12/15/2023
At a government conference dedicated to real estate issues, Kostis Hatzidakis, the Minister of Finance of the parliamentary republic, presented ambitious state initiatives aimed at significant changes in this key sector of the greek economy.
According to the minister’s statements, the Greek government has launched a series of initiatives focused on addressing three challenges: the issue of affordability, optimizing the operation of state-owned real estate, and resolving the imbalance in the residential and commercial real estate sector.
“The government aims to achieve specific, positive changes in these areas by the end of its four-year term,” the minister noted.
Key points of the new government strategy, which experts believe will increase investments in the Greek real estate market, include:
1. Simplification of the real estate transfer process:
The initiative presented by the Ministry of Digital Governance involves the implementation of the Digital Property Transfer File and Digital Contract. These innovations aim to significantly simplify the real estate transfer procedure, making it more transparent. The Digital Property Transfer File will allow electronic transaction processing, eliminating paperwork, while the Digital Contract will ensure the legal validity of transactions.
2. Enhancement of real estate investment attractiveness (AEEAP):
The restructuring of the Real Estate Investment Incentive Agency (AEEAP) is planned. These changes aim to make AEEAP more attractive to institutional investors and to create more transparent and efficient investment mechanisms. It is expected that this innovation will also impact property prices in Greece.
3. Modernization of the “Golden Visa” program:
In addition to raising the investment threshold to €500,000 in certain regions, the introduction of a minimum limit regulation for directing investment funds into real estate with specific cultural and environmental characteristics is planned. These changes aim for more careful and responsible regulation of investments in the nation’s cultural heritage area, without discouraging those seeking the Golden Visa of Greece.
4. Attraction of foreign investors through new investment products:
There is a proposal for the development of a new investment product related to the residence of retirees from European Union countries (Senior Living).
5. Energy modernization of the construction sector:
Additional measures aimed at reducing expenses for energy modernization of buildings have been announced as part of efforts to minimize the negative impact on the environment.
These initiatives have generated widespread interest and support among internal experts and all those seeking permanent residence in Greece. Experts express hope for their successful implementation and positive impact on Greece’s real estate sector.