Encroached land 80% cheaper

Encroached land 80% cheaper

A draft law on encroached state properties will reach Parliament next month, aimed at allowing current occupiers (who exceed 70,000) to acquire the property legally at a discount of up to 80% of its taxable value.

The assets will be sold at their “objective value,” however, significant discounts are foreseen which can potentially reach 80%, since the resulting amount to be paid cannot be less than 20% of that value.

In order for anyone to be able to apply for the redemption of the property they hold, they must have held it continuously for 40 years, while in the case that they have an ownership title, they must have owned it for 30 years. How they have acquired a title for encroached state property, is another paradox of the Greek state.

The bill also defines the size of the area that can be acquired on a case-by-case basis, prohibiting the acquisition of more than 10,000 square meters. However, under specific conditions, the area can reach up to 30,000 sq.m., as long as a large part of it is covered by buildings or by necessary infrastructure projects or facilities.

An additional discount of 10% is applied to one-off payments; otherwise the amount can be paid in 60 interest-free monthly installments.

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