Stock of prop­er­ties con­ceded to the state or con­fis­cated grows

Kathimerini English - - Focus - BY PROKOPIS HATZINIKOLAOU & NIKOS ROUSSANOGLOU

The aus­ter­ity mea­sures in­tro­duced by the gov­ern­ment are forc­ing thou­sands of tax­pay­ers to hand over in­her­ited prop­erty to the state as they are un­able to cover the tax­a­tion it would en­tail. The num­ber of state prop­er­ties grew fur­ther last year due to thou­sands of con­fis­ca­tions that reached a new high.

Ac­cord­ing to data pre­sented re­cently by Al­pha Astika Akinita, real es­tate con­fis­ca­tions in­creased by 73 per­cent last year from 2015, reach­ing up to 10,500 prop­er­ties.

The fate of those prop­er­ties re­mains un­known as the state’s auc­tion pro­grams are fairly lim­ited. For in­stance, one auc­tion pro­gram for 24 prop­er­ties is cur­rently on­go­ing. The pre­cise num­ber of prop­er­ties that the state has amassed is un­known, though it is cer­tain they are de­pre­ci­at­ing by the day, which will make find­ing buy­ers more dif­fi­cult.

Fi­nan­cial hard­ship has forced many Greeks to con­cede their real es­tate as­sets to the state in or­der to pay taxes or other obli­ga­tions. Thou­sands of tax­pay­ers are un­able to pay the in­her­i­tance tax, while oth­ers who can­not en­ter the 12tranche pay­ment pro­gram are forced to con­cede their prop­er­ties to the state. Worse, the law dic­tates that any dif­fer­ence be­tween the obli­ga­tions due and the value of the as­set con­ceded should not be re­turned to the tax­payer. The gov­ern­ment had an­nounced it would change that law, but noth­ing has hap­pened to date.

Prop­erty mar­ket pro­fes­sion­als es­ti­mate that the up­surge in for­fei­ture of in­her­ited prop­erty will con­tinue un­abated in the near fu­ture as the fac­tors that have gen­er­ated the phe­nom­e­non, such as high un­em­ploy­ment, the Sin­gle Prop­erty Tax (ENFIA) etc, re­main in place. The process may be­come even more com­pli­cated as the state is con­sid­er­ing mak­ing the costly in­clu­sion of an ex­pert’s cer­tifi­cate stat­ing there are no il­le­gal struc­tures on the in­her­ited prop­erty com­pul­sory.

Ac­cord­ing to data pre­sented re­cently by Al­pha Astika Akinita, real es­tate con­fis­ca­tions in­creased by 73 per­cent last year from 2015, reach­ing up to 10,500 prop­er­ties.

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