How is the Real Estate Market in Greece nowadays (infographic), an article by CNN Greece
Significant reduction of the ownership rate, failure to pay property taxes are considered by most unfair, the majority of owners seeking to get rid of their properties by selling them even at a price lower than...
The survey was carried out on the occasion of the 35th anniversary conference of POMIDA, which took place today in the historic hall of the Old Parliament Hall, in the presence of numerous owners and executives of POMIDA from all over the country, representatives of political parties, local authorities and the real estate market.
The main findings of the survey are:
? Ownership rate declined from 81.6% in 2006 to 73.9% in 2018 (-7.7 percentage points). More are those who find it more advantageous to rent a home (49%) than own (42.1%), while six out of ten owners find it unprofitable to own real estate to rent them.
? Delays and non-payment of rents remain immense problems for owners of mainly residential properties where the inconsistency rate is 48.9% (37.6% in apartments and 20% in single-family homes). However, there is a significant improvement on this issue as well as the consistent tenants have grown considerably.
? The main reason for improving the consistency index is the rent reductions made by the overwhelming majority of owners. Specifically, 76.4% made reductions in apartment rentals, 68% in single-dwelling rentals and 81.5% in business rentals. Rents on rents are scaling up over 40%.
? The increase (almost tripled) of those intending to sell a property in the next two years is impressive. The percentage is currently 33%, compared to 12.3% in 2006. The opposite is the evolution of the percentage of potential buyers: just 20.3% of the population now responds "yes" and "maybe" against 53.5% in 2009. Dramatic is also the downgrading of price trends: 33.3% believe they will grow, compared with 81% of the corresponding estimate in 2004.
? One in two (50%) believes that the investment interest in the real estate market will increase over the next two years (compared with 72.3% in 2007 and 29.9% in 2009), mainly for tourist properties in coastal and island regions of the country where the proportion of estimates to increase buyer interest jumped to 56.1%, from 26% in 2009.
? 7.2% of the owners attempted to rent a property in 2017 via the Airbnb platform and related sites, while 20.3% attempted to do so through traditional ways.
? 76.8% of the owners consider property taxes to be unfair, while the same percentage (75.9%) consider it wrong that there is no tax deduction for gaps and improper properties.
? 38.3% say it will have difficulty paying EFFIA and 25.4% will not be able to do so. Asking what they will do in the future if they can not pay taxes, 15.8% say they would try to sell them at a price lower than objective and 33.4% at a price equal to the target while 8.6% will let the State seize them.
? Almost one in three (28.7%) has bank loans for property purchases, and one in four (24%) does not normally serve his loan. The proportion of those who normally pay has fallen to 76%, from 83.5% in 2012.
The survey also records WOMEN's wide recognition (56.5% know it and 17.2% have heard of it). 52.6% have a positive opinion on the Owners' Federation, while the most serious issue in which to focus its activity is the taxation of real estate.