Property transactions probed

The increase of the tax-free threshold for parental concessions and donations to 800,000 euros each and for property transfers, many of which are carried out in cash, have activated the monitoring mechanism of the Independent Authority for Public Revenue (AADE), which will root out violations of tax legislation.

Based on the tax administration's planning, AADE will probe the cases of thousands of property transactions, parental gifts, donations and inheritances, as well as monitoring more than 100 notaries and land registry officials.

Soaring real estate prices and high demand from Greeks as well as foreign investors have sounded the alarm at AADE, which is setting out to investigate 2,500 cases.

The monitoring process will also include older cases, dating since 2017, which concern properties outside the objective values system and run the risk of falling...