Revenues from properties in a steady nosedive

Greece's real estate market has been dealt a double blow in recent years: From 2010 to 2015 incomes from properties declined by 2.8 billion euros, while taxes have reached an annual average level of 3.18 billion.

In 2010 there were 1,694,684 taxpayers with revenues from real estate amounting to 8.87 billion euros. Five years later they numbered 1,496,301, i.e. almost 200,000 fewer, and the revenues declared came to just 6.05 billion.

The constant contraction of revenues from properties explains the large stock of apartments in the market and the reduction in property prices, whether these concern sales or rentals.

Overtaxation, however, has been the biggest factor in the demolition of one of the most robust pillars of the Greek economy in the past. Properties, which were a sound investment in the 2000-2008 period, are now a burden to owners who have to pay huge...