Flurry of property sales and concessions ahead of tax hikes

The Greek islands and the center of Athens have recently seen a high number of property transfers - either sale transactions or parental concessions - carried out with the aim of avoiding the heavier tax to be imposed by the full implementation of the new objective values - property rates used for tax purposes - from January 2019, after their partial application for the Single Property Tax (ENFIA) in July 2018.

Thousands of real estate owners have been making appointments with notaries to transfer the assets they own, or part of their ownership, to their children, or to start businesses so they can pay less tax to the state.

According to major notary firms, transactions have risen by 30 percent over the last couple of months, which is primary attributed to the upcoming objective value adjustment. In Kolonaki, central Athens, and nearby districts, sales are related to...