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Greek home protection scheme

The European Commission has approved Greece’s home protection scheme, which supports householders who cannot meet mortgage payments and are at risk of losing their primary residence.

The Commission said on Thursday the scheme did not violate state aid rules.

The scheme, which has an annual budget of about 132 million euros, sets strict eligibility criteria on the value of primary residences and the income of borrowers to ensure it is targeted at those truly in need.

Eligible borrowers can receive a grant from the government corresponding to 20 to 50 percent of their monthly loan payment depending on their income, as long as they resume paying the residual part of their monthly payment. If borrowers stop servicing their loans, banks can initiate foreclosure on the property.

“The Commission concluded that, with respect to individuals, including those performing an economic activity, the measure does not involve any state aid,” it said.

It said the scheme provided an indirect advantage as it would increase the amount of repayments banks are likely to receive on their nonperforming loans.

The indirect aid, it said, would not create undue distortions of competition as it is limited to what is necessary to meet the overall objective – ensuring that borrowers do not lose the house they live in.

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How to successfully buy a property in Greece

crete hotel for sale

Greece is a favorable investment destination not only because of its natural beauty and mild climate, but also because of a significant drop in prices following the financial crisis that emerged after 2010. Investors from all over the world are now looking at Greece as the new “hot” investment destination and rushing to benefit from the abundance of quality real estate available at affordable pricing. Many buy as end users and others with the aim of long term letting or airbnb.

Usually the real estate in Greece is acquired by purchasing contract: The buyer and seller appear before a notary public and sign a deed which is subsequently registered at the local cadaster or land registry.

EUROSPACE Real Estate offers a big selection of properties to choose best suitable for you. After selection of the property, our lawyer performs all the necessary legal searches. The title search takes place at the Land Registry and ensures that the asset in question indeed belongs to the seller and that it is clear of any encumbrances (such as mortgages, liens, foreclosures etc). The lawyer also checks the suitability of the asset and if this is located in an area where prohibitions or restrictions apply.

EUROSPACE Real Estate helps with the issuance of a tax number for a new buyer. It is a requirement of the Greek State that every transacting party (natural person or legal entity) has its unique tax number before acquiring real estate.

After the buyer has a tax number, the next step is to pay a property transfer tax. Currently at 3% of the value of the transaction.

After the transaction tax is paid both buyer and seller are to sign the purchase contract before a notary public. The buyer gets the title deed, which is the first step to ownership of the property.

The registration of the title deed takes place at the local Land Registry and is the absolute proof of ownership.

As a last step our agency register your property online with the tax authorities and change the electricity and water supply billing to the new owner’s name.

EUROSPACE Real Estate Group offers after sell service such as: property renovation, property management, long or short terms rent, tax advising.

Please do not hesitate to contact us if you have questions on property acquisition in Greece.

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Expansion on River West shopping center

Works are set to begin on the extension of the River West shopping center on Kifissou Avenue in Aegaleo, western Athens, in the next few days. Sources say the implementation of the 18.5-million-euro investment is close to starting after more than two years of planning.

Noval, a subsidiary of the Athens-listed Viohalco Group, is planning the construction and operation of a commercial property adjacent to River West – effectively an extension to the mall – with 8,000 square meters of space.

The new building is expected to host new stores, without ruling out the addition of entertainment uses that would enhance the appeal of the mall. Currently River West has an area of 20,000 sq.m. The 35-million-euro investment was launched in 2011.

As demand for store leasing within malls has remained high for years and the occupancy rate at River West comes to 97 percent, the need for its expansion was never in doubt.

Viohalco acquired a neighboring plot of 3,700 sq.m. and a 20,000 sq.m. building, planning the extension of River West with the addition of new brands.

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Opportunity to fix errors on E-9 property owner’s form

The Independent Authority for Public Revenue activated its online platform for the correction of any errors made in the E9 property declaration form that may have resulted in erroneous calculations for the Single Property Tax (ENFIA) this year.

Property owners who have identified any mistakes or omissions in their E9 form can now correct the details concerning their assets on the Taxisnet system (on, which will immediately adjust their ENFIA dues accordingly. If the reduction in the tax stemming from the corrections exceeds 300 euros, the owner will be invited to their local tax office to present the necessary documents.

Any changes to declarations for any of the years between 2010 and 2018 can be automatically transferred to 2019, changing their property details as of January 1, 2019.

Please do not hesitate to contact us if you need to correct your E-9 property owner’s declaration form or if you have any questions about it.

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Property price in Greece are expected to continue recovering

Property prices in Greece have recouped 4.2 percent of the ground lost during the financial crisis, thanks to the steady course of recovery over the last 18 months.

Property rates shrank 42.4 percent from the third quarter of 2008 to that of 2017 , but have started to show signs of a rebound since the start of 2018, according to a survey titled “The Prospects of the Property Market in Greece” by Tasos Anastasatos, chief economist at the Eurobank group.

Bank of Greece data show that the pace of growth has been increasing, starting from 0.5 percent and reaching up to 7.7 percent, which was the national expansion rate in April-June 2019 on an annual basis.

In Attica, where demand is stronger, prices shot up at an annual rate of 11.1 percent in Q2, which is even higher than the rates recorded during the property boom of the 2002-2007 period. In Thessaloniki, prices rose 7 percent in the spring, while in other major cities the increase reached 4.1 percent and in the rest of the country it came to 4.9 percent.

Even so, Greece lags considerably compared to the other bailed out states in the European Union that saw property prices sink. In Spain for instance, house sale prices declined 35.3 percent during the economic crisis, but have since rebounded by 15 percent. In Ireland the drop exceeded 53 percent, but the rebound has come to 34 percent, while in Portugal prices did not drop that much (by just 13.3 percent) and have now become even higher than before the crisis, rebounding by 33.5 percent.

Transactions in Greece are also on the rise, according to figures from the database of the Independent Authority for Public Revenue, with last December posting a spectacular 65 percent increase from the December 2017.

All signs are pointing to the continued growth of house prices as gross domestic product, employment and private consumption are also on the rise: The economy has been growing for nine consecutive quarters and is projected to expand further, private consumption is edging up after losing 39 billion euros from 2008 to 2017, and the unemployment rate has been in a steady decline since the third quarter of 2013.