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Unused or Illegally Utilized State Buildings Could Earn Billions of Euros if Repossessed

State-owned real estate worth billions of euros is being arbitrarily and illegally used by people or companies without any real authorization to do so, newspaper Kathimerini reported two days ago.
A report by the Hellenic Commission for the Privatization of State Property (TAIPED-Hellenic Republic Asset Development Fund ), which was formed by the PASOK government of Giorgos Papandreou, revealed that 28,264 out of a total of 80,714 state-owned buildings have been settled against the legal framework.
3,152 of these buildings have been assessed by TAIPED and could bring approximately €10 billion into state coffers if repossessed, Andreas Taprantzis, head of the TAIPED executive council, told attendees at The Economist conference.
4,862 of these properties will eventually be repossessed and these could bring in investments of €18 billion if converted to vacation homes, Taprantzis explained. Another 13,600 state-owned properties are currently being evaluated, while 51,794 properties totaling 1,400 square kilometers have been crossed off the potential state repo list for now.
And there is yet another group of 10,457 state-owned properties, which are listed as ”special,” and which include 572 islands and islets. It will take another 18 months to free up these potentially profitable areas, Taprantzis added.
It may have taken the Greek state so long to realize its self-imposed losses, but at least some progress is to be seen even at this crucial point. TAIPED is expected to continue its work and the desperately needed money will return to the state coffers. However, not all properties, even if repossessed in a large scale will surely bring in the wished for sums.

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