An unbelievable mess with the real estate properties of Greeks

The picture of the Greek real estate property is chaotic, while there is a huge problem with the property deeds of state properties that have been included in the Privatization Fund.

The members of the Task Force that are handling this sector must have gone crazy with everything that they are seeing. It is notable that the second progress report shows that the title deeds for half of the property that was transferred to the Privatization Fund to be sold are not clearly registered.

The report notes that the “lack of a full and functioning land registry in Greece has been a long-standing source of uncertainty and dispute for both the State and individuals regarding the purchase or sale of land. This reinforces the traditional problems related to the planning of land usage for which important new legislation has already been introduced this year.”

Reichenbach’s associates stress that the current situation has negative consequences on major infrastructure projects, the sale or privatization of state property in the cases where the title deeds are not clearly registered.

It is characteristic that there are about 35 million proprietary rights to be registered. 6.3 million have already been registered and 8.5 are still in the development process.

The Task Force stresses that the safeguarding of the registered title deeds has been taken on by the land registries that are staffed by 400 people. However, the deeds that are guarded in the registries have not been digitized and do not include spatial information.

Faced with this situation, which has obviously deprived our country of development potential and has also claimed a lot of money, the Finance ministry commissioned an evaluation report by the land registry of the Low Countries in order to draw a policy for the speeding up the implementation procedures and solving operational issues.

The aim is to complete the land registry, which is expected to be achieved by the end of 2020 as specified in the memorandum.