The last update of property tax prices in Greece was before 3 years. Today, however, in some areas of Athens, as well as in the tourist areas, the difference between it and the market sale price has increased sharply.
Apartment with an area of 153 sq.m. in Kifisia, which is for sale for EUR 672,301 (EUR 4,394/sq.m.), has a cadastral value of EUR 2,000/sq.m. The sale price is 119% higher than the cadastre price. Apartment of 208.5 sq.m. in Kifissia, which costs EUR 600,000 (or EUR 2,878/sq.m.), has a cadastral value of EUR 1,650/sq.m.
The cadastral value of real estate in Greece, known as “objective prices”, directly affects the amount of the annual property tax (ENFIA). However, since 2021, when the objective price map was last updated, market prices for real estate in the country have risen significantly.
The average value of properties sold in Greece increased from EUR 96,000 in 2022 to EUR 106,000 in 2023 and reached EUR 108,000 in the first 5 months of 2024.
Thus, the discrepancies between market and cadastral values show above all that real estate prices in Greece have increased significantly in recent years.
„The market value of real estate in Greece is two and a half times higher than the cadastral value. This is especially true for areas that require a “golden visa” among foreigners. They artificially inflate prices so that properties can qualify for an investment residence permit. However, the government is already beginning to express its dissatisfaction with the situation, as it is not collecting taxes. Ultimately, the annual ENFIA tax is calculated based on the cadastral value. Therefore, we can soon expect a new reform for determining cadastral prices", local analysts point out.
You can see detailed statistics on average property prices in Bulgaria by cities and neighborhoods HERE