Greece wants to ban buying real estate for cash

The government’s announcement to make it mandatory to use bank transfers for property sales is another step in stopping the flow of undeclared income in this market.

At the same time, many market representatives are already saying that the two parties to the transaction, who are private individuals, will still be able to agree to overcome this ban. Today, the number of transactions where money is given from hand to hand, and then a notarial agreement is concluded, without the mediation of a bank, constitute a small percentage of all transactions performed. The question is, what will happen after a complete ban is introduced?

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