cost of construction, for example, has increased by 50% within one year, as materials and services have risen steeply; however a strong interest of foreign investors in buying properties, mainly in the Southern Suburbs of Athens, supports the Greek real estate market. At the same time, the expenses of the Greek buyers have also increased, as the objective values of their properties have increased almost throughout the country. This situation results to higher transfer tax and notary fees. Turkish investors are also making investments in the Southern Suburbs of Athens. According to sources of the Ministry of Finance, who have all data on real estate transfers, suggest that Turkish buyers invest in the Greek real estate mainly out of fear for the economy of their own country and the potential shrinking of their assets.
According to the figures from the Independent Inland Revenue Authority (AADE), around 90,000 property transfers have taken place since the start of the year. On a daily basis, more than 850 declarations for sales, parental transfers and property donations are submitted electronically. Of course, as AADE officials explain, this number does not include handwritten declarations, which essentially means that there are more transfers to be recorded, while they point out that transfers are expected to increase further in the next period, as the abstention of the notaries did not allow the completion of some sales . In 90,000 transfers, 50,000 concern the purchase and sale of property, followed by parental transfers, as now the tax-free limit, which amounts to 800,000 euros, is helpful. There are, of course, others who fear that the tax-free limit may at some point be significantly reduced in the future, which will increase the amount of taxation.
Original source: