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.