Property Taxation Harming The Economy

Date: 14.11.2018 / / Comments (0)

The existing property tax framework in Greece hampers the expansion of its real estate sector, a report published this week in Athens has found.

The study by the Foundation for Economic and Industrial Research (IOBE) noted that the introduction of the Single Property Tax (ENFIA), including its supplementary tax concerning owners of properties worth more than 200,000 euros, at the height of the country’s economic crisis reduced yields in property sector investments, diminished transactions and discouraged investors from acquiring more properties in Greece.

It said that abolishing one of the taxes would boost the country’s output and employment.

The economic impact of property taxation is estimated at an annual 6 to 9 percent of the country’s GDP, and a total of 70,000 to 100,000 jobs, the report pointed out. It also entails the loss of tax revenues of between 2.3 and 3.3 billion euros per year owing to the reduction of economic activity.

The report estimated that if the government abolished the supplementary property tax, it would bolster property prices by 5.1 percent and increase the country’s GDP by between 1.1 and 1.4 billion euros, or by 0.6 to 0.7 percent, every year till 2022. It would also add some 33,000 jobs over the five years after abolition.

The report highlighted that with ENFIA in place, “investment in real estate becomes less attractive in terms of returns the greater the total value of a taxpayer’s assets is. Yields even turn negative when an owner’s total property exceeds 870,000 euros.”

It expressed concern that this would discourage the acquisition of additional property. European Commission data showed that in 2016 Greece had the fourth highest ratio of property taxation in the European Union, at 3.2 percent of its gross domestic product.

Reviews & Comments ( has relaunched as the top Greek real estate and property website portal dedicated to Greece and Cyprus’ industry.’s members include top real estate agents, realtors, individual sellers, FSBO, sale by owners, architects, developers, construction companies, lawyers, notaries and others that advertise residential (house, home, land, apartments, flats, villas, land, parcels and commercial listings for those looking to buy, sell and rent across all of the Hellenic Republic. is like the MLS database portal that is advertised in the top Greek diaspora and international markets around the world to those looking to invest - including Australia, the United States, Canada, United Kingdom, Germany, France, Spain, France, Europe, South Africa, Russia and everywhere else. Most foreigners start their home search in popular destinations like Mykonos, Chania, Crete, Athens, Thessaloniki, Cyclades, Santorini, Rhodes, Corfu, Ios, Lefkada and many more cities, prefectures and regions in Greece. has been featured in most Greek news media outlets and in some of the leading international publications in newspapers, magazines, websites, online news portals, television and radio. Notable publications featuring and its founder, Georgios Stroumboulis include the Wall Street Journal, G1 Brasil, India Today, Barron’s, El Mundo, Naftemporiki, Kerdos, Isotimia, Vradyni, Elefterotypia, Elefteros Typos, Imerisia, Ta Nea, Ethnos, Neos Kosmos,,,,,, People Greece,, Radio Neo Show, Antenna ANT1 Satellite TV, MEGA TV, Makedonia TV, Channel 9 (Το Α και το Ω των ακινήτων). is the only real estate website to have produced its own reality TV show called Hellenic Home Hunting ( Created, produced and edited by George Stroumboulis’ media company, BouliBrand (, this TV show caused an international media storm for controversy during the unstable economy period in Greece. Visit for the latest property listings and start your search, register for an account to sell or simply browse our news. Stay connected with us on Facebook (, Twitter (, LinkedIn (, YouTube (, and Instagram ( Use the hashtag #GPE360 and #HellenicHomeHunting.

featured on the front page of

The Only TV Show Promoting
Greek Real Estate to the World!