With a new, automated mass real estate valuation system, the next adjustment will take place objective values in 2025. Although the existing prices are already considered outdated, they will be maintained for at least one more year and in 2025 the mass valuation system will be activated real estate. By utilizing appropriate algorithms the zone prices will “align” with the current market picture. The changes are included in the tax bill which is in public consultation and provide for the creation of a database with data from real estate market which will be updated in real time and a new information system that will utilize the above data and calculate the property values.
However, the current prices have already been exceeded. It is noted that the zone prices were determined in June 2021 and implemented in January 2022. Today, in some areas mainly in the big urban centers, but also in the periphery, the prices have skyrocketed. For example (property transfer register data), in Holargo, apartment 111.55 sq.m. fourth floor, built in 2022, sold (last July) 410,045 euros or 3,675 per square meter, when the zone price is 1,900 euros per square meter.
Also, an apartment of 78.34 sq.m. in Saint Paraskevi was sold for 230,000 euros, i.e. 2,935 euros per sq.m., with the zone price amounting to 1,850 euros per sq.m.
In the Palaio Faliro, apartment 68 sq.m., built in 1984, sold for 250,000 euros or 3,676 euros per square meter, when the zone price is 2,150 euros. Essentially the price has increased by 70.9%.
By the end of 2023, the digitization of zones will be completed for all areas inside and outside the city plan.
According to her data Bank of Greece (BoG), from the beginning of 2021 to the end of this year’s second quarter, prices in Attica have increased by 32.5%, with increases in northern and southern suburbs estimated to be even higher. On a nationwide level, the increase in prices during the same period is 30% on average, without much difference whether it is a newly built property or an older one.
It is noted that by the end of 2023, the digitization of the zones will be completed for all areas inside and outside the city plan or settlement boundaries, which is a condition for the operation of the automatic system of readjustment of the objective values of the properties.
What the draft law provides for the new mass assessment system:
• A database of real estate data and values (real estate registry) is established and maintained in electronic form, which is designed, implemented and supported by the General Secretariat of Information Systems and Digital Governance of the Ministry of Digital Governance. The information system gathers and processes all the elements that shape and influence the value of real estate. The real estate register includes and maintains data from the register of real estate transfer values, as well as all real estate data sources from public and private sector entities.
• An integrated geo-informational system for mass real estate valuation is established and maintained.
