We discuss the solution to our country's housing problem and often underestimate an invisible side of it: Multiple ownership.

According to the National Statistical Service, there are approximately 600,000 properties in our country that belong to approximately 1,000,000 owners. No one knows the details, but anyone who knows 2-3 cases can easily guess the rest...

•The owners are usually relatives.

•They have probably argued for various reasons and occasions.

•Where ownership was passed on to children, etc., then the shares were "broken" even more and the possibility of utilizing the property was often simply zeroed out!

Indivisible plots

A part of the total of hundreds of thousands of properties in multiple ownership are all kinds of plots. Those who know about real estate, when they hear someone talking about plots, understand that they are referring to:

•Plots

•Plots with old (non-preserved) buildings within them

•Plots with concrete platforms / and buildings, etc.

These properties number in the tens of thousands throughout our country and in practice remain undeveloped.

- "Why, Elias, is this happening? What is the state's fault?" you might think...

The current state of "immobility"

Here the state's responsibility has to do with the fact that it has not modernized the relevant legal framework and has led all these properties to absolute immobility:

•Today, the available legal framework for the exploitation of such a property is provided for by law 1562/16-9-1985, which was then brought to Parliament by the former PASOK minister Georgios Alexandros Magakis.

•In order not to get you into a lot of legal trouble, in practice the law says that in order for the exploitation of such a plot of land with many owners to proceed, it is not enough for 51% of them to decide, but a majority of 65% is needed!

•Even if this increased majority is found, a process will then be initiated to deposit with a notary all the documents of the consideration, the contract, the plans, the deed of incorporation and the regulations of the apartment building. This process will last 6 months (at least).

•Then at least another 2 months will be required for notifications, counter-proposals from the minority, etc.

•While of course in the end it is never ruled out that they will all end up in court together and everything will be frozen for years!

So once again the Greek state took care to protect the owners so well, that in the end it made it impossible for them to practically utilize their property.

How many such agreements were implemented in the tens of thousands of plots of land that belong to this category? People with experience in the market estimate them at less than... 10! Yes, in 40 years, for example, 5-7 such projects were carried out...

What could be done

A change that will provide a solution and bring thousands of such plots to the market is the simplification of this process:

•The majority of co-owners who will have the right to decide should fall to 50.1%, as is logical.

•The agreement should be able to be implemented simply and quickly, in 2-3 months at most!

•If the minority disagrees, there should be a provision to be able to collect the amount they would be entitled to in the event of the sale of the plot, based on its objective value.

The results for the owners

In practice, such an approach would have a series of beneficial results for thousands of owners who currently have property on paper, but in practice cannot do anything with it:

•The majority owners will convert something that simply burdens them financially and they have it together with others, into autonomous apartments.

•The minority owners will also convert a problem that they have together with others into autonomous apartments, or they will collect a sum of money and get out of the problem.

•(Of course, someone from the minority can say that "this way I lose money, I estimate that my share is worth, for example, 1 billion Euros and you are depriving me of it") but we can no longer block everything for such cases.

So in any case, if the problem is solved, a property that now simply creates costs will be transformed into property and wealth for thousands of owners!

The results for society, the market and the state

In this case, we will have a series of beneficial results for society, the market and the state itself.

Our society will benefit:

•Thousands/tens of thousands of plots of land will be unblocked and many of them will enter the market = the supply of land, which we so lack, will increase.

•Logically, the supply of real estate in general will increase, since new buildings will be built.

•All of this will lead to price containment, which is one of the demands of the housing crisis.

(Any solution to such a situation is also the solution to chronic problems with noise, etc., which will allow people to calm down. Do not underestimate the mental health of those who are worn out in these conditions...)

The market will also benefit:

•No tens of thousands of people will find themselves with new property in their hands, which they will logically utilize in some way = it will bring added value.

•The supply will be normalized and in some areas the monopolistic situations that create distortions will stop.

And the state has something to gain:

•Instead of collecting only ENFIA from such a property, it will collect multiple revenues from its utilization.

•It will then collect revenues from the utilization of the apartments in return and the owners' cash.

•And of course it will gain significant ground in the battle to address the housing crisis, increasing the available real estate stock for its citizens!

Let's solve an "easy" issue!

As POMIDA explained on the same issue, I think we are dealing with a situation from which no one wins today! If the relevant legislative intervention is made and the problem is solved based on logic (50.1% is a majority and is enough), then everyone will benefit, and first tens of thousands of citizens!

I think that in relation to other issues concerning our housing problem, this is a fairly "easy" issue to solve!

Should we bring the "revolution of logic" to multi-ownership plots in 2026, to start essentially solving our housing problem?

What do you think?

Source: capital.gr