Church of Greece Revenues Drop

Natalya Mihailova | 16 September 2014
During the last five years, Church of Greece revenues have decreased by 70%. Βelievers offer fewer donations, while the number of sacraments performed in churches has dropped due to the financial crisis.
Church of Greece Revenues Drop

At the same time, many properties belonging to the Church remain vacant. Vacant buildings amount to almost 60%, while the paying of dividends has stopped since 2008. According to estimates of the Holy Synod, one-fourth of the Church’s real estate properties have been vacant for a long time.

The six-storey building at Mitropoleos Str in Athens is a typical example. The building used to house the Education Ministry, but in 2007, the Ministry moved and the building remains vacant since. Finally, after ten unsuccessful bids, Electra Hotels Group bought the building that will soon operate as a hotel.

It is estimated that the revenues of the Central Ecclesiastical Financial Service dropped to 9.33 million euros in 2012 and 7.4 million euros in 2013, compared to 10 million euros in 2011.

The ecclesiastical property includes 300 frozen properties, 570 properties, apartments, offices, 225,000 acres of forest land, 7,400 acres of grassland and 440 plots within the urban planning zone.

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