Tax cut provides major boost to Greek real estate investment companies

November 15, 2019

 

 

Greece's real estate investment companies (REICs) will see a substantial benefit from a tax cut affecting the sector announced by the conservative government, analysts and industry officials tell GreekGuru.net.

 

The tax cut has been included in legislation the Finance Ministry is finalising, making good on a pre-election promise made by conservatives New Democracy in the run up to July's general elections.

 

As of a next year, a 0.75 percent levy imposed on assets owned by REICs will be dropped, boosting net earnings. The tax had been introduced in 2016 by the previous left wing government in a move that weighed heavily on the sector.

 

"Especially for the bigger players, this will make a real difference on profits as of 2020," says one official.

 

Greece's REICs have been snapping up commercial assets in a bid to take advantage of a market upturn, focusing on office buildings and hospitality properties. Prodea Investments, controlled by UK's Invel Real Estate, is the country's largest REIC with a portfolio of more than two billion euros. Other players in the sector include Trastor, Briq and Intercontinental International. 


 

 

Featured homes for sale in Athens from Epsilon Team:

 

 

 

VIEW LISTING

 

The perfect view. Wake up in the mornings and feel inspired by the Acropolis. This fourth level apartment covers 161 square meters and features large balconies, two spacious bedrooms (one master) and two bathroomsPriced to sell.

Agent: EPSILON TEAM

Special price for GreekGuru.net readers.

 

 

 

 

VIEW LISTING

 

Neoclassic beauty. This 1936 detached house is in top condition. Split over two levels, its provides 3 bedrooms, 3 bathrooms, two fireplaces  and inner stairs. It stretches over 270 square meters and also features wooden floors, garden and storage areas. For those looking for more independent living.

AGENT: EPSILON TEAM

Special price for GreekGuru.net readers.

 

Please reload

 RECENT POSTS: 
Please reload