Real Estate · Greece
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18 July
The new property code alters regulations for apartments and buildings before the law's enactment.
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A new property code introduced by the Greek Ministry of Justice aims to address longstanding issues within the real estate market and enhance the management of shared buildings. The legislation, dubbed the Floridis law, modifies over 1,100 provisions from the 1929 regulations governing horizontal and vertical property ownership. Among the significant changes are lowered consent thresholds for property upgrades and maintenance, streamlining procedures for repairs and transfers within apartment complexes.
The reforms, which are being activated gradually, include provisions that establish clearer roles for property managers and facilitate energy upgrades. Additionally, the new code aims to resolve conflicts related to short-term rentals, such as those listed on platforms like Airbnb. Changes also extend the eligibility criteria for owners looking to renovate closed properties and address issues regarding communal fees, allowing for payment orders to enforce collection of these expenses.
Overall, the legislation seeks not only to modernize the legal framework surrounding properties but also to stimulate an increase in real estate supply amid a challenging market environment. Owners are encouraged to stay informed about the evolving regulations, which are designed to eliminate previous barriers and enable more efficient use of residential properties.
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