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Real Estate

The real estate sector has always been in a great demand in Greece. In the past decades, the purchase of urban and commercial real estate was primarily a means of investing and securing money. Although there has been a significant recession since 2010 in this field, in recent years the large decline in the value of real estate properties has now made it a pole of attraction for investors from all over the world. For the safety of both the buyer and the seller, the purchase of a property must be accompanied by a series of actions such as negotiating, the drafting of contracts and checking the status of the property (debts, the town planning scheme, legal restrictions from environmental commitments, forests, archaeological sites, coasts and beaches, listed buildings etc).

Another issue that continues to occupy the real estate sector is the handling of issues related to the National Cadastre and Mapping Agency, which has not yet been completed in all regions of Greece. Within the framework of the National Cadastre, a number of issues arise such as declarations, objections on interim cadastral tables, registration and correction of cadastral records, manifest errors, which require immediate and accurate handling.

Another branch of the real estate field is leases (urban-commercial) and leasing contracts which include, among other, all the arrangements, the terms, the conditions and the consequences of both their conclusion and their termination. Significant interest is also attributed to the sector of “Short-term Leases” in the context of “Sharing Economy”, which is growing rapidly in Greece, since it is a global travel destination, through the various digital platforms such as Airbnb.

Taxation of real estate, especially due to frequent changes in the tax regime, is still an issue that has been addressed in recent years. Real estate owners must submit property status declarations (E9) before the competent tax authority and to pay the Unified Property Tax (EN.F.I.A.) according to the provisions of L.4223/2013. Particular emphasis should be given on the taxation of real estate income in accordance with the provisions of the Income Tax Code L.4172/2014 and the circulars of the Ministry of Finance.

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