Property transactions are thriving, as official data show, and real estate professionals say that a great part of the growth is driven by foreign investors.

Notaries are certain that the 2022 number, which represented a 10-year high, will be eclipsed this year, as, at the moment, about a 1,000 property transfers take place daily. And we are taking about transfers being conducted through the online MyProperty platform. This doesn’t include property outside city limits or farmland.

Already, the state has received some €301 million in taxes, way higher than in the whole for 2022, as increased demand has driven property prices up.

The minimum amount that must invested to get a golden visa has been doubled to €500,000 for the most sought-after destinations, such as much of the Attica region, the northern city of Thessaloniki and the islands of Mykonos and Santorini. And, unlike what was in force until recently, prospective investors cannot acquire several cheaper properties to get over the €500,000 threshold.

The gap between imputed values – the estimated values assigned to properties by the state for taxation purposes – and market values is widening, especially in the toniest central Athens districts and in the northern and southern suburbs.

Source: Ekathimerini.com