ECONOMY

Property levies inflict serious blow to housing market

High taxes are having particularly negative repercussions on the Greek property market, which explains the very low level of transactions in the country, a study by Infobank Hellastat argues.

The negative financial conditions in Greece and the fiscal adjustment measures taken have dealt a considerable blow to construction activity, while property prices have been in steady decline.

Professional properties are experiencing pressure for a further drop in lease rates, especially in low-category properties, storage spaces and non-competitive offices.

The study expects the market to bottom out starting from next year, on the back of a gradual easing of financial conditions in the country.