Dear friends and clients,
Since the time of the year approaches when more and more families search for a property in Athens and before you choose the ideal home for your accommodation in Greece, we would like to keep you updated on the current situation of the Greek real estate market. In this effort, we are sharing some important information concerning the main factors leading to low house availability and supply over the last years.
Factors and Concequences
-
In recent years, taxes on real estate property as well as ongoing uncertainty regarding the tax framework have resulted to quite decreased house availability.
-
As owners stand burdened with more taxes, most of them choose to turn their backs on this source of income and prefer to keep their properties unrented, since by renting them even higher taxes will result. Alternatively they choose to offer their properties only for sale.
-
In order to avoid taxation, it has become quite common for many owners to ask for money under the table. However, as such transactions are not accepted by multinational companies sometimes it becomes more challenging to reach an agreement with the owners.
-
Another common practice is to request for payments to foreign bank accounts or even prepayment of yearly rents (instead of monthly). Due to this, negotiations with the estate agents and the owners have become more challenging.
-
Economic crisis has posed a great impact on the limitation of constuction activity in Greece which leads to a considerably limited supply in the real estate market.
-
As a common practise, assignees are often looking for a property through the internet. Properties found on the internet are usually rented, sold or even not available in the published price but the agencies still keep them published in order to attract clients.
