BUSINESS

Property sector looking forward to best year in a long time

PROKOPIS HATZINIKOLAOU

TAGS: Taxation, Property

This will likely be the year of the property sector, as the interventions already set in motion and those expected will contribute toward the recovery of construction activity and sales.

Deputy Finance Minister Apostolos Vesyropoulos on Friday signed two important decisions about the suspension of value-added tax on properties licensed after January 1, 2006, which will serve as a green light for the signing of contracts and the construction of new properties.

Market experts say that the activation of those measures will help mobilize considerable funds toward the market, both in terms of transactions and reconstructions or renovations.

The government is also preparing further tax breaks on property, not only in the form of the 8 percent average reduction in the Single Property Tax (ENFIA) but also with the drop in the rates of inheritance and parental concession taxes.

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