Avoiding Capital Controls: Real Estate Revenues From Foreign Buyers Deposited in Banks Abroad

The majority of revenues of Greek luxury real estate transactions acquired by foreign nationals remain in banks outside of Greece, sources have reported.

In fact, many of the Greek sellers are even prepared to travel abroad in order to close contracts and open foreign bank accounts where they then deposit their profits. A major motivation for sellers opening bank accounts when dealing with the luxury real estate market and foreign buyers is to avoid capital controls imposed on Greek banks.

Unfortunately that means that the money spent on luxury Greek properties by foreigners never enters the Greek credit system and only some of it enters the Greek economy, but is impossible to track back to its original origin.

After the imposition of the capital controls [at end-June 2015], the cases of sellers requesting that money be deposited abroad have multiplied. Of course such transactions are entirely legitimate and taxed in Greece, but the revenues remain in other countries.

www.gktizein.gr

Statistical bureau: Property title transactions in Greece down nearly 9% annually between 2004-14

Transactions registered at Greece’s deed/title offices show a decrease, on average, of 8.6 percent a year from 2004 to 2014, a period that witnessed the real estate bubble burst in the country.

According to data released by the national statistical bureau, EL.STAT, the decrease reached just over 20 percent in the 2013-14 period.

Based on figures supplied by 380 such deed offices around the country – which correspond to 96 percent of the total – 384,546 actions dealing with property were recorded, resulting in 57 million euros in proceeds – 47.2 percent of which were diverted to state coffers and the remaining 52.8 percent collected by the deed offices themselves.

The average sum collected from a single property transaction – which ranges from an outright sale to a transfer, imposing a lien to even adding a co-owner on the deed – reached 149 euros.

Apple Campus December 2016

We are impatient to see the new campus finished.

We are strongly inspired from

the technology,
the innovation,
the vision of the company and…
the dream of its founder.

We can prove it. Check the links from our blog below:

http://gktizein.gr/blog/?p=1451

http://gktizein.gr/blog/?p=1076

http://gktizein.gr/blog/?p=95

Greek Home Market Among Cheapest in EU

Statista, the online statistics portal for market data, reports that a home buyer in Greece can buy the fifth largest home for 200,000 euros in the eurozone.

Specifically, the amount can buy a newly-constructed 120 sq. meter flat that covers the needs of an average family.

The home bubble has burst, meaning that a new flat in the Attica region where Athens is located can be purchased for 1,650 euros per sq. meter as opposed to 2,500 euros per sq. meter prior to the economic crisis. Back in those days it was hard to find an apartment of more than 80 sq. meters for 200,000 euros. Continue reading »

Why the wealthy are heavily focused on real estate

DAVID ISRAELSON

Special to The Globe and Mail

Last updated Thursday, Feb. 18, 2016 6:55AM EST

With markets roiling in 2016 and commodities lingering in low-price limbo, the holdings of high-net-worth investors can serve as indicators of where the rest of us might consider parking our nest eggs. It turns out that a good chunk of wealthy peoples’ investments is in real estate.

“Real estate is generally accepted as an alternative investment [by high-net-worth investors],” says Simon Jochlin, portfolio analytics associate at StennerZohny Investment Partners, part of Richardson GMP in Vancouver.

“It has the characteristics of an inflation hedge: yield, leverage and cap gains. It does well in upwardly trending markets, it pays you to wait during market corrections and typically it lags equities in market declines – it buys you time to assess the market.”

While the definition of high net worth can be flexible, in Canada and the United States it is generally considered to be someone who has at least $1-million in investable assets.

Thane Stenner, StennerZohny’s director of wealth management and portfolio manager, says a good way for determining what the wealthy do with their investments is to look at reports from Tiger 21, an ultra-high-net-worth peer-to-peer network for North American Continue reading »

U.S. Real Estate to Draw More Foreigners in 2016, Survey Says

Most foreign investors expect to put more money into U.S. property this year than they did in 2015, with New York remaining the top target market worldwide, according to a survey by the Association of Foreign Investors in Real Estate.

Sixty-four percent of respondents said they intend to make modest or major increases to investments in U.S. real estate this year, while 31 percent expect Continue reading »

New Mexico Airport

Congratulations to the Mexican Government and the well known architect Norman Foster. They take seriously that new project, they have vision, produce culture, respect the environment, invest in the future, respect science and architecture. We will certainly visit this new airport, as soon as it will operate( the year 2020)…

Commercial Building downtown Athens

updated 17 Oct 2016: The property is SOLD

At the central Athens, close to Syntagma square, this commercial building is a real opportunity.

Constructed at 1980, 1500m2 plus two underground floors of 1000m2.

For further details call and ask for Mr Goutos +30 6946 288161

Landscape…

Landscape architect Cornelia Hahn Oberlander has won the 2015 Margolese National Design for Living Prize for her impact on Canadian cities. The School of Architecture and Landscape Architecture at the University of British Columbia, who awards the annual $50,000 prize, chose Oberlander for her “breathtaking, poetic, unforgettable, charged with meaning, and above all, Modernist” designs that have made “outstanding contributions Continue reading »

An Interview to the Hotel&Restaurant Magazine

Executive Briefing for Tourism and Hospitality Professionals

by Isabella Zampetakis

“We owe it to our guests to offer our very best.”

Panagiotis Goutos, Civil Engineer and General Manager of G.KTIZEIN, addresses the architectural issues relevant to tourism today.

At what stage of development is the Hermione Hills? What are the architectural features that characterize the hotel?

PG .: The Hermione Hills is a tourism development project consisting of a 4-star hotel situated in a 45-acre olive grove close to Kranidi and Hermione in Argolida, in the eastern Peloponnese. The hotel is designed to accommodate a variety of tourism activities, including cookery lessons, congress tourism and agro-tourism. Our goal is to continuously operate the hotel throughout the year.
Like all of us, the Hermione Hills is moving at a pace dictated by the economic reality of Greece today. On the other hand, those of us participating in the project have not lost our courage. We have completed the architectural studies, which Continue reading »

« 1 … 3 4 5 6 7 »