BUSINESS

Trespassers to be able to buy property

By Prokopis Hatzinikolaou

The Finance Ministry offering trespassers on 28,000 state properties favorable terms to buy them out.

According to a draft law that is up for public consultation until May 2, the price for the buyout of a trespassed property will come to the minimum objective value where the property is located. This concerns urban properties up to 5,000 square meters and farms up to 10,000 sq.m.

Two key conditions for the activation of the terms are that the property must have been held for at least 20 years without interruption through December 31, 2013, and that an application is submitted within a year of the ratification of the bill.

For trespassers to become rightful owners, they must pay the amount due in a lump sum or in installments of at least 800 euros per payment. Lump-sum payments will be granted a 5 percent discount. A single individual can buy out more than one property as long their total surface does not exceed 20,000 sq.m.

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