Unsold Real Estate in Greece Keeps Piling Up



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Unsold real estate keeps piling up in Greece. In fact the number of unsold properties in the real estate market is approximately 270,000. According to a study conducted by the research and analysis department of the  Re/Max Athmonon real estate agency and the Char. Meidanis & Associates legal firm, the cost of half of real estate sales are below the taxable objective value.

The study showed that even in the wealthy suburbs of Athens, such as Marousi, Vrilisia, Melisia, Kifisia, Ekali, Nea Erythrea and Drosia, the majority of real estate was sold below the objective taxable value. The prices of real estate have dropped to such an extent because there is an oversupply of properties and a small demand in the market.

Thus, it has been proven once more that the market is one step ahead of the State’s mechanism. Greek authorities insist on keeping the taxable objective value of real estate at sky-high levels in a period of a great economic recession.

However, the decrease in the objective taxable value of real estate offers a great opportunity to anyone who is interested in purchasing land properties. It is true that the average buyer has a smaller budget at his disposal due to the ongoing economic crisis but there are more opportunities if they are willing to buy something smaller or older.


5 COMMENTS

  1. Great opportunity? On many of the Greek islands prices are exuberantly high even for maisonettes. Why? because majority of owners are unwilling to reduce prices………………Look around and you’ll see these real estate priced way too high.

  2. “the majority of real estate was sold below the objective taxable value.”

    There is no such thing as a government “objective” value. The leftist rocket scientist who wrote this article doesn’t understand even basic economic principles like supply and demand. Price will naturally be set by what the public wishes to voluntarily pay for something, not by what some government bureaucrat thinks its worth. (the totalitarian North Korean/ Soviet Union version of economics)

    If there is still a glut of oversupply, then the prices are still too high. Simple as that.

  3. The ‘Objective Value’ as set by Government has implications for ‘Municipal Services’ and now, at a national level, Property Tax, aka The Haratzi. In short, most, if not all property owners are paying for services and taxes well beyond their current real (market) value. The FinMin saw no revenue-collection upside to revaluing real-estate nationwide to reflect current values! It doesn’t take an Einstein to figure out why!

  4. Who the heck with a drop of health mind will ever buy anything in a flat-bottom bankrupted fake “Greex” western colony?!?

  5. No one outside Greece is going to invest in Greece with the current tax system. Those houses that are unsold will continue to grow in numbers.

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