Greece's cash-strapped government detailed its plans to sell 28 state-owned buildings on long-term lease, including tax offices, ministry buildings, and the main police headquarters in Athens. A government privatization fund said it hoped to make US$ 39 million annually from the lease agreements lasting 20-25 years. Included on the list of buildings for sale are the main properties used by the ministries of justice, education and culture, 12 tax offices and the greater Athens police headquarters. Potential investors should express their interest by April 19, according to a statement by the Hellenic Republic Asset Development Fund. Greece is under pressure to speed up its privatization program by its rescue lenders, the other eurozone countries and the International Monetary Fund, who have been providing bailout funds since 2010 that are set to total US$ 312 billion. Greece holds an extensive privatization program to increase revenue and reduce the budget deficit. At the end of last year Greece's Hellenic Republic Asset Development Fund announced, that one of the best real estate properties - the Athens former airport in the coastal area of Athens Ellinikon will be sold. Earlier Greece HRADF has identified 40 uninhabited islands and islets that could be leased for as long as 50 years to reduce debt as pressure grows on the country to revive an asset-sales plan key to receiving international aid. At the beginning of last year Archaeological treasures including the temple of Delphi, the most popular site after the Acropolis, were available as backdrops for filming and photographic shoots.

This week in Armenian city Dilijan will start the construction of new social housing project, told the director of the National Association of Social Housing Ara Nazinyan. In September last year Dilijan City Hall and the NASH signed a contract about the program. The new project with total area of 1.1 hectares will be built in the west of Dilijan with completion in several phases in 2013-14. The new social block will include nine 2-story new developments and reconstructed one 4-story building. The project loan provided by the Dutch DIGH company. Note, that in 2011 during his visit to Netherlands, Chairman of the Trustee Council of the National Social Housing Association, Secretary of the RA National Security Council Arthur Baghdasaryan and Chairman of Dutch International Guarantees For Housing Eric Berzhen signed an agreement which will provide new opportunities for social housing development in Armenia. According to this contract, 3 million Euros will be provided to Armenia to solve low and middle income family housing problems, at the first phase of cooperation. The National Association of Social Housing intended to build social housing also in Ashtarak and Hrazdan. First social houses in Armenia were built by the government in Yerevan, Goris and Maralik. For example in Maralik the government built 3 buildings and now in 59 apartments live orphanage graduates, invalids and single old peoples. 2008 economic crisis especially hit the real estate market. The construction of new buildings becomes less profitable even in well developed countries due to low demand. After this many countries began to build social houses. Today, for example, half of residents in Hong-Kong, 25 percent in USA live in social houses.

Russian Forbes edition has issued the list of 30 Kings of the Russian Real Estate with three Armenians being included among them. The owner of "Tashir holding" Samvel Karapetyan is ranked the third with his annual revenues received from renting making US$ 720 million. At the end of last year company announced that the total 2012 income of Tashir Group will amount US$ 2.9 billion. Samvel Karapetyan has real estate in Moscow, Saint Petersburg, Reutov, Yaroslavl, Belgorod, Ivanovo, Kaluga, Yalta, Vologda, Tula, Tver, Smolensk, Yerevan, etc. In October 2012 mass media reported that Samvel Karapetyan's Tashir Group may invest US$ 50 million in the construction of shopping malls and exhibition centers in Sochi sea passenger port . The biggest real estate is RIO trade center having 300 thousand square meters territory and Yerevan Plaza with 80 thousand square meters territory both in Moscow. According to Forbes, Samvel Karapetyan earned his first sum in early 90s in Armenia and then moved to Kaluga where he dealt with wholesale and textile production. Currently Tashir is a multi-profile company. Another ethnic Armenian Danil Khachaturov is ranked 25th. He is the owner of Legion Development company. His annual revenue from renting makes US$ 80 million. He elaborates his activity in Moscow. Legion I and Legion III are his largest multi-functional complexes having 130 thousand square meters territory. First he was dealing with the sale and purchase of shares, worked in Slavoil company, participated in the privatization process of Rosgosstrakh becoming the company's director in 2004. He is the co-owner of Rosgosstrakh bank. Gagik Adibekyan, also an Armenian, has been ranked the 26th with his annual revenue from renting making US$ 70 million. He is based in Moscow. Romanov Dvor with 43,500 square meters territory and Vremena Goda with 64 thousnad square meters territory business centers are his biggest real estate property. He is said to be the most mysterious figure in the Moscow market. He is known to have reconstructed Romanov Dvor business center situated in downtown Moscow in 1997, but he activity before it is unknown. He is the owner of RD Group which acquired the 40% of Vremena Goda trade center and according to media outlets, is negotiating over acquiring the rest 60%. The Forbes rating list is topped by Kiyevskaya ploshad (Kiev Square) company the owners of which are Azerbaijanis Zarah Iliyev and God Nisanov. Their annual revenue from renting makes US$1.1 billion. The second is IKEA Mos company the owner of which is ethnic Sweden Ingvar Kamprad and his family.

The increased tax burden and greater complexity of a new real estate tax system in Turkey may discourage foreign investors, reported the Hurrietdailynews. The new value added tax (VAT) law, which will especially impact small luxury houses located in metropolitan areas, smaller than 150 square meters and licensed by the end of 2013, could intimidate property buyers because of a remarkable price increase. The tax regulation revamps the VAT rate on real estate. With the changes, a tax of 8 percent will be assessed on houses under 150 square meters with a value of US$ 280-560 per square meter, while VAT of 18 percent will be levied on houses worth in excess of US$ 560 per square meter. The sector had been witnessing an increase in foreign real estate acquisitions since the enactment of a bill removing the condition of reciprocity and eased restrictions on the sale of land and real estate to foreign citizens and firms in May of last year . In May alone foreign real estate acquisitions in Turkey reached US$ 1.1 billion, which is four times the total number in 2011. Nearly 112,300 foreigners have bought 90 thousand properties equivalent to 24.1 million square metres area in only top ten Turkish cities, while Antalya is the leading province where 34,078 properties has been sold. The new tax will put the Turkish real estate sector in a disadvantageous position against its global rivals. In addition to the price surge, foreign real estate investors might refrain from buying real estate properties because of the difficulty of comprehending the puzzling structure of the new system. Under the new system the tax amounts are determined by the Ministerial Council with regards to six different variables - size in square meters, value of one square meter, luxury house status, license year, the neighborhood and the status of the city (metropolitan or not) - which makes it harder for foreign investors to understand the system.

Turkey's Environment and Urban Planning Minister Erdogan Bayraktar gave details with respect to the country's real estate that were sold to foreigners, reported News.am recalling to Milliyet daily of Turkey. Also, the minister made an interesting announcement, and informed that Turkish real estate was sold to two citizens of Armenia, as well. To note, that it became possible only after a new democratic law, which was accepted in May last year. Last law not only forbade foreigners to buy property in Turkey, but also limits the possibility of its own citizens.