Property investors prefer tourist rather than urban areas in Greece

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According to the findings of a survey conducted by pollsters Kapa Research for the Hellenic Property Federation (POMIDA), a large percentage of property owners are finding it difficult to pay real estate taxes. Only 21.6% of the respondents said that they would be able to pay the unified property ownership tax (ENFIA) next year, compared to 25.4% who said they were unable to cover the tax. 38.3% responded they would find it difficult and 14.7% refused or did not know what to answer.

The data recorded that most of the property owners received late rents and a significant percentage does not receive delayed rent payments from their tenants, with a large portion not receiving any rent at all. The survey also revealed that the majority of real estate owners reduced rents, subscribing to the notion that it is best to get less than nothing at all. 76% have decreased rental rates over the past three years.

  • 30.2% intend to sell some property in the next two years, while 76.4% noted they do not intend to buy property in the next two years.
  • 76.8% consider property taxes to be unfair, while 63.3% of the respondents argue that leasing property is a net loss.

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Furthermore, a long-standing trend in Greek society where investors valued more urban real estate (Athens, Thessaloniki, large urban centres) seems to have been reversed as an increasing number opt to invest in tourist areas.

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