Property Taxes Continue to Increase While Owners’ Revenues Decline

The currency card specialist FairFX recently conducted a survey which showed that Greece ranks third on the list of the top 10 best value destinations to buy a holiday home for Britons. However, for Greek property owners, the story is very different.

Due to the hike in the tax rate for revenues from properties, owners are finding that while depending on revenues from real estate was once a sound financial investment, these days properties are becoming a financial burden as they struggle to pay the increasing taxes of ownership.

Not only has the income from property revenue dropped from 2010 to 2015 a total of 2.8 billion euros, property taxes have increased 613 percent in the same time period, averaging some 3.18 billion euros.

According to ekathimerini.com, for properties up to 12,000 euros owners’ tax rates have increased this year from 11 to 15 percent, meaning that they are facing an additional 36.36 percent hike in taxes due.