Greeks to Pay Property Tax Earlier in 2024 but in 11 Installments

The payment of ENFIA (Uniform Real Estate Ownership Tax) will begin mid April, earlier than any other year, in 2025. The payment amounts to 2.3 billion euros for over 7 million property owners and will be split into 11 monthly installments instead of the current 10.

George Pitsilis, the head of the Independent Authority for Public Revenue (AADE), made this announcement speaking at the annual conference of Property Owners. Pitsilis further disclosed that the new electronic platform, through which taxpayers who insured their properties for natural disasters in 2023 will receive up to a 10% discount on this year’s property tax bill, will be operational within the week.

At the same conference, Minister of National Economy and Finance, Kostis Hatzidakis, outlined potential tax incentives aimed at revitalizing the real estate market. The proposal under consideration involves encouraging the immediate reintroduction of closed, non-electrified properties into the market for long-term leases. Hatzidakis highlighted the ministry’s evaluation of a proposition put forth by property owners. As per this proposal, property owners with closed properties throughout 2023, or as of December 31, 2023, possessing an inactive Short-Term Lease Number, could be exempted from income tax on rents generated from these specific properties. This exemption would apply if the properties are leased for three years, until the 2026.

In a bid to sustain the construction sector, the Value Added Tax (VAT) on newly constructed properties will maintain its current status quo for an additional year, persisting until the conclusion of 2025.

Referring to the Golden Visa program, the minister mentioned that the thresholds will be increased to ensure more substantial investments, with an exception for protected properties, for which a lower minimum limit will apply “to channel funds into a category of properties that particularly needs it.”