Top

1. Propert Rights
1.1 Legal Protection
1.2 Registries
1.3 Formal Ownership

1. Property Rights

Goal – Property rights that are legally protected, secure, recorded in a single, accurate, widely accessible electronic registry and that lead to high levels of formal ownership for all citizens

1.1 Legal Protection (Weak)

Core Question: Does an effective and sufficient legal framework exist to protect property rights for all citizens?

The lack of a proper land registry is one of the biggest impediments to progress. It scares off foreign investors; makes it hard for the state to privatize its assets, as it has promised to do in exchange for bailout money; and makes it virtually impossible to collect property taxes.

Legal Framework (Weak)

1.1.1   Are property rights clearly defined and protected by law?

Rank 86 out of 140; Score 4 out of 7; Trend ­↓

Security of Tenure (Weak)

1.1.2   Can citizens challenge the legality of government takings?

Rank 86 out of 140; Score 3.3 out of 7; Trend ↑

Source:
Global Competitiveness Report 2015-2016 – World Economic Forum
http://www.weforum.org/issues/global-competitiveness

Bundle of Rights (Weak)

1.1.3   Survey Question

SQ1    What is the bundle of rights (group of rights such as occupancy, use and the right to sell or lease) associated with both residential and commercial property ownership?

While laws are in place, lack of a proper registry makes enforcing rights difficult.

Source:
Who Owns This Land? In Greece, Who Knows? http://www.nytimes.com/2013/05/27/world/europe/greeces-tangled-land-ownership-is-a-hurdle-in-recovery.html?_r=0

back to top

1.2 Registries (Very Weak)

Core Question: Does a reliable property registry exist including cadastral, title and mortgage lien information?

Most of Greece’s land transaction records are still handwritten in ledgers, logged in by last names. No lot numbers. No clarity on boundaries or zoning. No obvious way to tell whether two people, or 10, have registered ownership of the same property.

1.2.1  Cadastral Information (Very Weak)

Survey Questions

SQ 2   Is cadastral information (information about the dimensions and location of land parcels) accessible to the public?

No

SQ 3   Is zoning/permitted use information included are use regulations respected and enforced?

No

SQ 4   Are Geographic Information Systems (GIS) including Global Positioning Satellite (GPS) information used to create and update the registry?

No

Source:
National Cadastre and Mapping Agency www.ktimatologio.gr/sites/en/Pages/Default.aspx

1.2.2  Title Registry (Very Weak)

Rank 144 out of 189; Trend =

1.2.2.1 What is the number of procedures required to register the transfer of a property from one owner to another?

10

1.2.2.2 What is the duration of time in calendar days that it would take to complete the transfer?

20

1.2.2.3  What is the total cost of the transfer including all fees, taxes, etc. expressed as a percentage of the value of the property?

4.9%

Source:
Doing Business 2016 – Registering Property, World Bank
http://www.doingbusiness.org

1.2.3  Mortgage Registry (Very Weak)

Non-performing housing loans were 26.1% in 2013.

Survey Questions

SQ 5   The mandatory use of notaries or similar officials slows down and adds cost to the process. Does a notary need to be involved in the registration process?

Yes

SQ 6   Is information in the registry available electronically?

No

SQ 7   Title insurance is indemnity insurance against financial loss from defects in title and from the invalidity or unenforceability of mortgage liens. Is title insurance available to lenders?

No

Source:
NPLs: The Achilles heel of the Greek banking system, European Justice http://www.macropolis.gr/?i=portal.en.the-agora.1375
https://e-justice.europa.eu/content_land_registers_in_member_states-109-el-maximizeMS-en.do?member=1

back to top

1.3 Formal Ownership (Weak)

Core Question: Do citizens understand and trust property rights institutions and avoid the informal sector?

Companies not listed on the Athens Stock Exchange operate under a status of almost complete non-transparency.

Survey Questions

1.3.1 Land (Very Weak)

SQ 8   What is the status of land ownership?

Creating a plan to address the claims for restitution and compensation from pre-1945 landowners is proving most challenging.

Source:
USAID Land Tenure and Property Rights Portal http://www.usaidlandtenure.net/greece

1.3.2 Home Ownership (Very Strong)

SQ 9   What is the percentage of formal home ownership?

74%

Source:
Eurostat
http://appsso.eurostat.ec.europa.eu/nui/show.do

1.3.3  Informal Sector (Weak)

What is the percentage of services firms that report competing with unregistered or informal firms?

Large – 34.2%, Weak Formal Sector

Source:
Enterprise Surveys 2005, World Bank http://www.enterprisesurveys.org/data/exploreeconomies/2013/greece#informality

back to top