ECONOMY

Gov’t in the dark on its property portfolio

If it wasn’t so tragic, it would be funny.

Greece may be planning to raise up to 50 billion euros in privatization revenues by 2015, but official records show that the government and state-owned pension funds are not aware of the real estate assets they own and their net worth.

According to state documents handed over in response to a question asked by Popular Orthodox Rally (LAOS) MP Costis Aivaliotis in Parliament recently, state real estate company KED owns 71,000 pieces of property throughout Greece.

However, KED admits that over half of them have either been take over by land grabbers illegally or are incompletely recorded by the government.

Other state organizations, such as pension funds, know that they own 546 real estate assets valued at 1.4 billion euros, based on objective values used by the tax office, but are not in a position to assess their current market worth and sell them.

Additionally, power company PPC owns 7,000 real estate assets worth 1.26 billion euros, based on objective tax office estimates, but has not worked out the market value of its property portfolio, the documents show.