Acceleration of the utilization of public property and a review of the framework for short-term leases in the autumn, following a dialogue with the market, announced the Minister of National Economy and Finance, Kostis Hatzidakis, speaking today at the 2nd Real Estate conference organized by the REAL Group.

“The government”, he emphasized, “has started the utilization of public property. Through this, investments can be made that will benefit the State and create new jobs. The EDPS can play a key role in this. We are behind and we have to run a lot more.”

The utilization of public property is part of the government’s initiatives to stimulate the real estate market, which have already been adopted and include the reduction of ENFIA by an average of 35%, the suspension of VAT on new buildings which has been extended until the end of 2025, the abolition of the tax on parental benefits-donations up to 800 thousand euros for 1st-degree relatives, the Save programs, through which more than 2 billion euros have fallen on the market in recent years. Also the increase of the tax deduction for costs of energy, functional and aesthetic upgrading of buildings as well as the promotion of large real estate investments with the most emblematic of them, Elliniko. The minister also pointed out that the market has also benefited from the results of attracting investments from international giants (Amazon, Google, Pfizer, Microsoft, CISCO), and these also have a real estate dimension.

Referring to the housing policy, Mr. Hatzidakis said:

– In the restart of the housing policy with programs totaling 2.25 billion euros and with the most emblematic of the program “My House” for low-interest or interest-free housing loans for young people that benefited more than 20,000 people.
– In the more modern and sustainable framework for short-term rentals, which will be reviewed in the autumn.
– In the intervention for the Golden Visa by increasing the limits in Athens, Thessaloniki and the tourist islands to 800,000 euros and to 400,000 in the rest of the regions, with a lower limit (250,000) in the protected areas, which need investment funds.

Mr. Hatzidakis underlined the government’s support for the real estate industry, stressing that there are no second class investments as some consider real estate investments to be. “We cannot criminalize investments in real estate. Our economy needs investment in many different sectors. As long as they respect the law and, of course, the environment,” he said.

He also pointed out myths and fake news in relation to the Greek real estate market through which, as he said, some are trying to tarnish the positive image.

First myth is that FDI in real estate is due to the Golden Visa. The reality is that Golden Visa accounts for 7% of real estate transactions. “We have much larger investments that are not based on the Golden Visa,” he emphasized.

A second myth is that there is overinvestment in real estate in Greece relative to the European Union, which is supported by those who imply that real estate investment is “second class”. This is wrong because we are below average. Specifically, while in the four-year period 2015-2018, 42% of the total investments made in our country were in real estate, in the four-year period 2019-2023 this percentage fell to 35%. While in the European Union the corresponding percentage is 51%. So there is room for further strengthening of the real estate market, especially after the recession of the last decade.

“We welcome”, concluded the minister, “all legal and economic-promoting investments: the investments of shipowners on land. Investments in sustainable tourism. Investments in industry and manufacturing. Investments in new technologies and innovation. Investments in real estate. We’re here to set the rules, of course. To apply international best practices. To set boundaries where needed. As we recently did with Golden Visa. We are here to listen to suggestions, possibly adopt some of them and move forward on the path of development.”