>Is this still the aftermath of the 2008 financial crisis?
Mostly
Most likely, people stared building and when the crisis struck they went bankrupt, and the construction never got finished
Τhe 2008 financial crisis working together with probably the slowest judicial systems in Europe. By the time all the legal delaying tactics and appeals are done it might be almost 20 years later that the case is done going through the legal system and the building is finally free to be finished or torn down.
Many people gelot a license for 2-3 floors but only had money for 1. They build the ground floor to stay and leave part of the reinforcement exposed so their children can build more floors in the future.
either bankrupcy or tax evasion 1!!
Poverty especially after 2008
Yes
No money no honey
Financial crisis
EIther money ran out, embezzlement etc. There’s one building in my xopio that has just been a shell coming up to 30 years now and the guy that lost all his money won’t sell the property
It’s not money, at least not anymore, since real estate prices have gone way up.
I suspect most are stuck in some legal hurdle or another. Bankruptcy not yet resolved, inheritance not yet distributed etc.
Greek legal system can often take decades to adjudicate.
In the 2008 financial crisis Greek gdp got halved. All construction instantly stopped soon after that.
in addition to the other answers, if a building meets certain requirements then they’re required to be taxed, so a way some greeks get around this is by only building the minimum so they keep the land while paying next to nothing
Έπεσαν κανόνια…
Tax evasion on unfinished building
Some also start building in order to secure a building right, especially when laws and regulations concerning what and where you are allowed to build are about to change. They issue a building based on the valid laws and regulations, even if they don‘t have the money to finish the building, just so that they can secure the right to build.
«Ε, θα ριξω τα μπετουδακια κ έχειοθεοσε»
People say financial crisis but I remember this was a thing well before 2008. It’s either financial problems before the building is completed or I’d guess bureaucracy issues getting jn the way. Greek tend to think “eh we’ll figure it out” and start before they do, and surprise, sometimes they don’t.
Coupled with the financial crisis, COVID basically finished off our already weakened construction sector, because of so many cancelled contracts.
Abandoned projects due to financial problems
There’s so much money in Greece that in crisis people went “screw it I’ll buy a Ferrari instead” so buildings stayed behind and all people went to live happily in LA
Bingo
There’s a building across my house that has been in this state since the late 90’s.
There are not unfinished, its a new aesthetic trend
Ancient tradition.
This is common practice, way before the 2008 crisis. “We’ll kick off and figure it out later, or finish it when we have the money”. My wife’s parental home was built in many phases, and they lived for years in a semi-built house with cement floors until there was money to finish it.
Once, a civil engineer shared a different side of the story. Especially in rural areas, outside cities, some people decided to start building even without a license, knowing very well that there would be a future law “window” to allow them to get a proper license and finish it off. It’s very common, and supporting the “client state” status of Greece, to introduce such laws just to keep ppl happy, especially before elections.
26 comments
>Is this still the aftermath of the 2008 financial crisis?
Mostly
Most likely, people stared building and when the crisis struck they went bankrupt, and the construction never got finished
Τhe 2008 financial crisis working together with probably the slowest judicial systems in Europe. By the time all the legal delaying tactics and appeals are done it might be almost 20 years later that the case is done going through the legal system and the building is finally free to be finished or torn down.
Many people gelot a license for 2-3 floors but only had money for 1. They build the ground floor to stay and leave part of the reinforcement exposed so their children can build more floors in the future.
either bankrupcy or tax evasion 1!!
Poverty especially after 2008
Yes
No money no honey
Financial crisis
EIther money ran out, embezzlement etc. There’s one building in my xopio that has just been a shell coming up to 30 years now and the guy that lost all his money won’t sell the property
It’s not money, at least not anymore, since real estate prices have gone way up.
I suspect most are stuck in some legal hurdle or another. Bankruptcy not yet resolved, inheritance not yet distributed etc.
Greek legal system can often take decades to adjudicate.
In the 2008 financial crisis Greek gdp got halved. All construction instantly stopped soon after that.
in addition to the other answers, if a building meets certain requirements then they’re required to be taxed, so a way some greeks get around this is by only building the minimum so they keep the land while paying next to nothing
Έπεσαν κανόνια…
Tax evasion on unfinished building
Some also start building in order to secure a building right, especially when laws and regulations concerning what and where you are allowed to build are about to change. They issue a building based on the valid laws and regulations, even if they don‘t have the money to finish the building, just so that they can secure the right to build.
«Ε, θα ριξω τα μπετουδακια κ έχειοθεοσε»
People say financial crisis but I remember this was a thing well before 2008. It’s either financial problems before the building is completed or I’d guess bureaucracy issues getting jn the way. Greek tend to think “eh we’ll figure it out” and start before they do, and surprise, sometimes they don’t.
Coupled with the financial crisis, COVID basically finished off our already weakened construction sector, because of so many cancelled contracts.
Abandoned projects due to financial problems
There’s so much money in Greece that in crisis people went “screw it I’ll buy a Ferrari instead” so buildings stayed behind and all people went to live happily in LA
Bingo
There’s a building across my house that has been in this state since the late 90’s.
There are not unfinished, its a new aesthetic trend
Ancient tradition.
This is common practice, way before the 2008 crisis. “We’ll kick off and figure it out later, or finish it when we have the money”. My wife’s parental home was built in many phases, and they lived for years in a semi-built house with cement floors until there was money to finish it.
Once, a civil engineer shared a different side of the story. Especially in rural areas, outside cities, some people decided to start building even without a license, knowing very well that there would be a future law “window” to allow them to get a proper license and finish it off. It’s very common, and supporting the “client state” status of Greece, to introduce such laws just to keep ppl happy, especially before elections.