New objective real estate prices in March

The Greek government is now aiming to readjust the objective real estate values, as requested by the Troika, after 6 years of them remaining "frozen".

According to a decision signed by secretary general of Public Property A. Gounaris, a 6-member group will be set up at the ministry of Finance to study and submit recommendations on the review process to identify the objective real estate values. All Finance ministry members that handled real estate tax issues will be involved, and must present their findings no later than February 28, 2013.

With the new system for determining the objective values of real estate, the Troika hopes to increase tax revenue by at least 600 million euros. But increases will be multiple in some locations, as in others they will have to be reduced to reach the actual ones that collapsed due to the crisis in the property market.

Bigger increases are estimated to be imposed in the Greek regions, where prices did not increase excessively before 2008 and, therefore, did not collapse as spectacularly as in Attica, Thessaloniki or other large urban and densely built centers of the country.