Ministry looking to develop assets owned by EFKA

In the bid to increase revenues, the Labor Ministry is conducting low-key research into ways of developing real estate belonging to the Single Social Security Entity (EFKA).

The fund’s portfolio reportedly includes some 1,126 properties. Almost half (49 percent) of those buildings are reported to be vacant, while just 14 percent are rented out.

According to estimates, the social security funds that joined EFKA over the past 10 years have missed out on revenue totaling some 500 million euros as a result of the non-utilization of their assets, whose value is estimated at 1.4 billion euros.