Property

Landlords see delays in compensation

Landlords have suffered during the pandemic from the forced reduction of rents, with the compensation from the state taking longer than expected to reach their bank accounts.

Finance Minister Christos Staikouras stated that landlords would get their compensation for November before midnight on Monday, while the compensation for December's losses would be paid out by February 15.

Realty taxes and bureaucracy render ownership less attractive

Real estate has evolved into a vital pillar of the state budget, feeding it with revenues of 3 billion euros per year.

In the last few years the number of property-associated taxes has grown, such as that on rents, while the bureaucracy that goes with every transaction and even a new leases has soared, making property ownership increasingly less attractive.

Shopping centers reopen after more than two months

Shopping centers, department stores and retail parks opened on Monday for the first time since March 14, when they had been ordered to close by the government.
Their reopening came two weeks earlier than originally planned, but with strict rules such as the compulsory use of face masks not only by staff but also shoppers.

More market distortions

The government must do everything in its power to help prop up businesses that have been harmed by the coronavirus lockdown measures. However, it cannot continue to intervene to such an extent forever, altering the terms of contracts and agreements, as it did over the issue of rents.

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