News

Greek government plans to impose a property tax

Greece was one of a few European countries  earlier where there was no property tax. It made a property purchase in Greece more attractive as for foreigners and for greek people.

Greek government tries to raise additional financial recourses by imposing new taxes in all economic spheres amid the financial crisis. The owners of real estate in Greece will have to pay the property tax, which will vary from 3 to 12 euro per sq. meter according to law-in-draft. The exact tax rate will depend on the region where the property is located.

The tax will be included in the electricity bill in order that the owners won’t be able to avoid the tax.

According to preliminary research  the tax rate for properties in Halkidiki will be 5-10 euro per sq. meter. This tax will be collected for 2012 and will be continued with a lower price for the following years.

This law-in-draft will  be voted in the end of October. At presence this law-in-draft causes a lot discussions and protest in Greece. Many property owners in Greece have started to sell excessive real estate in the purpose of avoiding possible tax burden.  New properties appear in second hand real estate market in Greece and cause price reduction for property in Greece.