The Ministry of Finances is planning to submit a legislative regulation in Parliament within the week which will offer protection against auctions for primary residences, in line with the government’s proclamations.
The regulation will last for a year and applies to households with a primary residence with a taxable value of up to 300,000 euros, total value real estate assets up to 500,000 euros, bank savings of up to 30,000 and an annual income of 50,000 euros.
This regulation will offer protection to the vast majority of home owners, as about 90% own property that has an objective tax vale of up to 200,000 euros. The Ministry has also noted that this will apply in cases where auction procedures are about to begin.
While the measure will potentially come as a sigh of relief for thousands of homeowners, sources from the banking sector have warned that this regulation may result in an increase of non-serviceable loans.
