FOR IMMEDIATE RELEASE

Real Estate Leasing And The New Institution Of Sale & Lease Back

New tools for the business people to develop their real estate property

2/17//2003 -- Real estate leasing gradually evolves into an important business tool for many companies and professionals who now manage to acquire the property they desire, by paying a lease payment for a certain time period and preserving the right to acquire the property at the end of the contract for a predetermined price.

The new tool which is expected to help the companies make the best possible use of their real estate property is the sale & lease back. Aiming the improvement of their liquidity, the increase of the operational capital, and the decrease of the fixed assets for a better look of the balance sheet, the companies can sell their real estate property to a leasing company and afterwards to lease this same property for 10-15 years and regain its ownership at the end of the lease contract. For the essential activation of this tool the abolition of the transaction tax 11%, for the contracts of property purchase from leasing companies.

Alterations In The Parental Granting & Assignment Status

Tax reductions lower assignments costs

2/14/2003 -- Since 1.1.2003 the deductible amount limits for the assignment of the fist house, through parental granting, will change. For the unmarried the amount increases to 65000 from 42000 Euro that existed until now. Furthermore, the level of the parental granting amount for which the tax will be estimated using the half of the donation taxation, increases from 82000 to 90000 Euro and simultaneously the new, with decreased tax factors, inheritance tax will be introduced.

It seems that among the immediate intentions of the political leadership of the Ministry of Economics is to introduce the decrease of the property assignment tax factor, that is considered highly possible to be done in combination with the awaited introduction of A.V.T. in the new constructions.

Changes In The Real Estate Objective Values And Imposing Of A.V.T. In The New Constructions

Disturbance in the constructive section from the forthcoming changes

2/10/2003 -- On March 2003, with the completion of two years from the last change in the real estate objective values, a new increase in the limits is expected to be announced that will fluctuate in one digit numbers, so that the exaggerated increases in the already high purchase prices will be avoided.

The decision that still remains in hold and that when it becomes finalized it will create disturbances in the constructive section is imposing the A.V.T. in the new constructions. No matter how sound this decision is, its consequences, to the institution of property return and the increase of the new constructs prices, will be extremely negative. The property return will be dramatically decreased and the prices will be readjusted to levels around 15% above the current ones.

For More Information Contact:

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