BUSINESS

Declared area of property expands by over a third

THANOS TSIROS

TAGS: Property

Although almost a month remains for the completion of the procedure, the total declared area of Greeks’ electricity-supplied properties has already expanded by 35%.

By the end of September, an estimated 50 million square meters will be added to the real estate on record. After that the registration of previously undeclared structures will still be allowed, but will incur a fine.

In some of the country’s municipalities the total declared built area has risen two-, three- or even sixfold: On Zakynthos an additional 2 million sq.m. has been declared.

Local authorities will collect an extra 100 million euros per year.

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