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The measure is designed to force a significant portion of these \u201cclosed\u201d residences back onto the market. Credit: Greek Reporter<\/p>\n
Banks and bad-debt management companies (servicers) in Greece<\/a> are set to face a doubling of the country\u2019s ENFIA<\/a> property tax this year on thousands of vacant properties in their portfolios.<\/p>\n The Independent Authority for Public Revenue (IAPR\/AADE) is currently auditing these institutions\u2019 holdings to calculate the increased levies. Economic officials emphasize that the measure is designed to force a significant portion of these \u201cclosed\u201d residences back onto the market. By increasing availability, the government aims to curb the rapid rise in rental and sale prices<\/a>.<\/p>\n The tax assessments reflecting the doubled rates are expected to be issued by late February. This provision will remain in effect through 2028. Notably, the tax surcharge will not apply if a property was leased for at least six months in the previous tax year.<\/p>\n Property tax revenue in Greece to be funneled into social housing initiatives<\/p>\n Furthermore, the law stipulates that the additional revenue generated from this surcharge will be funneled into social housing initiatives. Official data suggests banks currently hold approximately 8,300 properties, while servicers hold 11,000 (of which 7,000 are residential). The total additional tax burden is estimated at roughly \u20ac20 million ($23.4 million).<\/p>\n While many of these properties are destined for auction, a significant portion remains inactive for years<\/a> as legal and technical procedures are completed. This vast, unavailable inventory exacerbates the supply shortage.<\/p>\n