Greece: Fiscal incentives for the construction and real estate markets
The legal and financial news aggregator Mondaq recently published an article containing good news for investors interested in the Greek real estate market. The country is to suspend VAT on transfers of recently built objects that received construction permits after 12 December 2019.
This comes after a series of other fiscal measures implemented earlier this year with the same goal in mind: supporting the national tourist real estate market, which has been a crucial component of the country’s economy for decades now.
This program applies to any property transfer until 31 December 2022, as long as the building permit was issued after 12 December 2019 and the developer applies within six months after the permit has been issued.
Other real estate taxes, such as the Special Property Tax or the annual ENFIA tax, still apply as they did before the COVID-19 pandemic.