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Government eyes rezoning, foreign buyer tax as housing crisis persists
Ephesus, 28 April 2022 | Despoina Stergiou
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New highrises under construction just north of the old city of Ephesus, following rezoning initiatives to increase housing density by authorities
The incumbent National Liberal Union (EEF) government of Superintendent General Sophokles Athenaios has tabled a legislative proposal with sweeping measures aimed at countering the growing affordability and unavailability of housing in Ephesus. The proposal, which was fully publicised to the media in advance of its tabling at the committee stage, contains several novel measures, which largely focus on two axes. On the one hand, Mr. Athenaios' administration hopes to encourage the construction of new, more dense, and modern housing, in addition to replacing or renovating older buildings. To this end, the government has undertaken to reduce taxes and bureaucratic red tape on new housing projects, while also modifying nationwide zoning regulations to allow for denser construction, or to even allow construction where it was previously banned. On the other hand, the government has also endeavoured to prioritise domestic buyers and residents over foreign holders and investors. Means employed to achieve this goal include new taxes, limits on corporate ownership, and even outright bans on certain types of behaviour such as "house flipping" or holding properties vacant to drive up market rates. The bill has constituted a new special judicial-administrative body, the National Housing Authority (EAS), whose mandates includes the enforcement of the bill's provisions, with both broad investigative powers and hefty fines and penalties, as well as simplified procedure, being placed at its disposal. Finally, the bill has allocated significant funding for both existing and new public or subsidised housing projects, which prioritise citizens.
Ephesus' housing sector is one of the hottest in Europe, and the government has worked closely with industry experts and investors in drafting these standards, to avoid upsetting the market unnecessarily while meeting the population's demands. With municipal and local elections underway in both Ephesus City and the island Regions of Pyrgoi and Hagios Georgios, the EEF must carefully balance the demands of the market with the very real concerns of voters--especially the youth--who see housing as increasingly out of reach. "For people my age," says Elena Lazaridou, "the dream of owning a house increasingly seems like a luxury, even though Ephesians are raised to prioritise family-making. How can one start a family without a roof over one's head?" Her concerns reflect much of the youth cohort, in a country with one of the highest house ownership rates in the world (77.20%). Social pressures to buy a house early and start a family are very high on both men and women, and older generations are also concerned about whether their children will be able to meet this standard. On the opposite end, Alkiviades Petropoulos of Petropoulos, Hadjidakis & Zeou Realty, warned against overregulation. "Our clientele includes people from all over the world, consisting of people who want to move here as well as those who see a house in Ephesus as a safe and sound investment," Mr. Petropoulos told the Archipelago Times. "If the regulatory burden becomes too great, this might change; which would in turn lead to reduced investment in housing and the country's economy as a whole." Since Ephesus relies on its position as a global financial hub to support its very high standard of living, voters are particularly sensitive to anything that might disturb the economy.
In the Boule, Ephesus' national legislature, the proposed bill was the subject of intent debate but also unexpected agreement between various political groups. The governing EEF sang the praises of its own legislation, arguing that it constituted a careful and fair balancing act between the demands of consumers and investor groups. The chief opposition, the Social Labour Party (KEK) offered some criticism of the bill's provisions as not going far enough; however, it did not go too far down this avenue, fearing that its already strenuous track record of bad relations with business might deprive it of crucial public confidence. The KEK has not held power for the better part of fifteen years, following a brief and embarrassing two-year stint in 2002, when "third way" government of Mr. Lykourgos Zephyropoulos was found to be too neoliberal for the unions and too socialistic for businesses. By contrast, the smaller opposition parties were more vocal in their opinions. The right-wing National Popular Rally (ELAS) praised the bill, leaning heavily on its anti-foreign buyer provisions. The Green and Progressive Coalition (SP&P) was divided between supporting more affordable housing for its mostly young, urban voters, and opposing rezoning that could potentially hurt historical heritage and environmental spaces. Various civil society and business advocacy groups have focused their lobbying efforts across partisan lines, to appeal to specific arguments as they match their agendas. For now, at least, the bill seems set to pass, given the EEF's solid majority in the Boule. Its effect on voter intentions, however, will only be truly decided after the fact.
Other Headlines
- (Business) Ephesian regulators grant green light to Rumelian shipping magnate Nikolaj Savaesk to buy Marmaris Petroleum, but block purchase of Archipelago Airlines, citing anti-trust concerns. Regulators clear purchase of online video streaming giant EOS by Ephesian holding group Aegis Asset Management.
- (International) Foreign Minister Dionysiou unveils plan to recruit skilled Pannonian refugees directly from their home country or from temporary processing centres abroad, with a view to expanding Ephesus' pool of skilled labour. Funds for integration of new residents to be partly provided by hiring businesses.
- (Local) Ephesus Municipal Authorities, Ministry of Interior to expand automated tollbooth, priority lane system to entire country following successful test run in certain suburban demes of Ephesus city, Pyrgoi. System to be fully rolled out by 2023.
- (Justice) Ephesus Police, Maritime and Port Police execute joint sting operation against foreign hedge fund manager responsible for collapse of $200 billion fund abroad. Manager's activities constituted fraud and other criminal violations against Ephesian investors, including the Public Pension Fund, according to police reports.
©2022 The Archipelago Times Newspaper Co. S.A. | Εφημερίδα «Ο Χρονογράφος του Αρχιπελάγους» Α.Ε.
The incumbent National Liberal Union (EEF) government of Superintendent General Sophokles Athenaios has tabled a legislative proposal with sweeping measures aimed at countering the growing affordability and unavailability of housing in Ephesus. The proposal, which was fully publicised to the media in advance of its tabling at the committee stage, contains several novel measures, which largely focus on two axes. On the one hand, Mr. Athenaios' administration hopes to encourage the construction of new, more dense, and modern housing, in addition to replacing or renovating older buildings. To this end, the government has undertaken to reduce taxes and bureaucratic red tape on new housing projects, while also modifying nationwide zoning regulations to allow for denser construction, or to even allow construction where it was previously banned. On the other hand, the government has also endeavoured to prioritise domestic buyers and residents over foreign holders and investors. Means employed to achieve this goal include new taxes, limits on corporate ownership, and even outright bans on certain types of behaviour such as "house flipping" or holding properties vacant to drive up market rates. The bill has constituted a new special judicial-administrative body, the National Housing Authority (EAS), whose mandates includes the enforcement of the bill's provisions, with both broad investigative powers and hefty fines and penalties, as well as simplified procedure, being placed at its disposal. Finally, the bill has allocated significant funding for both existing and new public or subsidised housing projects, which prioritise citizens.
Ephesus' housing sector is one of the hottest in Europe, and the government has worked closely with industry experts and investors in drafting these standards, to avoid upsetting the market unnecessarily while meeting the population's demands. With municipal and local elections underway in both Ephesus City and the island Regions of Pyrgoi and Hagios Georgios, the EEF must carefully balance the demands of the market with the very real concerns of voters--especially the youth--who see housing as increasingly out of reach. "For people my age," says Elena Lazaridou, "the dream of owning a house increasingly seems like a luxury, even though Ephesians are raised to prioritise family-making. How can one start a family without a roof over one's head?" Her concerns reflect much of the youth cohort, in a country with one of the highest house ownership rates in the world (77.20%). Social pressures to buy a house early and start a family are very high on both men and women, and older generations are also concerned about whether their children will be able to meet this standard. On the opposite end, Alkiviades Petropoulos of Petropoulos, Hadjidakis & Zeou Realty, warned against overregulation. "Our clientele includes people from all over the world, consisting of people who want to move here as well as those who see a house in Ephesus as a safe and sound investment," Mr. Petropoulos told the Archipelago Times. "If the regulatory burden becomes too great, this might change; which would in turn lead to reduced investment in housing and the country's economy as a whole." Since Ephesus relies on its position as a global financial hub to support its very high standard of living, voters are particularly sensitive to anything that might disturb the economy.
In the Boule, Ephesus' national legislature, the proposed bill was the subject of intent debate but also unexpected agreement between various political groups. The governing EEF sang the praises of its own legislation, arguing that it constituted a careful and fair balancing act between the demands of consumers and investor groups. The chief opposition, the Social Labour Party (KEK) offered some criticism of the bill's provisions as not going far enough; however, it did not go too far down this avenue, fearing that its already strenuous track record of bad relations with business might deprive it of crucial public confidence. The KEK has not held power for the better part of fifteen years, following a brief and embarrassing two-year stint in 2002, when "third way" government of Mr. Lykourgos Zephyropoulos was found to be too neoliberal for the unions and too socialistic for businesses. By contrast, the smaller opposition parties were more vocal in their opinions. The right-wing National Popular Rally (ELAS) praised the bill, leaning heavily on its anti-foreign buyer provisions. The Green and Progressive Coalition (SP&P) was divided between supporting more affordable housing for its mostly young, urban voters, and opposing rezoning that could potentially hurt historical heritage and environmental spaces. Various civil society and business advocacy groups have focused their lobbying efforts across partisan lines, to appeal to specific arguments as they match their agendas. For now, at least, the bill seems set to pass, given the EEF's solid majority in the Boule. Its effect on voter intentions, however, will only be truly decided after the fact.
Other Headlines
- (Business) Ephesian regulators grant green light to Rumelian shipping magnate Nikolaj Savaesk to buy Marmaris Petroleum, but block purchase of Archipelago Airlines, citing anti-trust concerns. Regulators clear purchase of online video streaming giant EOS by Ephesian holding group Aegis Asset Management.
- (International) Foreign Minister Dionysiou unveils plan to recruit skilled Pannonian refugees directly from their home country or from temporary processing centres abroad, with a view to expanding Ephesus' pool of skilled labour. Funds for integration of new residents to be partly provided by hiring businesses.
- (Local) Ephesus Municipal Authorities, Ministry of Interior to expand automated tollbooth, priority lane system to entire country following successful test run in certain suburban demes of Ephesus city, Pyrgoi. System to be fully rolled out by 2023.
- (Justice) Ephesus Police, Maritime and Port Police execute joint sting operation against foreign hedge fund manager responsible for collapse of $200 billion fund abroad. Manager's activities constituted fraud and other criminal violations against Ephesian investors, including the Public Pension Fund, according to police reports.
©2022 The Archipelago Times Newspaper Co. S.A. | Εφημερίδα «Ο Χρονογράφος του Αρχιπελάγους» Α.Ε.
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