Realty ownership small-scale

Five in every nine owners have properties that do not exceed 50,000 euros, official data show

Realty ownership small-scale

More than half of Greeks (55.5%) own properties with a low combined value, up to 50,000 euros each, official data show, following the adjustment of zone rates.

An analysis of the data collected by the Independent Authority for Public Revenue shows that the sum of real estate owned by individuals in this country amounts to €577.78 billion. The vast majority of owners have one house, or a plot of land or a share in a property, and those with assets of up to €50,000 each only account for 12.2% of this year’s Single Property Tax (ENFIA) dues.

On the other hand, there are just 54 owners of very large properties in Greece, exceeding €10 million each, with their combined value reaching up to €1.07 billion. Each one of these owners faces an ENFIA bill that averages at €163,296.

As for corporate ownerships, there are 71,452 companies that own property and their real estate assets add up to €183.53 billion, while their total ENFIA dues come to €531.5 million. There are 1,751 enterprises that control 70.79% of the total corporate real estate, paying a total of €269.43 million for ENFIA – or €153,872 each.

Contrary to the picture among individual property owners, most enterprises own medium-sized or large properties: There are 19,469 companies with real estate assets up to €100,000 euros each, another 21,150 with assets between €100,001 and €400,000 each, and some 30,000 firms boasting property ownerships each worth between €400,000 and €10 million.

The total value of property owned in Greece by individuals and corporations comes to €761.3 billion. Last year that figure amounted to €643 billion, with this 18.4% rise being attributed almost exclusively to the adjustment of the taxable property rates, known as “objective values.”

Data analysis further shows that property owners in Attica number 2,557,631, and they control assets whose value adds up to some €403 billion, i.e. 53% of the country’s sum. This is up by 24.64% on last year’s total value of Attica properties.

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