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Extraordinary tax will ruin the property market

25 November 2009 / 10:11:59  GRReporter
2753 reads

Kremena Koutsoukou

Lawyers, notaries and property developers expressed their dissatisfaction on the tax policy of the government. They identified the real estate situation in the country as very poor and urged governors to take immediate measures.

Athens Bar Association, the College of Notaries, the Federation of real estate owners, brokers and developers urged the government to reconsider the issue of imposing the emergency property tax. The chairman of the Athens Bar Association Dimitris Paksinos defined taxation as extraordinarily unconstitutional.

Changes in taxation changes of transferring properties and the parallel imposition of property tax will soon hamper owners and they will not be able to pay their obligations, say representatives of the College of Notaries. Changes in the tax system planned by the government will reflect on the property prices and victims will be all citizens and enterprises in this field. Expected are serious consequences for the fields of construction, trade and economy as a whole.

Chairman of the College of Notaries Konstantinos Vlahais said that bills should not be created without being firstly discussed with the competent authorities. Before the elections PASOK promised that it will conform the bills with them and after that will offer them to vote, but so far no consultations have taken place.

The chairman of property owners federation Stratos Paradiyas said that ownership is an internationally recognized human right and the state is obliged to protect it and not to “pursue” it. According to property owners, today’s financial needs and the known weakness of the tax evasion mechanism, have caused the government to impose severe measures selectively only on real estate owners.

A significant decline of purchase and sale of properties in Greece, has been notices during the last two years. For 2008 it was 40% and this year – 30%. Greeks are increasingly targeting their investments and deposits abroad and in offshore companies.  

Tags: Properties in Greece tax evasion Economy Markets
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