Greece has been making ground in reforms efforts in the last few years but the property sector had been left behind, says a leading research group.
Under pressure from international creditors, Greece has been pushing through reforms to improve the business environment but poor implementation, a credit squeeze and higher taxes still hurt business activity in the country.
In its latest report, the Center of Planning and Economic Research, or KEPE, says that many of the reforms implemented by Greece provide a more favorable framework for more innovative businesses and cross border trade. Citing figures from the World Bank, KEPE said that Greece ranks in 29th position worldwide on a ranking of 190 countries assessing ease of trade, versus Germany that come in 38th position.
On the property front, Greece is one of the worst performers ranking in position number 141. It takes an average of 20 days to complete the transfer of property in Greece versus one day in Portugal and 2.5 days in Holland.
"Despite the significant progress Greece has made in allowing for entrepreneurship, it needs to continue structural reforms as there appear to be important margin for improvements," the KEPE report said.