GreekReporter.com Greek News Economy Greece Fourth in Property Taxation in the EU, Study Finds

Greece Fourth in Property Taxation in the EU, Study Finds


Greece holds fourth place in the EU regarding the issue of property taxation, according to a study conducted by the Foundation for Economic and Industrial Research, or IOBE.
The study also found that in comparison with 2007, Greece’s real estate market lost 95.4 per cent on its investments in that sector, seeing just €1.1 billion ($1.24 billion) being invested in 2017 compared to €24.8 billion ($28 billion) in 2007.
The study found that the establishment of the ENFIA property tax was the reason behind the virtual freezing of the real estate market in Greece, resulting in a dramatic plunge in investment.
In conclusion, the study proposes reducing the VAT on new properties from 24 to 13 per cent, a measure which would bring down the price on new housing by nearly 10 per cent, and the abolition of the supplementary ENFIA property tax, which could add more than €1.35 billion ($1.52 billion) to Greece’s GDP in the four years between 2018 and 2022.


Related Posts

Turkey Claims Greek Fighter Jets “Harassed” Vessel in Northern Aegean

Turkey charged on Tuesday that Greek fighter jets had “harassed” its research vessel Cesme while it sailed in the Northern Aegean.

Greeks Reduce Smoking in Half Over Last Decade

It was announced on Wednesday that Greeks have cut their smoking by more than one half over the last decade, according to a new ELSTAT survey.

German Embassy Celebrates Bicentennial of Greek War of Independence

The German Embassy in Athens will begin its year-long commemoration of the Greek War of Independence with a celebration of 21 German philhellenes.