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Real estate sales four times higher than planned

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Real estate sales four times higher than planned

His income increased by 35% Public from transfer of apartments and plots in the 9th month of the year, according to his data Independent State Revenue Administration.

It is significant that, despite the energy crisis, every day through online platform myProperty.

Athens, Piraeus and Thessaloniki hold sceptres, and property sales are up from last year. Specifically in the center of Athens real estate transfers, based on his data Register of real estate transactionsexceeded 4000 (in fact, without publishing all sales on the site), compared to 3769 in the 10th month of 2021, while a similar picture was recorded in Piraeus and Thessaloniki.

It is noteworthy that there are cases of especially high prices buy and sell. For example, in the area of ​​the 1st district of Athens, a residence of 123.98 sq.m. was sold. from 30 sq.m. ancillary premises for 1 million euros. The price of the zone in this area is 4,250 euros, and the selling price has reached 8,098 euros/sq.m. Also in the 5th district of Athens (Ano Patisia, Agios Eleftherios) an apartment of 92.05 sq.m. was sold. 2020 against 273,426 euros. The price of the zone in this area is 1600 euros/sq.m. and the sale price reached 2,443 euros/sq.m.

However, there are also instances, which elude even the above reports, where selling prices exceed any previous ones. Specifically, an apartment with an area of ​​34.55 sq.m. built in 1966, sold at a price of 250,000 euros/sq.m. That is, the cost of sq.m. reached 7,235 euros at a zone price of 1,300 euros/sq.m.

There is another file in the Register of Real Estate Transactions about an apartment with an area of ​​35.10 sq.m. which was sold for 7,122.51 euros/sq.m. or 250,000 euros.

The recent boom in real estate transactions increased government revenue by 35%.

In most cases of sale and purchase, despite the recent revaluation of objective values ​​that came into force in January 2022 and approached the sale prices, the contracts show, at least for Athens, a higher price. And this is despite the fact that in the city center there are buildings of the 1950s and 1960s, which also limits the final objective cost of the object.

It is noted that out of approximately 4,000 real estate transactions made in the municipality of Athens, 700 relate to small apartments ranging from 30 to 50 sq.m.

From the AADE data processing, it follows that between January and September, proceeds from the sale of real estate (excluding land) amounted to 235.77 million euros, compared to 175.23 million euros in 2021, and 74.5 million for land euro against 54.13 in 2021. In total, 310.27 million were collected against 229.36 million euros, an increase of 35.2%.

It is noted that the bill of the Ministry of Finance, which is under public discussion, the government is trying to further stimulate activity. In particular, the bill provides:

1. VAT on real estate: “Freezing” 24% VAT on real estate for another two years. At the request of the developer, the application of VAT to real estate is forcibly suspended until December 31, 2024, and a tax on the transfer of real estate is introduced. The suspension applies to all unused properties of the developer. The suspension until 12/31/2022 is extended until 12/31/2024.

2. Real estate capital gains tax. The introduction of a capital gains tax of 15% on the sale of real estate has been suspended until December 31, 2024.

3. Renovation: Until the end of 2024, the 40% tax deduction for citizens’ expenses for the energy, functional and aesthetic modernization of their buildings is extended. In particular, a personal income tax deduction is provided for building upgrade costs incurred up to and including December 31, 2024 instead of the planned date of December 31, 2022, distributed equally, as is currently the case, over four tax periods. years and for a maximum total cost of up to 16,000 euros.

Author: Prokopis Hadjinikolou

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