The eviction of a tenant that is illegally using a state building can take up to 20 years to complete due to the country’s slow moving legal system, according to Stefanos Vlastos, chief executive of Hellenic Public Properties Company (ETAD).
ETAD has been appointed the task of managing and developing Greece’s real estate assets but legal loopholes and a slow moving court system often allow individuals and businesses to take over and commercially operate these properties for decades.
Speaking at the Prodexpo conference in Athens yesterday, Vlastos said that ETAD has made big steps in developing properties, adding, however, that changes must be made to the justice system to help speed up procedures.
ETAD has some 77,000 state properties in its portfolio. Out of the total number, some 28,000 of them have been illegally used by tenants.
Despite having control of such a large number of properties, ETAD rents its own promises in Athens from a private investor, admitted Vlastos, paying rent every month as none of the 77,000 assets are available, or suitable, to accommodate its operations.
In the last decade or so, Greece has completed widespread reforms in key sectors of the economy, mostly under pressure from international creditors, but the country’s court system has largely remained inefficient, weighing heavily on the country's competitiveness levels.