Greek Gov't Presents New Property Prices


(Photo by Eurokinissi/ Sotiris Dimitropoulos)

ATHENS -- Greek Finance Minister Christos Staikouras on Monday presented the map of the new real estate objective prices, designed to cover 98% of all regions in the country from 85% until now.

Presenting the map, Staikouras reassured that the new prices will not burden the middle class and the vast majority of real estate owners, adding that the objective was the new prices to converge with commercial prices, to correct injusticies and gaps and to expand the tax base through a more fair distribution of a special property tax.

The Greek FinMin announced a restructuring of the special property tax ENFIA in the coming months to absorb the impact of rising objective prices on real estate assets and announced new reduction in property taxes based on commitments made by the government.

"Higher objective prices will not mean higher property taxes. Owners should not be worried. We are consistent to our commitments for reduction in property taxes. The total burden of real estate assets will remain at the same levels," Staikouras said, adding that a new reduced ENFIA property tax, to be valid in 2022, will be announced in the coming months and that it would be paid in more tranches.

The ministry will also launched a digital platform soon offering information to all property owners over the map of objective prices.

The new map includres 13,808 regions of which 3,643 new. The average increase for new property price zones is 8%. Objective prices will rise by an average 19.5% for the 55% of total zones, prices will fall by an average 14.76% for 21% of total zones and prices will remain unchanged for 24% of all zones.