Yesterday, the Minister of National Economy and Finance discussed five policy points in the real estate sector Kostis Hatzidakis speaking at a conference about real estate. Among other things, he singled out the need to simplify the process of transferring real estate, through the Digital Transfer File and the Digital Contract, where, however, there is a point of confrontation with the notaries.
At the same time, Mr. Hatzidakis announced the change of the institutional framework governing the AEEAP, which will be improved and rationalized, as well as further changes in the context of “golden visa». Specifically, after the doubling of the minimum threshold to 500,000 euros for some areas (e.g. central Athens, northern and southern suburbs), the government promotes special regulation for listed properties, so that investment funds can also be directed towards such constructions.
In this context, it is possible to exempt the protected from the limit of 500,000 euros, as long as they are located in the areas where the limit has now been increased. At the same time, of course, due care should be taken to simplify the procedures for the purchase and restoration of preserved real estate, which today is particularly complex and restrictive.
Mr. Hatzidakis spoke on two more policy points. The first concerns the attraction of foreign investors, through new investment products, such as e.g. senior living, i.e. the provision of incentives to pensioners from EU countries. The second concerns the acceleration of the energy upgrade of the building stock. In this context, the government announced within the week the reduction of tax for expenditure on goods or receiving services for the energy, functional or aesthetic upgrading of buildings. Specifically, by presenting the necessary evidence, taxpayers will ensure a reduction in income tax, with a maximum total expenditure limit of 16,000 euros. Materials costs will account for up to 1/3 of the amount, while service costs will cover the remaining 2/3. “Another issue that concerns us is that of the registration of State real estate.” A step has already been taken with the recent completion of a pilot program of recording 500 properties with the cooperation of ETAD and Hypertamei.
