More than EUR 500 million has been generated from taxes on purchases in the nine months of the year, according to its figures, contributing significantly to the budget’s tax revenue being exceeded by around EUR 3 billion, as the ertnews reports. The strong mobility in the real estate market and the rising price trend led to 33,171 real estate transfers of a total value of EUR 3,048 billion, with the Municipality of Athens holding the “first” with 4.586 transfers totaling EUR 383,6 million. The data from the Independent Public Revenue Authority (ADE) shows that revenues from property transfer taxes in January – September 2024 amounted to EUR 341,64 million, showing an increase of 21,2% compared to the corresponding period of 2023, when receipts had reached EUR 281,9 million. The largest volume of revenue comes from the sale of houses, plots and parcels. However, both parental benefits and donations show a strong increase, after adjusting the tax-free limit to EUR 800,000 for first-class relatives, i.e. wives, persons who have concluded a symbiotic agreement, children, grandchildren and parents. Revenue from these taxes reached 170.12m euros, compared to 148.59m euros (an increase of 14.5%) received during the respective period of 2023. For September alone, income from parental benefits and donations amounted to 17.32m euros, while the corresponding month of last year the income was 15.92m euros. escalating mobility in the real estate market is also radically changing the price map, thus increasing the “scissor” between market (real) prices and objective values. For example in Kolonaki, where demand remains high, an apartment of 180,66 sq mi, built in 1950, was sold for 1.2 million euros or 6.642 euros per sq mi, while the objective value of the area is 4,150 euros per sq mi. In Exarchia, apartment 119 sq.m., constructed 1967, sold for 405,000 euros or 3,403 euros per sq.m., with its objective value being just 2,200 euros per sq.m. Similar phenomena are recorded in most urban areas with stable investment demand. At the heights the values Apocalypse for property values in the current period are the data of the Real Estate Securities Transfer Register. The average value of the buildings transferred by early November amounts to EUR 91,893. More specifically, contracts show that transfers include 16,999 compartments worth 1.7 billion euros, with the average value reaching 99,953 euros. In addition, 3,292 transfers of houses worth EUR 334 million were made, with the value of EUR 101,502. The land transferred amounts to EUR 5,498 at a total value of EUR 636,9 million, with an average price of EUR 115,864, while 1,479 parking spaces were sold at a total value of EUR 14,8 million or EUR 10,048 on average. The unchanged objective values, the ‘freezing’ of VAT and 2025 as well as the surplus tax for another two years, are expected to maintain the ‘explosion’ in the real estate market, for the benefit of the state funds. It is worth noting that this year’s budget provides revenues of 570m euros from real estate purchases and 235m euros from parental benefits, donations and inheritances.
Real estate: Tax revenue over half a billion euros from transfers in the 9 months of 2024
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