General Assessment

    Variable(2015)
    Data
    Main constraints in the development of the housing finance sector  
    New developments that will have a major impact on the sector 
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    Notes:
    Notes:
    Notes:
    Notes: According to Alpha Bank between 60-75%
    Notes: According to Alpha Bank between 60-75%
    Notes: According to Alpha Bank between 60-75%
    Notes: According to Law 4224/2013, banks must cooperate with noncompliant debtors and settle new agreements based on their income and living expenses
    Notes: According to Law 4224/2013, banks must cooperate with noncompliant debtors and settle new agreements based on their income and living expenses
    Notes: According to Law 4224/2013, banks must cooperate with noncompliant debtors and settle new agreements based on their income and living expenses
    Notes: According to Law 4224/2013, banks must cooperate with noncompliant debtors and settle new agreements based on their income and living expenses 
    Notes: Alpha Bank: 75 Piraeus Bank: 80 National Bank of Greece: 100 
    Notes: Alpha Bank: 75 Piraeus Bank: 80 National Bank of Greece: 100
    Notes: Alpha Bank: 75 Piraeus Bank: 80 National Bank of Greece: 100
    Notes: At Piraeus Bank: fixed for 2,3,5 years then variable (5yrs 6%) At Alpha Bank: 6% fixed that will be increased by 0.30% when financing over 60% of the commercial value of the property; increased by 0.60% when financing property for professional use.
    Notes: Capital gains derived from selling real estate property taxed at a flat rate of 15%
    Notes: Capital gains derived from selling real estate property taxed at a flat rate of 15% 
    Notes: Defined as "the national average" LTV
    Notes: IMF estimate
    Notes: Income-generating expenses are deducted from gross rental income
    Notes: Income-generating expenses are deducted from gross rental income
    Notes: Is a minimum
    Notes: Property tax is levied at a progressive rate, ranging from 0-2%, based on property value
    Notes: Property tax is levied at a progressive rate, ranging from 0-2%, based on property value 
    Notes: Rental income is taxed at progressive rates, from 11% to 33% There is also the Local Real Estate Duty (TAP) tax. The rate varies between 0.025% and 0.035% of the value of the property 
    Notes: Rental income is taxed at progressive rates, from 11% to 33% There is also the Local Real Estate Duty (TAP) tax. The rate varies between 0.025% and 0.035% of the value of the property
    Notes: Requirements for the transfer of ownership: - Title of the seller (property right) - Agreement on the transfer of property - Agreement in the form of a notarial act - Valid legal cause(causa) - Registration with the land register