According to a study of PricewaterhouseCoopers (PwC), real estate prices Greece, who suffered greatly from the effects of the global economic crisis, will reach the 2008 figures only 2050. It is reported portal Greek Reporter.
The PwC report States that the excessive amounts of taxation and the long period of lack of funding has led to the fact that the owners "took" their objects from sale, due to lack of demand. In addition, the oversupply has reached such figures that will take at least three decades to achieve the necessary balance of supply and demand.
So, PwC experts forecast price indices of the pre-crisis period 2002 to 2008, Greece will come in the distant 2050.
For this to happen, annual growth in the cost of housing shall be not less than 0.6%, and GDP returned to pre-crisis around 2030.
The level of taxation in Greece has grown six-fold since 2010. Taxes on property increased by ˆ2.5-3 billion over five years (2010-2015). Today, the estate tax is about 4% of all other taxes in the country.
Negatively on the situation reflected the fact that in the period of 2008-2015 years, about ˆ18 billion (or 8.2% of GDP) was spent by the state for the construction sector. And housing prices for the period fell by 41%.
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