Greeks rejecting property inheritance may triple to 150,000 in 2017

Greece property inheritance

The number of Greeks refusing to accept real estate inheritance due to high costs tied to the asset may triple to 150,000 in 2017, according to estimates by some government officials.

High taxes and low real estate values have prompted a growing number of people to reject property left to them by deceased friends and relatives, leaving the asset for the Greek state to take over.

There has been a sharp rise in those rejecting inheritances in local courts in the first three months of the year, indicating that the total number for the year could triple to 150,000, according to a Greek Finance Ministry official.

Data shows that in 2016, this figure stood at 54,422 in 2016, 45,628 in 2015 and 41,388 in 2014.

The introduction of the Enfia property tax in 2011 has been a game changer for many in Greece, where home ownership is at a high rate, like other countries in southern Europe.

Real estate prices have also plunged by some 45% since 2010 in a market with almost no bank lending which means that those inheriting property could end up with an asset with few sales prospects