Buying and selling real estate “heats up” state coffers. Over 27,000 apartments, detached houses, plots of land, commercial properties, plots of land have changed hands since the beginning of the year with their total value exceeding 2.5 billion. euros as revealed by the contracts.
The receipts from the transfer tax reached 314 million euros in the first half of the year, registering a 20% increase compared to the corresponding period of 2023 which had reached 260.92 million euros.
In contrast to property sales, tax revenue from parental benefits and donations has slowed in recent months with figures showing a drop of 8.22% in the first half of the year compared to last year.
In the first half of the year, more than 122,000 transfer tax declarations related to the purchase and sale of real estate were submitted to the myProperty platform of AADE
The high tax-free limit of €800,000 applied to parental benefits keeps the taxes collected by the state from parental benefits and donations at low levels which amounted to €24.46m compared to €26.65m in the first half of last year.
In the meantime, in the first half of the year more than 122,000 transfer tax returns related to the purchase and sale of real estate, over 55,000 parental benefit tax returns, 36,000 donation returns and over 61,000 electronic inheritance tax returns were submitted to the AADE myProperty platform.
The enhanced flow of money in the real estate market, the intense interest of Greeks and foreigners in investments and the jump in commercial prices are shown by the data of the Real Estate Transfer Values Register. The gap between objective values and commercial prices has opened up with the biggest differences being registered mainly in the expensive areas of the center of Athens, the southern and northern suburbs of Lekanopedi.
Municipality of Athens: How many properties changed hands
In real estate sales, the Municipality of Athens occupies the first place. Since the beginning of the year, 3,921 properties with a total value of over 327 million euros have changed hands.
In many cases the differences between objective and commercial prices are striking.
Apartment 213 sq.m. of the 1st floor in Kolonaki which was built in 1953 was purchased at the price of 1.8 million euros or 8,450 euros per square meter when the objective value in the specific area amounts to 4,250 euros. That is, the particular property was sold at a price twice the objective value.
In Exarchia, a 119 sqm apartment on the 4th floor built in 1967 was sold for 405,000 euros or 3,403 euros per square meter, while in the area the objective value is set at 2,200 euros/sqm.
A 246 sqm 4th floor apartment in Glyfada built in 2012 was purchased under contract for €1.6 million or €6,553 per square meter when the zone price in the area is €4,250.
Source: ot.gr
#Property #Buying #selling #inflates #tax #revenues #area #place
