Price spikes are expected in 6,000-7,000 areas of the country and reductions in another 3,000 to 4,000 – Zone prices will acquire for the first time about 3,000 areas, including fillet areas on islands.
According to information, real estate appraisers have proposed increases of fair values by 30%, 50%, even 100% in some areas of Greece. The largest increase is suggested in the downtown areas of Athens, which have benefited significantly from increased demand over the past five years due to Airbnb. The proposed increase is 50% -60% on average. In the northern suburbs of Attica, the proposed increase is smaller and range between 20% -30% on average. The increase is also significant in the southern suburbs of Attica, which have been favored both due to the increased demand for housing by foreign investors and due to the work of Elliniko.
Respectively, large increases are proposed in the neighborhoods of the western suburbs. Based on the current market picture, the areas where the fair values will be in the red are mainly those where the gap between objective and commercial remains open even after the last adjustment of the zone prices in June 2018. ‘Thus, candidates for increase in fair values are:
- Districts of the center of Athens such as Koukaki, Exarchia, Kypseli, Kolonaki, Patisia, Ampelokipi, Pagrati
- Areas of the southern suburbs and specifically the coastal zone of Glyfada, Voula, Vouliagmeni, Elliniko, where the highest selling prices of real estate are recorded, but also large discrepancies between commercial and objective values.
- Neighborhoods of Piraeus and many of the so-called “popular” neighborhoods in Korydallos, Egaleo, Peristeri.
- Areas of Thessaloniki where property sales prices remain high.
- More than 3,000 areas outside the objective system. These are areas and settlements that, while they are within the building plan, remain for many years out of objective determination, with the result that the determination of the taxable value is done by the local Tax Offices based on the so-called comparative data. This results in luxury properties or plots in tourist areas from Mykonos and Santorini to Paros and Porto Heli to pay crumb taxes just because they are located in settlements where there are no zone prices.