The property market in Greece is bracing up for a bumpy ride, faced with a radical overhaul of the system of property evaluation.
According to taxation experts, properties in low-income areas (currently valued at 550 – 700 euros per square meter) are expected to see their “objective value” rise significantly, leading to heavier taxation (and particularly a rise in ENFIA, the large property tax), which is largely unaffordable for their owners.
Property values are expected to go up in 60 per cent of the country, reduced at 23 per cent of the country and remain unchanged in 17 per cent.
Most of the affected areas are expected to hit working-class neighbourhoods, such as the Athens outer suburbs of Zefyri, Malakasa, Avlona, Varnava, Mandra, Drapetsona, Ano Liosia, Elefsina, and Agia Varvara. Other cities affected will be Patras, Samos, Laconia, Larisa, Trikala, and Preveza, but also the Islands of the Ionian sea and the Northern Aegean, where there is high demand for touristic properties.
This increase will reflect to a series of property taxes, such as the ones imposed on purchase, or on donations of property from parents to children.