So your house price went from EUR10000 (optimistic) to EUR 500000 (actual price 8 years ago , nowadays ~40% cheaper). You're still property-rich. why are you complaining?
There are huge legal barriers to property sales, including requirements for energy audits and certification that the construction is wholly legal - which is probably isn't. Just like in the US, a great many safe and livable Greek properties violate zoning laws.
Real assets are salable, but in this case the government has crippled the market's ability to clear. If your market can't clear, you can easily end up with a high value asset which is totally impossible to sell. That's the Greek situation, where the requirement to pay tax on a house doesn't mean it's actually possible to sell it for value.
Yes transactions costs are high in greece, but it's not what stopping people from buying. Prices are still too high. Rental yields do not justify buying at this time[1], even for newer constructions that are 100% legal. While the government could certainly reduce transaction costs, the homeowners themselves are sabotaging the market[2].
FYI i live in greece and could not afford a house during the boom years. Now i can but it's just a bad deal. It's cheaper to rent.
