Every day, thousands of citizens search the Internet for information about an objective assessment of the value of real estate.
Story objective value dates back to 1982. The indicator is defined and established by Article 41 of Law 1249/1982 in order to put an end to the turmoil and confusion that arises between taxpayers and the tax authorities, which determined the taxable base of the value of the property at the current time.
But not only. This had to be done in order to the state could collect the minimum amount of tax on the transfer of real estate. Objective values served as the basis for calculus dozens of taxes and fees that burden real estateand over time there were “hundreds of thousands” of adjustments and became barometer of commercial prices in the real estate market.
Today, 41 years after the first application of the indicator, the objective value is starting to play a different role: to help attract foreign investors who see great opportunities in Greek real estate.
Two years ago, “objective value” was no longer a mystery, since it could be found by looking at a computer, tablet or mobile phone.
With the help of a digital interactive map created by the Ministry of Finance and the General Secretariat of Public Administration Information Systems, citizens are able to determine the price of the zone established in the area where their property is located and calculate its objective value.
According to Dimosthenis Anagnostopoulos, Secretary General of Information Systems, searches for real estate prices in the zones are carried out not only by Greeks who want to know the value of their property, but also by thousands of foreignersinterested in investing in the Greek real estate market.
Only in two months, from March to April 2023, 55,000 citizens used the digital applicationto find out the objective value of their property or to conduct their own market research, while daily traffic during this period ranged from 1500 to 4000 people. Of the 55,000 citizens who were looking for objective values, 4805 are foreigners from 83 countries who are interested in real estate in our country. The top five included citizens of the USA (783), Great Britain (663), Germany (642), China (344) and the Netherlands (226).
In recent months, the digital map has served several million search queries and real estate estimates made by more than 130,000 different users, of which more than 10,000 are from abroad.
It is estimated that real estate investment this year will surpass the record of 2022, when the Greek market recorded an influx of 1.975 billion euros from abroad. As can be seen from the site visits, in addition to expatriates from the US, Australia, and Germany, the list also includes interested individuals from Hong Kong, Taiwan, Thailand, Bermuda, and even Japan.
The interest of foreigners is also explained chasing the golden visa“, a program for the acquisition of citizenship by those who acquire high-value real estate in the country. The “fashion” for a “dacha by the sea” has prompted thousands of third-country nationals to invest in the Greek real estate market.
According to the Ministry of Migration Policy, in the first quarter of 2023 there were 2015 applications for a residence permit in Greece, while in the whole of 2022 there were 4365 applications.
Areas for which foreigners are interested in learning the objective values applicable today are the center of Athens, Thessaloniki, Halkidiki, Patras, Mykonos, Paros, Kalamata, Corinth region.
In the short term, according to the estimates of the Bank of Greece, investment interest, mainly from abroad, will remain high, especially in relation to specific preferred positions in the Attica basin and in areas characterized as touristic.
The data show that the housing market is still there is a strong upward trend in the annual rate of price changealthough there are regional differences. Apartment prices (in nominal terms) rose 11.1% year-on-year in 2022, compared with 7.6% growth in 2021 and 4.5% growth in 2020. New apartment prices (up to 5 years) in 2022 increased by 11.8%, slightly higher than the old apartments (10.5%). By geographic region, high annual apartment price growth rates were recorded in the major urban centers of the country, more specifically Athens (13.0%) and Thessaloniki (11.8%), well above the annual average for the entire country.
Every citizen can digital map see the zone price currently applied in the area where the property of interest is located and calculate the objective value with a few clicks of the mouse. The citizen selects through the digital map (https://www1.gsis.gr/valuemaps/) the street where the property is located and the price will automatically be displayed.
To calculate the objective value of a property, you must specify specific characteristics, such as the number of facades, number of storeys, square meters, date of construction, etc., and at each step the value is calculated automatically.