The average price per square meter of residential area in Attica reached 2350 EUR. At the same time, the number of vacant apartments is increasing and is now close to 600,000. The Greek government will try to use these properties to slow down the rate of growth by increasing the supply of properties.
The availability of more than 600,000 vacant properties is a big problem, and the authorities must quickly implement mechanisms to reduce property prices, because the number of Greeks who can neither buy nor rent an apartment because they do not have the appropriate financial means.
Properties in Greece are also used as a tool for non-payment of taxes. The Greek authorities will propose in September a mechanism to stop this practice. A platform similar to the one in the US is being considered, where anyone can see the history of a property, as well as its sales and lease prices over the years. At the moment, there is a property register in Greece. In it you can see information about its price and rent, but it is not well structured and it is difficult for the average Greek to get information from it.
The platform that will be created will also help to avoid tax evasion. “The reported rental income is increasing, but we believe that there is more tax evasion that we could panic", the finance ministry thinks.
There is also no information on how many of the more than 600,000 vacant properties in question are habitable.
There is no complete information about all short-term rentals in Greece.
The Greek authorities recently announced the second stage of the My Home program. It is aimed at financial support for young households. Through the program, the EU Recovery and Resilience Fund will provide EUR 1.7 billion of the necessary EUR 2 billion for its full implementation.
You can see detailed statistics on average property prices in Bulgaria by cities and neighborhoods HERE