Six factors for closed houses

There are galore causes for the improvement of astir fractional a cardinal houses remaining closed, but the stakes are clear: To find the cardinal to the doorway of this tremendous residential wealth, either for merchantability oregon for semipermanent oregon short-term lease.

The authorities is attempting to alteration this with tax incentives, reducing taxation connected rental income, combined with discounts for renovations. Any plans for imposing a tax connected closed properties person been shelved for now. The authorities is betting connected a affirmative approach, not with a stick but with a carrot for those who determine to bring their properties backmost connected the market. 

It remains to beryllium seen whether the determination will work, fixed that the measures taken to day person not contributed to addressing the lodging crisis. Notably successful respective European countries and beyond, the effect is overmuch stricter.

Here are the main reasons why there are astir 500,000 closed properties successful Greece.

• Tax burden: High taxation connected existent property leads galore owners to permission properties unused. In some cases, taxation exceeds the income that could originate from the exploitation of the property.

• Poor information of properties: Many closed properties are aged and request renovation, but the owners bash not person the wealth oregon bash not spot the instrumentality connected investment.

• Inheritance issues: Incomplete inheritance procedures (e.g. disputes betwixt heirs, deficiency of acceptance of inheritance owed to debts) forestall the improvement of properties. The authorities could resoluteness inheritance issues legislatively, somehow forcing co-owners to make their properties.

• Areas with debased rental interest: In non-tourist oregon distant areas, there is nary request for renting oregon buying.

• Short-term rentals that nary longer pay: Some owners who had turned to short-term, owed to marketplace saturation oregon a alteration successful tourism successful some areas, stopped operating them and support them closed.

• Tenants who don’t pay: Many owners person suffered from tenants who either didn’t wage rent for months until they decided to leave, oregon near unpaid utility bills, oregon destroyed basal infrastructure.