2021 is expected to be a year of structural changes in the real estate market, according to the Bank of Greece, which sees upheavals in the real estate sector due to the changes caused by the pandemic in habits, mentality and needs of citizens in combination with developmental and large-scale infrastructure projects that have been launched, with the main project located at the former Hellinikon airport.
In his report, BoG governor Giannis Stournaras points out that in the current situation it is important to propose actions to support a rapid and dynamic recovery of the real estate market, which will include “at least the improvement of bureaucratic procedures in the purchase and sale transactions, which have been a deterrent to many transactions and investments “.
According to the BoG:
Large-scale projects (eg Elliniko) are likely to reshape or even spatially shift the demand for both residential and commercial real estate, especially in the wider area of the capital.
The change in the requirements and needs of users due to the pandemic, as well as the development and infrastructure projects that have been launched, will highlight new areas of investment interest, greatly altering the existing balances.
Supply is expected to increase In the second half of 2021, through real estate auctions mortgaged for loans that have been transferred or securitized.
The housing market maintains relative resilient, as confirmed by the annual growth rates of prices. The construction activity of homes continues to solidify especially in Attica, while investments in houses record an increase (of 15.6% in 2020, compared to a small increase of 0.4% in 2019).
Investment interest focuses on organized-specialized income housing, student dormitories and nursing homes, but also on high-standard warehouses near major urban centers. Significant investments are already being implemented, or planned for 2021, in tourism real estate, in uses of higher business risk, such as shopping malls and parks, theme parks and recreation areas, but also in uses related to hospice, education, etc.
In 2020, net foreign direct investment in Greece for the real estate market amounted to 874.9 million euros, compared to 1,449.5 million euros for 2019, a reduction of 39.6% year on year. However, the real estate market is still a significant share of foreign direct investment, 28.0% of the total for 2020, compared to 32.3% for 2019.
TAX REFORM
In his annual report, Giannis Stournaras calls for tax reform to be completed as high rates of direct taxation and high non-wage labor costs encourage tax evasion and undeclared work, while high indirect taxation has burdened low and middle class incomes. The reform, according to the BoG, should be guided by the rationalization of the tax burden and its socially fairer distribution, the expansion of the tax base, the increase of tax compliance and the improvement of tax efficiency. The ultimate goal must be “the formation of a stable, simple and efficient tax system that mobilizes the supply of labor and material capital”.
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