Transfer of existent property to Greece whitethorn take up to 213 days: Widely advertised integer services person been operating for much than 2 years, but bureaucracy The marketplace is still slowing down.
Real property marketplace successful Greece is still stuck successful bureaucratic mechanisms: adjacent aft the instauration of integer services, the transfer of an entity tin take astir seven months. The country’s concern representation looks cheerful, but down the façade of digitalization there still lives the bully aged insubstantial hydra, which intelligibly has not work the presumption connected reforms.
Despite the simplification of procedures, physics filing of declarations done the level myProperty Ανεξάρτητη Αρχή Δημοσίων Εσόδων (ΑΑΔΕIndependent State Revenue Administration) and work Ψηφιακός Φάκελος Μεταβίβασης Ακινήτου (Digital Property Transfer File), completion of the woody successful Greece whitethorn still take up to 213 days. We are talking astir the afloat path: from the opening of the process to the signing of the declaration and registration of the entity successful Cadastre.
According to the study Subnational Business Ready successful Greece World Bankthe timing of the transfer of existent property varies greatly crossed cities. IN Alexandroupolis And Patrach the process whitethorn take astir 56 daysV Athens — 136 daysV Larisa — 142 daysV Heraklion — 122 daysand successful Thessaloniki – up to 213 days.
Why deals are slowing down
Such differences are particularly important for a marketplace that is trying to pull overseas concern and caller capital. The speed of transaction processing is 1 of the basal factors by which investors measure a country. When buying a spot turns into a months-long marathon, concern enthusiasm usually cools slightly. Money, oddly enough, does not similar to stand successful enactment on with documents.
According to the report, the main crushed for the differences betwixt cities is owed to the transition from the aged system mortgage registries To Cadastre. Where this transition is slower oregon is accompanied by accumulated delays, sellers, buyers, notaries and the full marketplace suffer.
But there is besides a much unpleasant broadside to the issue. For decades, the aged bureaucratic system created space for informal “decisions”, intermediaries, delaying procedures, unit connected citizens and questionable practices astir documents. This is why digitalization is myProperty, Digital Property Transfer File and transition to Cadastre — was supposed to trim the citizen’s dependence connected offices, queues, idiosyncratic contacts and those very grey areas where bribes, forgeries and administrative arbitrariness were too often born.
The occupation is that integer services by themselves bash not destruct the aged system if it continues to defy within the procedures. When an official, agency, oregon registry loses the quality to manually power the process, some of the informal power disappears. Therefore, absorption to digitalization successful such areas astir ever has not lone a technical, but besides an economical nature: transparency deprives the aged bureaucracy of its usual levers.
According to marketplace participants, hundreds of thousands of existent property transfer deeds whitethorn beryllium pending astatine various stages of the procedure: from verification of ownership rights to last registration successful Cadastre. This affects not lone specific owners and buyers, but besides the wide liquidity of the existent property market.
Notaries arsenic a “one-stop service”
To speed up transactions, notaries are gradually turning into a benignant of “one stop shop”. They take connected much and much procedures indispensable for acquisition and sale, donation, parental transfers of spot and hereditary transfers.
Their tasks see preparing a draught agreement, collecting the indispensable documents, checking information and submitting a notarial deed. Formally, such a exemplary should relieve citizens and speed up transactions. In practice, overmuch depends connected however rapidly related services work, however close the information successful the registries is, and whether there are immoderate aged problems with spot rights.
For the services that notaries supply within the model of such a procedure, outgo is provided successful accordance with the provisions of Code of Notarieswhich determines their remuneration. In different words, portion of the bureaucratic load is transferred to notaries, but the complexity of the system itself does not disappear: it simply receives a much organized conductor.
The marketplace pays for slowness
For the existent property market, such delays are particularly achy now, when prices stay high, mortgages are expensive, and buyers person go much cautious. If a transaction lasts months, the parties look further risks: financing conditions change, uncertainty increases, investors postpone decisions, and owners suffer time.
In a state that wants to look similar a modern concern platform, the process for transferring existent property should not lucifer a pilgrimage betwixt departments. Digital platforms are useful, but they don’t automatically solve the occupation if they permission down bequest delays, incomplete registries and overburdened services.
Editorial comment
History of the transfer of existent property to Greece shows a acquainted problem: digitalization is there, but the aged bureaucracy still knows however to survive within the caller systems. The transaction, which should beryllium carried retired rapidly and transparently, tin resistance connected for months.
Digital services are important for much than conscionable speed. They trim the citizen’s dependence connected offices, intermediaries and informal “accelerators”. That is why absorption to such reforms is often associated not lone with technical difficulties, but besides with the nonaccomplishment of aged grey opportunities.
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