Real estate investor Prodea Investments has revised its business plan to build offices, and not hotels, in Athens and on Crete, given the hit tourism has taken from the coronavirus pandemic.
The issuance of new building permits for tourist facilities in areas outside town planning on the islands of Mykonos and Santorini has been suspended for one year.
Greek authorities have suspended for one year the issuance of new building permits for tourist facilities outside urban planning zones on the popular islands of Mykonos and Santorini.
More than 500,000 property owners – private individuals as well as enterprises – stand to benefit from the abolition of the supplementary property tax, as the advisory committee to the Finance Ministry is proposing.
On a trip Thursday to the remote southeastern Aegean island of Halki, Prime Minister Kyriakos Mitsotakis said he wants to introduce a provision to reduce the ENFIA property tax for small islands.
After seeking to offer incentives for European pensioners looking to retire to sunnier climes by moving their tax base to Greece, the government is also exploring ways to make the purchase of a home here more attractive.
The second quarter of the year is believed to have inflicted a 15% decline on the value of stores, while that of office spaces is believed to have taken a 12% blow compared to last year’s record highs, the Real Estate Value Index compiled by Inventio Consulting showed.
The Environment Ministry on Thursday announced that within two years it will have abolished all exceptions to the rules on structures outside of town planning, which will only be allowed on plots in excess of 4,000 square meters.
The Greek property market is evolving into the promised land for aspiring holiday home buyers from around the world.
The rather surprising and definitely unseemly post by 49-year-old banker Nat Rothschild on Twitter in mid-July against Greek Prime Minister Kyriakos Mitsotakis, in which he called him “foolish,” has turned attention to the intense reactions over the investment by NCH Capital at Erimitis, in the area of Kassiopi on the Ionian island of Corfu. This is an investment that is finally being implemented after eights long years since the privatization project started.
Greece’s annual gains from transforming the local property market into Europe’s Florida by attracting thousands of northern European pensioners, is estimated at 5 billion euros, according to a report by the Institute for Social and Preventive Medicine, in association with DiaNEOsis researchers.
The pandemic has changed conditions in the office market, among other areas, as businesses try to adjust their space requirements to the demands generated by the coronavirus crisis.
The price rally in house sales and rentals of the last couple of years across Greece is yet another casualty of the coronavirus pandemic, an analysis of demand data for the second quarter of the year by the Spitogatos online ads platform has shown, and no one can tell how or when prices will recover.
Sales agreements for the first couple of luxury villas at the Astir Palace Resort in the seaside Athens suburb of Vouliagmeni were signed last week, Kathimerini understands.
DBRS Morningstar is hosting an online seminar on the “European housing markets in a Covid World” on Thursday at 5 p.m. hosted by Gordon Kerr, senior vice-president and head of European Structured Finance Research, in London.
The Greek housing market retained its positive growth momentum in the first quarter of 2020 despite the start of the Covid-19 outbreak, DBRS Morningstar said in a report on Thursday.
The government appears to take a favorable view of a proposal for voluntary reductions to commercial property rents, submitted this week by the federation of property owners (POMIDA) and the Athens Tradesmen’s Association (ESA), though no decisions have been made.
The enterprises involved in the sectors of tourism, transport, food service, culture and sport will continue to benefit from the 40% discount on their rent for July and August, the government decided on Friday.
The Finance Ministry is considering an extension of the 40% discount on the rents that food service professionals pay, with a similar request also having been tabled by retail stores.
Greece continues to have the highest property ownership tax (ENFIA) in the European Union, while if one takes into account all repeated taxes associated with real estate, this country ranks second only to France – but is also behind former EU member Great Britain – according to Fredy Yatracou, a tax partner of PricewaterhouseCoopers Greece.