Objective values set to increase this year

Athens and the broader metropolitan area are set to see an increase in the property rates used for tax purposes, known as "objective values," according to the provisional figures collected by property surveyors for the Finance Ministry.

In the Athens city center, the hikes in zone rates are estimated at around 15-20 percent, which will lead to an increase in taxation on transfers. In contrast, as far as the Single Property Tax (ENFIA) is concerned, the government is expected to implement interventions on the rates in order to avoid putting an additional burden on owners and to safeguard last year's 22 percent average reduction.

In any case, the Finance Ministry is looking at some difficult political decisions ahead as it appears that the recovery of the real estate market and the recommendations by the private surveyors are pointing to an increase in zone rates for...