Karadimitriou, Nikos; Pagonis, Athanasios; (2023) Greece. In: Halleux, Jean Marie and Hendricks, Andreas and Nordahl, Berit and Maliene, Vida, (eds.) Public Value Capture of Increasing Property Values across Europe. (pp. 113-120). vdf Hochschulverlag AG an der ETH Zürich: Zürich, Switzerland.

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Abstract

Although there is no regulation by law for capturing planning gains, Greece as a whole has a number of tools for public value capture. Taxes on property provide significant tax receipts, much higher than the average in the EU, as a percentage of GDP (3.126%, the 5th highest in the OECD in 2019). Some aspects of the tax regime have been heavily criticised for their negative effect on growth (IOBE, 2018) and are due to be reformed with a view to reducing the overall tax burden, promoting investment and making the system more equitable. The non-recurring forms of public value capture are not particularly functional nor are they very efficient. The allocation of development rights in Greece, according to Karadimitriou and Pagonis (2019), follows 11 pathways that encompass both planned and unplanned development as explained in Section 2.3. There are also a few exceptional arrangements for big projects, which actually have explicit public value capturing arrangements (e.g. the old Athens Hellinikon airport regeneration project). In the cases where public value capture occurs, the process is cumbersome mainly due to the primacy that the Greek constitution and legislation give to private property rights.

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