A new regulation on construction in Greece, adopted in 2012, allowed for increased building intensity and higher buildings. However, the Greek Council of State declared that the regulation was unconstitutional and acted against the implementation of more environmentally friendly construction and the expansion of green spaces. All this could lead to significant changes in the urban environment. The court's decision will be published in January 2025, after which it will enter into force.
The decision will not affect buildings that are currently under construction, as it does not enter into force retroactively.
The court also repeals the provisions that excluded certain types of balconies and terraces from the calculation of the development intensity coefficient, while at the same time recognizing swimming pools as part of landscaping.
The court's decision will inevitably have a negative impact on both the builders and owners of such properties, as well as the Greek government. The latter was counting on the New Regulation to deal with the housing crisis, which is leading to an increase in property prices. As a result, the limited supply of housing will be a fact for a longer time.
The fees paid under the New Regulation for Architectural and Technical Projects, paid so far by investors, are between EUR 15,000 and EUR 60,000. The money will be lost. Entrepreneurs who bought land with the sole purpose of taking advantage of the option to build more will also lose out.
Detailed statistics on the average property prices in Bulgaria by cities and neighborhoods can be seen HERE