Greece sells apartments for nothing

Greece sells apartments for nothing

The economic crisis has led to the fact that in Greece apartments are sold for just €10,000 - €15,000, according to citing

The fault is on the property taxes, that were rising steadily in recent years. At the same time Greece's budget this year received eight times more tax revenue than in 2009. It was estimated at €3.8 billion, compared to €500 million.

In recent weeks, the number of objects that are on the market at extremely low prices has increased significantly. All because it has always been rather difficult to find buyers for such properties. These are the one-bedroom apartments on the first floor in the cheapest areas of Athens, such as Kato Patissia, Kypseli, Aghios Panteleimon, Sepolia and Pangrati.

Even when the prices for such objects are decreased to symbolic €10,000 - €15,000, it is not fueling the demand. The bank of Greece recently released a study that showed that the average waiting period before a house is sold is 10 months, and the difference between the asking price and the actual selling price is an average of 20%. This means that even exposed to the market at bargain prices objects will be sold for an even smaller amount.

The situation is aggravated by the fact that immigrants started to sell their homes in Greece. So do the foreign investors, tired of low rental rates and not wanting to pay higher taxes on real estate and on rental housing.