Three days after announcing relieving measures when purchasing a car, the Finance Ministry announced that it is preparing relieving measures when purchasing real estate. The measures will be temporary and will probably be announced during the week.

The crisis can already be felt, because lending property credit loans have decreased, which dragged the construction sector to an economic abyss. The Minister of Economy and Finance Yannis Papatanasiou aims to bring back to life the interest in the construction sector, because in it, there are 800 000 people with about 40 professions and 50 000 of them are in danger of losing their jobs.

Because of this, an expert team of the Ministry is working on applying the following measures:

1.    Cancelling the tax, which is applied on property credits. Right now the Ministry of Economy believes that the interest on the property credits, which will be borrowed this year, should be cancelled from the general income amount, which is taxable. This means that people taking credit will be relieved with 35%, which is almost double as before.

2.    Lowering the tax, which is applied for property transferring with 4 to 5 percent.

3.    Real estate market through the Workers Homes Organization and easement of the inclusion criteria for workers within the financed credits.  

4.    Inclusion of big regions in the town-planning for big cities with fast procedures, so that construction can be done faster.