ECONOMY
On The Track of Remarkable Rebound
Reports released by various financial institutions in June acknowledged the facts that Greek economy is set to a better shape from this year onwards. Wood Financial Group concluded that Greece’s economic recovery goes faster than expected, as all the indicators in all sectors recorded a significant hike in May. IMF (International Monetary Fund), on the other hand, predicted that Greek economic growth in 2021 and 2022 will be 3.3% and 5.4% respectively, due to the country’s swift and proactive reactions to the pandemic.
300 Pensioners Moved Tax Residencies To Greece
Since the Greek government offered a flat tax income (pensions / profits from business activities or investments) rate of 7% for 10 years for foreign pensioners who moved their tax residences to the country, 300 retirees from abroad filed their cases and another 1,500 are waiting at the moment. As this favourable tax scheme gets more attention, more and more pensioners from Scandinavian countries will line up for the move.
Jubilant Welcome For Greek 10-Year Bond
The reopening of a Greek 10-year bond on June 9th received overwhelming support from the capital markets: €30.5 billion in bids. Its final yield amounted to just over 0.9% while the coupon amounted to 0.75%, the lowest spread between a Greek issue’s yield and that of the German bond since 2008. A signal that the investment community feels upbeat about the future of the country.
Digital Nomads’ Top 5 Greek Locales
Greece was rated one of top 10 countries for digital nomads, according to data gathered by InsureMyTrip, a travel insurance comparison website. Yet where the nomads head to within the Greek territories? Greekreporter.com, an international news network interviewed those digital freelancers from various backgrounds in Greece and found out their top 5 places using parameters such as weekly average food cost, weekly average rent, weekly average entertainment expenses, co-working space, internet speed and perks: Athens, Chania on Crete island, Syros island, Volos and Pelion.
Greece was rated one of top 10 countries for digital nomads, according to data gathered by InsureMyTrip, a travel insurance comparison website. Yet where the nomads head to within the Greek territories? Greekreporter.com, an international news network interviewed those digital freelancers from various backgrounds in Greece and found out their top 5 places using parameters such as weekly average food cost, weekly average rent, weekly average entertainment expenses, co-working space, internet speed and perks: Athens, Chania on Crete island, Syros island, Volos and Pelion.
EU Gives The Nod To Greece 2.0
Earlier this month the European Commission approved the funding (€17.8 billion in grants and €12.7 in loans) of Greece 2.0, a mega project for the country in strengthening its four pillars: green initiatives, digital transformation, employment and social cohesion and private investments, with the objectives of tackling the disruptions that brought by the pandemic and to build a stronger future.
Earlier this month the European Commission approved the funding (€17.8 billion in grants and €12.7 in loans) of Greece 2.0, a mega project for the country in strengthening its four pillars: green initiatives, digital transformation, employment and social cohesion and private investments, with the objectives of tackling the disruptions that brought by the pandemic and to build a stronger future.
PROPERTY
New Objective Values Start In 2022
The new objective value that will apply to Greek properties from 01st Jan next year has been a driver in accelerating real estate transactions across the country since its announcement from the Ministry of Finance. Christos Staikouras, the Minister of Finance said that the new objective values would not have an impact on the ENFIA (annual property tax) as the tax calculation will be adjusted in proportion.
The new objective value that will apply to Greek properties from 01st Jan next year has been a driver in accelerating real estate transactions across the country since its announcement from the Ministry of Finance. Christos Staikouras, the Minister of Finance said that the new objective values would not have an impact on the ENFIA (annual property tax) as the tax calculation will be adjusted in proportion.
Among the total of 10,216 objective value zones in Greece, ENFIA will be reduced in 2,122 zones, rise in 3,792 zones while remain the same in 4,302 zones.
INFRASTRUCTURES
70Km Promenade Adorns Athens Riviera
One of the projects under the EU Recovery Fund consists of a 70 km of pedestrian and bicycle pathway connecting the port of Piraeus to the southernmost point of the Attica region, Sounio. Sports facilities and recreational spots will be built alongside and communities will have easier access for enjoying the coastal areas. The first 22Km between Piraeus to Voula is scheduled to begin next month and targets to complete in 2024.
One of the projects under the EU Recovery Fund consists of a 70 km of pedestrian and bicycle pathway connecting the port of Piraeus to the southernmost point of the Attica region, Sounio. Sports facilities and recreational spots will be built alongside and communities will have easier access for enjoying the coastal areas. The first 22Km between Piraeus to Voula is scheduled to begin next month and targets to complete in 2024.
Mega Project: Athens Metro Line 4
Budgeted at €1.8 billion and hailed as the biggest project of the country, the total length of the U-shaped Metro Line 4 is 38.2 km with 35 stations once completed. The new line will also include 20 automated trains and is expected to serve 340,000 passengers on a daily basis.
Budgeted at €1.8 billion and hailed as the biggest project of the country, the total length of the U-shaped Metro Line 4 is 38.2 km with 35 stations once completed. The new line will also include 20 automated trains and is expected to serve 340,000 passengers on a daily basis.
INVESTMENTS
Elliniko Deal Finalised
The transfer of 100% of Elliniko SA to Lamda Development was completed on June 25, which means one of the largest urban regeneration landmark project: Elliniko will soon commence.
The transfer of 100% of Elliniko SA to Lamda Development was completed on June 25, which means one of the largest urban regeneration landmark project: Elliniko will soon commence.
In their press release the company stated:
“The crucial significance of the project in the country’s development and upgrade of the quality of life in the greater area, is also amplified through the creation of an innovative metropolitan development friendly to residents and visitors, which combined with the environmental regeneration of Attica through the creation of one of the biggest parts globally and the biggest metropolitan recreational park in Greece measuring 2M sqm, will redefine Athens and Greece as tourist and cultural magnets as well as safe business cultural and investment destinations.”
“The crucial significance of the project in the country’s development and upgrade of the quality of life in the greater area, is also amplified through the creation of an innovative metropolitan development friendly to residents and visitors, which combined with the environmental regeneration of Attica through the creation of one of the biggest parts globally and the biggest metropolitan recreational park in Greece measuring 2M sqm, will redefine Athens and Greece as tourist and cultural magnets as well as safe business cultural and investment destinations.”
ENERGY
Tilos Won EU RESponsible Island 3rd Prize
Tilos, a small Greek island in the south-eastern Aegean Sea won the third prize of EU RESponsible Island for 2020. EU praised the island for speeding up its clean energy transition as a result of the commitment of the local municipality and the pro-environmental culture of its citizens. Its innovative energy model with community-scale wind and solar, battery energy storage and advanced energy management will set as an example to inspire other islands and local communities.
Tilos, a small Greek island in the south-eastern Aegean Sea won the third prize of EU RESponsible Island for 2020. EU praised the island for speeding up its clean energy transition as a result of the commitment of the local municipality and the pro-environmental culture of its citizens. Its innovative energy model with community-scale wind and solar, battery energy storage and advanced energy management will set as an example to inspire other islands and local communities.
The European Commission launched the RESponsible Island Prize in 2019 to reward achievements in local renewable energy production for electricity, heating, cooling and transport on islands. The prize name refers to the combination of renewables (RES) and responsibility.
TRAVEL
Greece Piloted the EU Green Passport
Greece is the first country in the EU to launch green passports which are available in both physical and digital forms and are free for all EU residents. The certificate’s authenticity is ensured by a unique QR code, and shows whether the holder has been vaccinated against Covid-19, has received a negative test result or has recovered from it.
