Real Estate: Two-month extension in transfers with the old objective prices

A two-month extension to the deadline that expires on January 31 for the final drafting of real estate transfer contracts with the old objective values, as well as a one-month extension for the inclusion in the regulation of 36-72 installments, announced the Minister of Finance Christos Staikouras.

In particular, in his statements to the Open TV station, the minister, commenting on the issue with long queues at tax offices and notaries for the pending transfer applications, said that “we have quick reflexes”. He added that “an issue has been created, and for this for those who applied until the end of the year are given a two-month extension”. At the same time, he noted that the new framework for objective values ​​must be implemented, as based on these, significant and necessary revenues for the State are expected. So, once the process with the pending applications for the previous year is completed, the market should enter this new phase.

Adjustment of 36-72 installments

Regarding the regulation of 36-72 installments, the minister said that “we will give a one-month extension for the debts created from March 2020 to July 2021”. It is noted that the deadline for submitting applications for inclusion in the regulation expires on January 26. About 820,000 taxpayers, who have been identified as affected by the pandemic, will have to settle debts of 2.26 billion euros. However, according to available information, so far less than 50,000 debtors have applied.

The submission of the application must be accompanied by the payment of the first installment within three days of the application for regulation. The next installments of the arrangement are paid until the last working day of the following months. Borrowers can choose to repay in up to 36 monthly interest-free installments, or in 72 installments with a 2.5% interest rate. The minimum amount of the monthly installment may not be less than 30 euros for total debt arrangements – including interest and surcharges – up to 1,000 euros, or less than 50 euros for total debt arrangements – including interest and surcharges – over 1,000 euro. In case of late payment of installment, a monthly increase of 5% is required.