The Greek economic recovery and higher employment growth are hindered by two very important and critical tax distortions, which contribute to a further decline in real estate market activity, Alpha Bank΄s analysts said.

“What is even worse is that they keep unemployment at high levels,” they said.

“These distortions are due to the imposition of the single property tax on real estate worth more than 300,000 euros along with the uniform real estate ownership tax (ENFIA) and the imposition of taxes on real estate based on their objective values, which in most cases now exceed by far the actual value of these assets,” analysts added.