In Greece, property is a debt

More and more Greek citizens are refusing inheritance because of the growing real estate debt and the horrendous burden it represents. More and more people are refusing inheritance because they fear they will not be able to cope with the debts they may have inherited from their parents, especially if the child himself is unemployed.

This trend is detected in the decline of notaries' business. The volume of real estate transfer transactions from parents to children decreased from 90,718 in 2008 to 23,221 in 2014.

Apartment prices are also down 41 percent since 2008, and home construction is down 95 percent since 2007. In light of the ongoing crisis, people will continue to be wary of owning real estate.