Housing Finance Policy

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    A. Legal and Regulatory Framework

    A.1 Legal and Regulatory Framework
    VariableEnd of 2015End of 2014End of 2013SourcesVar ID
    Basis of the legal system: Civil, Common, Islamic, Other? (Describe)CivilCivilCivilA.1.1
    Are there specific laws that deal with mortgages? YesYesYesA.1.2
    Registration/Transfer of titles:A.1.3
    Does the law clearly define different types of property rights?YesYesYesA.1.3.1
     Are property rights easily transferable?YesYes A.1.3.2
    Typical number of days needed for the transfer of title202020
    WDI
    		A.1.3.4
    Can liens be effectively enforced?NoNoNo
    Research
    		A.1.4
    Main causes of inefficiencies (legal, judiciary, administrative, cultural, etc.)LegalLegalLegalA.1.4.3
    Is there specialized legislation covering:A.1.9
    B. Housing Finance Subsidies
    B.1 Subsidies to Housing Finance Institutions
    B.2 Subsidies to Households
    VariableEnd of 2015End of 2014End of 2013SourcesVar ID
    Reach of subsidies in 2.1.1 to 2.1.4 ?B.2.2
    C. Taxation
    VariableEnd of 2015End of 2014End of 2013SourcesVar ID
    What taxes apply to Residential Real Estate?C.1
    Tax on property (home-owners) Yes  C.1.1
    Property transaction taxes (purchase/selling)Yes  C.1.2
    Tax on capital gains on property Yes  C.1.5
    OtherYes  C.1.6
    Are there tax benefits on rental properties?Yes  C.2
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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