The new regulation regarding the pause of the Value Added Tax (V.A.T.) on buying a newly constructed house - building license issuance after 01/01/2006- is a major relief on the real estate market of Greece. Here are some of the reasons why this new regulation is being considered a game changer:
New potential buyers for all the properties that have been constructed after 2006 and have not been sold yet. A rough estimation is that these properties are more 100.000 all over the country.
New foreigner buyers / investors will be attracted in order to take advantage of the Gold Visa program.
Construction companies will have the chance to sell faster as to gain better cash flow and immediately invest in new projects.
All the occupations that have to do with construction fields. More than 160 professions will have a direct positive impact from this regulation. Meaning reduction of unemployment, which is another significant issue on Greece the last years.
This is just a small glimpse of the positive impacts that this regulation will have on the financial balance of the real estate in Greece. Let us all hope that the beginning of 2020 will be the start of a new era, the era of construction and financial growth boost.