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.
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.
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Statista, the online statistics portal for market data, reports that a home buyer in Greececan 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 eurosper 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.
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No words to describe this luxury villa next to Porto Cheli, Greece. Next to the beach, view to the wonderful and glamorous island of Spetses, designed by the famous Greek Architect Porfirios, take this tour and pleasure…
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It is an island. Close to the port of Peiraias. It takes 35min to go there with Flying Dolphins ships. This is a real escape from Athens, the noisy capital. Daily transports from and to Peiraias port. Quite, excellent view to the port. It is 100m2 with 2 bedrooms. You are going to love the sunset from the balcony…
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
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Από την ημερίδα ενημέρωσης για τις άδειες παραμονής αλλοδαπών στην Ελλάδα που πραγματοποιήθηκε στο ΕΒΕΑ στις 23 Σεπ. 2013
In case that anyone will purchase a property in Greece in a budget more than 250.000,00Euros, greek government will privilege the permittion to be a EU citizen for at least 5 years and further for as many years is anyone the owner of the property.
What can anyone say about the weather in Greece. It is a unique phainomenon. This period is the only place in Europe that anyone can go for swimming, yachting, sunbathing and of course taste extraordinary greek fish.