According to data released by the Hellenic Statistical Authority, over 800,000 properties were sold between 2001-2010 at prices well above their objective value.

Meanwhile, a conservative estimate of the difference between 60,000 and 80,000 euros per property indicates that undeclared revenues may have come up to 70 billion euros, while at least 40 billion euros of undeclared income is estimated to have changed hands in the construction sector in recent years.

This is derived from the difference between the taxable and the actual value of properties, with property market professionals in Greece alleging that this is standard practice, Kathimerini reports.

Meanwhile, the Greek newspaper published a recent conversation between a contractor in southern Athens and a potential buyer who was interested in one of the 120-square-meter apartments that will soon start being built.

“The apartment costs 360,000 euros. If you’re interested, I’ll explain how the sale will go: The contract will say 240,000 euros, which is the property’s objective value, and you will bring the remaining 120,000 euros to my office, when we reach a deal,” the unnamed contractor told the shocked client.

According to Kathimerini, the aspiring home owner asked the contractor several questions such as: “Are you asking me to go to my bank, withdraw 120,000 euros and bring it to you at your office, cash in hand?”

Getting suspicious responses like: “Don’t worry, you can withdraw cash from banks now. Of course if you’re worried and prefer to pay the entire sum through the banks, then the price will go up to more than 400,000 euros, as it will have to include the tax I pay.”