Property Tax in Greece Went Up Sevenfold in 7 Years

Thursday, March 16th, 2017
Last Update: 15:51

In 2016, Greeks were called to pay seven times more in property taxes compared to 2009, even though they had to deal with a 25 percent drop in GDP and similar unemployment percentages.

According to figures from the tax office, Greeks paid 500 million euros in property taxes, or ETAK, as it was called then. In 2016, real estate property taxes, including ENFIA, reached 3.5 billion euros.

Furthermore, the total 2016 property tax was even higher than in 2015, when it was 3.04 billion euros.

In addition to the 2016 taxes, the Greek State received an additional 118.4 million euros from other property and inheritance taxes, donations and parental benefits.

Greece is one of the countries with the highest taxation of real estate as a percentage of GDP. According to European Commission figures for 2015, the only countries with higher property taxes are France and Britain. In particular, in Greece, property owners are required to pay taxes that exceed 2.5% of GDP, when in Germany the figure is no more than 0.5% while citizens of neighboring countries, such as Italy, Cyprus, Bulgaria and Turkey enjoy less property taxes.

According to an Alpha Bank analysis, the ENFIA remains a deterrent for the recovery of the real estate market, where transactions have almost collapsed, but also for the recovery of construction activity in the country.

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