Greek Property News 2009

Greek Property News 2007

Greek Property News 2006

Welcome to the Greek property news that we have introduced on our website. We feature here articles, news and statistics that relate (directly or indirectly) to values, availability and legal framework of purchasing property in Greece. We hope you will find this section useful, whether you are a prospective buyer, an investor, a private owner or a member of the press.

Greek Property News 2008

Lower income tax measures for 2008
(Source: Ministry of Economy & Finance - www.mnec.gr)

For those living and earning income in Greece, new measures should help reduce tax liability:
- Personal allowance has been increased to 12,000
- Personal tax rates reduced to 27% and 37% (from 30% and 40%) with further reductions planned for 2009 (25% and 35%)
- Certain receipted expenses can be deducted form tax liability, from 1.9.07
- Abolished stamp duty for rented properties (long term rentals) - was 3.6%.

Greek property tax extensive reform continues
(Source: Ministry of Economy & Finance - www.mnec.gr)

The emphasis of the new measures is not so much in taxing property transfer but in taxing property ownership, in general.
- First time buyers are excempt of transfer tax as long as the property is less than 200 m2. This increases by 25% per child, for families with three or more children. Please note that this rule only applies to permanent residents of Greece.
- The inheritance tax and the parental gift tax is abolished (was 5-30%) and is replaced by a flat tax of 1% on the value of the property transferred, above a tax free allowance of 95,000 euro for first degree relatives. Additional reductions exist for people with special needs.
- A new flat rate property tax (ETAK) is introduced. This is quite low - 0.1% - payable by any person owning property in Greece, excluding their main residence, up to 200 m2 in size and having an Objective value of less than 300,000 euro (if it is larger/ more expensive, you pay the difference). Excluded from ETAK is farm land and plots outside town plan.

If all this sounds complicated, do not hesitate to contact us to discuss in detail.

New scheduled flights to Greece by Aegean Airlines

Aegean Airlines announced new scheduled flights between Athens and London Stansted from May 2008. There will be 2 daily flights to/from Stansted airport.

New international airport and improved road and rail links for the Peloponnese
(Souce: Arkadika Nea 16.3.08)

The Greek ministry of environment published the new zoning plan of Peloponnese, with great implications to the progress of the area, tourism and the real estate market.

In short, an airport for charter flights will be created in Tripoli, improvements on the motorways will shorten dramatically the travelling time to Athens and Kalamata airports, Pireaus and Patra ports, and new railways will connect Argos with Athens and Kalamata.

The new measures will ease the pressure on Kalamata airport and will encourage investment to other areas of the Peloponnese.

Greece signs agreement to ban development on the Mediterranean coast
(Souce: OPP 12.2.08)

The environment ministers of 14 countries agreed in principle last month to ban the onstruction of residential and commercial developments within 100 meters of the Mediterranean coastline.

The ministers ratified the new Integrated Coastal Zone Management agreement, part of the Barcelona Convention, designed to reduce pollution along the entire 29,000 mile shoreline of the Mediterranean. No construction will be permitted within 100 metres of the coast in an effort to help protect the coastline from the damage caused by development and human contact.

The countries of Albania, Algeria, Croatia, France, Greece, Israel, Italy, Malta, Montenegro, Morocco, Slovenia, Syria, and Tunisia have all ratified the Barcelona Convention, while Turkey, Lebanon, Libya, Cyprus, Bosnia, and Egypt have refrained at this stage.