NEWS

Stay up to date with the latest market news and interesting articles, as collected by Zoia

Greece to Cut Controversial Property Tax by 30 Percent Over Two Years

The new Greek government will introduce new legislation before Parliament by the end of July which would reduce the Single Property Tax (ENFIA) by approximately 30 percent for all property owners within a couple of years, starting in 2020.

Europe’s Former Pariah Could Be Headed for New Era: Taking Stock

The elections “will usher in a new era for Greece, and after a decade of distress, Mitsotakis will catapult the country toward full economic normalization,” says Cullen Thompson, chief investment officer at New York-based Bienville Capital, which owns Greek stocks. Markets have started to sense the change but are “vastly underestimating” its full impact, as the cycle turns more virtuous, he says.

Israeli fund buys real estate in Athens

A powerful "player" of the domestic real estate market has evolved into the Israeli interests of Zoia Fund by Mr. Ruben Shagy as he currently manages about 19 buildings in various parts of Athens, targeting either the housing market or office market. The investment fund is one of the largest that has been placed in the Greek market in recent years, as it manages around 20,000 properties worth more than 2.2 billion euros internationally. Zoia has a presence in six countries (USA, Spain, with emphasis on Barcelona, ​​Poland, Germany, Israel and Greece).

Greek prime office prices up 7.0% last year

ATHENS, June 6 (Reuters) - Greek prime office prices rose 7% last year compared to 2017 as the national economic recovery gained pace, the central bank said on Thursday, with the increase more pronounced in the capital Athens.

Greece's economy is recovering from a multi-year deep recession which shrank it by a quarter, driving a rebound in residential and commercial real estate prices which suffered a heavy hit during the country's debt crisis.

Long-term Rental Property Market in Athens Gaining Lost Ground

Greece’s rental property market, particularly in Athens, is picking up pace after the economic crisis and the onslaught of short-term rental options that made finding homes for long term rent near to impossible.

Things appear to be changing according to a report released this week by market experts Eurobank Property Services, who argue that after the slump in 2017, the real estate market is slowly recovering driver in large part by lower unemployment rates and improving

Greek debt rallies sharply with country headed for snap elections

Greece’s government bond prices roared higher after prime minister Alexis Tsipras said he would call a general election following his Syriza party’s poor showing in European elections.

The IMF said in March this year that Greece had “entered a period of economic growth that puts it among the top performers in the eurozone”. The fund expects the Greek economy to expand by around 2.5 per cent this year, up from 2 per cent last year, having returned to growth in 2017.

Greek economy shows promising signs of growth

What a difference four years can make. In January 2015, Alexis Tsipras, leader of the ostensibly ultra-leftwing Syriza party, came to power, promising to end the austerity that had plunged Greece into one of the deepest depressions in economic history. Today, under his leadership, a recovering Greece stresses its fealty to the eurozone’s policy orthodoxy.

Deloitte forecasts resurgence in Greek real estate sector

The rapid and continuously evolving nature of technology is expected to create numerous opportunities in the real estate sector, based on an annual report by Deloitte, entitled “Real Estate Report”, naftemporiki.gr reports.