Speaking at a conference about real estate, Greece’s Finance Minister, Kyriakos Pierrakakis, said the government is considering introducing a requirement for all rent payments to be made through the banking system. The aim, he explained, is to crack down on landlords evading taxes. "I think we can all agree that the average rent in this country isn’t 255 euros," he stressed. However, he didn’t clarify how such a measure – paying the rent declared in the contract via bank transfer – would address the issue of undeclared payments, commonly made in cash "under the table."

The Minister made these remarks at the 3rd Real Estate Conference, titled “The Vision for Future Property and Market Trends”, organised by Capital.gr and Forbes Greece. When asked about tax evasion in the rental market, he confirmed that “one of the measures under consideration is making rent payments through banks mandatory.”

He went on to say:

“We want to push forward with a broader use of digital tools. There’s a lot more that can be done to tackle tax evasion. I think it’s fair to say that the average rent for primary or student housing is not 255 euros.”

He also claimed that the planned rent rebate scheme could act as an incentive for landlords to declare the actual rental amounts they receive – despite concerns raised by housing advocacy groups warning that the measure will most certainly drive rents even higher. “I think it’ll move the needle,” the Minister remarked.

At the same time, the government is also leaving the door open to possible tax cuts on rental income. Pierrakakis said further details could come in September, during the PM’s speech at the Thessaloniki International Fair.

Finally, touching on the use of public property, the Minister once again endorsed large-scale privatisations, stating that “as a country, we can do much more, and much faster. We can unlock enormous value that currently remains untapped.”

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