The residential market in Greece, accounting for 1.3% of the GDP according to data provided by Greek National BankGreece has implemented tax relief legislation for Bulgarian first-time home purchaisers Bulgarski Novini (Bulgarian News) weekly announced. Now, Bulgarian residents buying their first residential unit in Greece will not pay taxes on its gain thanks to a regulation of the Greek Ministry of Economy. The ordinance discusses that the threshold amounts for a home purchase exempt from taxes are as follows.

· 75 000 euro - for single people;
· 115 000 euro - for families;
· 138 000 euro for a family with two children;
· the sum peaks at 35 000 euro for each subsequent child.

The amendment is based on law, first reported in the State Gazette on June 29 2004, granting this right to citizens of EU countries that joined the EU as of May 2004. Given the high residential prices in Athens, the lightened tax burden on home purchases---that sometimes reaches 11% of the initial property cost---is welcome by Bulgarian residents in Greece.