Greece to cut property tax by 22 pct


Greece to cut property tax by 22 pct

Greece will cut its ENFIA property tax by an average of 22 percent as of this year as part of growth measures being put together by the recently appointed conservative government.

The move, that will cost 450 million euros, is seen as providing a boost to the real estate market where prices have been rebounding but gains are largely limited to areas popular with tourists. Introduced in 2011, the ENFIA tax was initially imposed on real estate assets as a temporary levy to prevent Greece from going bankrupt but was kept on and has weighed heavily on demand in the sector.