Tax authorities are focusing on hundreds of real estate transactions that took place over the last two years in southern Athens, particularly in the Elliniko and Agios Kosmas areas.

The value of the transferred properties, mainly plots of land, comes to tens of millions of euros, with authorities noting a series of suspicious transactions that need further investigation. Cases will first be examined as to whether the transfer price was for the limit of the official price (known as “objective value”) of the property or much higher. Apparently, authorities are looking for evidence of undeclared payments or money laundering, as well as shady cash transactions. According to information, transfers to offshore companies have been identified, without necessarily meaning that the transactions were illegal.

Elliniko and the southern suburbs in general have been in the spotlight in recent years, as the construction of hundreds of homes aimed mainly at high incomes is in full swing, as part of the large regeneration project unfolding.

Indeed, the zone rates in Elliniko come to a whopping €2,550 per square meter, with sales prices exceeding €5,000/sq.m., while for plots the zone price starts at €3,250/sq.m. and reaches €8,000/sq.m., with actual sales prices being twice as high.

A total of approximately 1,000 transfers that took place from 2023 to date have been targeted by the authorities. Obviously, not all cases will be audited, but large purchases, whose price was within the zone rate limits, purchases in cash, as well as transfers to offshore companies will be.

The Independent Authority for Public Revenue (AADE) will also examine real estate purchases made in cash, undeclared transfers from 2019, as well as old cases of parental benefits, inheritances and donations. In total, 2,500 files will be opened, which are characterized as high risk for tax evasion and money laundering.

The cases are selected based on an automated objective evaluation model as per specific risk analysis criteria and data from internal and external sources of information available to AADE.

Source: Ekathimerini.com