Huge disparities in new property rates

Property market groups and professionals, including surveyors who participated in proposing the new property zone rates, appear to have been proved right in predicting the risk of overtaxing the country's properties - unless other factors come into play in determining the final amount of the Single Property Tax (ENFIA).

Taking into account the actual transactions conducted in Greece, more than half of which concern properties over 25 years old, there are discrepancies close to or even exceeding 60 percent compared to the zone rates announced earlier this month.

Analysis of the data shows that one can find the biggest difference between market prices and zone rates in central Athens, where prices slumped during the financial crisis and most properties are over 30 years old. This is followed by the capital's upmarket districts, where the difference compared to real prices...

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