kathimerini.gr
€23 Billion in Greek Real Estate Transactions in 2024: Cash Deals Dominate
Greek real estate transactions reached €23.27 billion in 2024, a 30% increase from 2023, with only €1.5 billion financed by mortgages, suggesting widespread cash transactions and a possible large shadow economy. The data comes from the Independent Public Revenue Authority (IAPR) and reflects transactions reported through the myproperty electronic application.
- What is the total value of Greek real estate transactions in 2024, and what are the key factors driving this growth?
- In 2024, real estate transactions in Greece totaled €23.27 billion, a 30% increase from 2023. This figure, based on reported contracts, underrepresents the actual value due to unrecorded cash payments. Only €1.5 billion involved mortgages, indicating most purchases were cash transactions.
- How much of the 2024 real estate transactions were financed by mortgages, and what does this indicate about the sources of funding for these purchases?
- The significant rise in real estate transactions is fueled by substantial cash reserves held by Greek households (€150.3 billion at the end of December 2024) and foreign investment (€2.5-€3 billion). This influx of capital contributed to a surge in property values, exceeding official assessments.
- What are the potential implications of the significant discrepancy between reported and actual transaction values in the Greek real estate market, and what measures could be taken to address this issue?
- The discrepancy between reported transaction values and actual prices suggests a large shadow economy in the Greek real estate market. Future regulations might focus on transparency and taxation of unreported income to curb this trend and increase government revenue. Furthermore, this trend reflects the significant amount of cash circulating in the Greek economy.
Cognitive Concepts
Framing Bias
The article frames the increase in real estate sales and the high volume of cash transactions as noteworthy and potentially suspicious. The emphasis on large sums of money and examples of high-priced properties sets a tone that emphasizes the unusual nature of the transactions, potentially influencing the reader's perception of the overall market.
Language Bias
The language used is largely neutral, although terms such as "under the table" (κάτω από το τραπέζι) and "suspicious" (υποψίες) could be considered somewhat loaded. These phrases imply illicit activity, which should be supported with evidence or rephrased for greater neutrality.
Bias by Omission
The article focuses heavily on the increase in real estate sales and the methods of payment, but omits discussion of potential contributing factors such as economic conditions, government policies, or the impact on the housing market for average citizens. It also doesn't address the potential implications of the high percentage of cash transactions. While acknowledging limitations in scope, further context could enhance understanding.
False Dichotomy
The article presents a somewhat simplistic view by focusing primarily on the high volume of real estate transactions without fully exploring the nuances of the market, such as the different segments of the market (luxury vs. average homes) and their varied drivers. This could lead readers to an incomplete understanding of the market's dynamics.
Sustainable Development Goals
The significant disparity between the reported value of property sales (23 billion EUR) and the relatively low amount attributed to mortgages (1.5 billion EUR) suggests a considerable concentration of wealth and unequal access to housing finance. The fact that thousands of transactions occurred without mortgages, implying purchases with cash or savings, further points to an unequal distribution of resources in the housing market. This situation can exacerbate existing inequalities and limit access to affordable housing for many.