April 24, 2024

Athens News

News in English from Greece

An “automatic” recalculation of the value of real estate is coming – it will be carried out every year

The Ministry of Economy is considering the possibility of introducing new changes to the value of real estate from 2025 using a new automatic mechanism that will monitor any changes in commercial prices and adjust them in accordance with data from the tax authorities.

We are talking about a new information system that will come into operation in the last months of 2024 to “kick off” the process of revising objective prices from the beginning of 2025 based on the first sample of data on changes in commercial real estate prices.

This means that any changes recorded in the prices of commercial real estate will be automatically “tied” to the value of the property, respectively influencing dozens of taxes and fees that are levied on facilities.

In practice, under the new system, the taxable value of real estate will change almost every year, depending on the development of the real estate market, and will not be determined, as is now the case, by decisions of the political leadership of the Ministry of Finance.

However, the greatest difference is observed in the most expensive areas of Athens and Thessaloniki, as well as in other major cities, and, as market participants note, thousands of properties that are currently changing hands are being sold at prices that are often double the objective:

  • It is significant that in the Athens district of Kolonaki, where the zonal price is 4,250 euros per sq. m. m, today deals are being concluded for the sale of apartments from 1950 or even 1930, the cost of which exceeds 9,000 euros per sq. m. m.
  • A detached house in Plaka with an area of ​​177.06 sq.m., which also has auxiliary premises of 72.57 sq.m., is sold for almost twice the zone price. This property was purchased for 1.5 million euros or 8,472 euros per sq.m., when the zone price in the area is 4,800 euros.
  • In Voula apartment with an area of ​​211 sq.m. with ancillary premises of 134 sq.m., built in 2020 (unfinished), was sold for 2.060 million euros or 5,972 euros per sq.m. with a zone price of around 2,800 euros per sq.m. In Kifissia, a detached house built in 1936 with a total area (with auxiliary premises) of 277.43 sq.m. was sold for 2.7 million euros or 9,732 euros per sq.m., while the price of the zone in this area is 2,450 euros per sq.m.

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