Vast majority of 211,000 property acquisitions in 2024 made through deposits and cash
Properties worth approximately EUR 23 billion changed hands last year in Greece, according to data from the Independent Authority for Public Revenue (AADE), but only a few involved mortgage credit.
These are real estate purchases and sales prices based only on the contracts that were drawn up, which means that the actual value of the properties transferred is greater, as it is customary for contracts to indicate the taxable price (known as “objective value”) of the property, with a portion of the final amount being paid “under the table.”
In fact, real estate sales in 2024 recorded an increase of around 30% in value compared to 2023, while the first data for this year (from January) show that sales will remain at high levels.
The particularly impressive fact is that of the real estate sales of over EUR23 billion that took place in 2024, only EUR1.5 billion came from mortgage loans. That is, mortgage loans last year approached EUR1.5 billion, when sales were over 15 times higher!
This means that thousands of purchases and sales were made without a mortgage loan – i.e. through deposits and cash. However, the data show that the total deposits held by households in banks amounted to EUR150.3 billion at the end of December, up from EUR146.6 billion in December 2023, recording an increase of EUR3.7 billion in one year.
Of the EUR23 billion, approximately EUR2.5-3 billion came from foreign investors, while EUR2-2.5 billion concerned sales of large properties, such as hotels etc. The remaining EUR18 billion concerned sales of apartments, offices and plots of land. A total of 211,590 transfer declarations were submitted, compared to 174,475 in 2023.
It is noted that in each property transfer there may have been more than one declaration, as the tax office records rights (percentages belonging to each owner).
Notably, the above data only concern property transfers made through the MyProperty electronic application and do not include transfers of agricultural plots.
Original Story: Ekathimerini | Author: Prokopis Hatzinikolaou
Edition and translation: Prime Yield