The government is proceeding with the completion of the real estate reform that had begun in 2019 with the reduction of ENFIA and the suspension of VAT, on the one hand reducing red tape in transfers, on the other hand expanding objective values throughout the country.

The government’s plan also foresees interventions on the foreshore and the beach that basically concern the parts that are leased, creating the appropriate institutional framework and stable rules for those who wish to make use of shared spaces. At the same time, the tax administration also intervenes, with the abolition of certificates for faster transfers, automatic completion of E9.

The context of the changes was announced by Finance Minister Christos Staikouras and the Governor of the Independent Public Revenue Authority (AADE) at the POMIDA conference. Particularly:

  1. Corrections to objective values. The deadline is extended until February 6, 2023 for the submission of a reasoned opinion by the municipalities requesting a reduction of the objective values. Dozens of municipalities have submitted a request for the redefinition of zone prices in their area, with Christos Staikouras pointing out that “where there is any validity, the competent committee will recommend to the Minister of Finance a new assessment, with the same – provided by the institutional framework – procedure, without retroactive effect”.
  2. Expansion of objective values. More than 2,167 regions will gain zone value. The task of determining zone values is undertaken by certified real estate appraisers. This is “the remaining 1.5% of the Territory where the required urban planning elements were missing”, as noted by Christos Staikouras.
  3. Automatic readjustment of objective values to commercial prices. By the end of 2023, the digitization of the zones will be completed, for all areas outside the city plan or settlement boundaries, which forms the basis for the operation of the automatic system of readjustment of the objective values of the properties. The new information system will monitor real estate market trends and where it detects fluctuations in commercial prices it will automatically intervene and readjust zone prices.
  4. Automatic completion of E9. A new digital application is being designed through which the E9 statement will be filled in automatically, by drawing the data from the electronic platform myProperty of AADE. In other words, taxpayers will not need to change their real estate data in E9 every time they proceed with a purchase, parental benefit or donation of real estate. The E9 will be updated automatically based on the data of the real estate transfer declarations which are now mandatory to be submitted electronically.
  5. Abolition of certificates for real estate transfers. According to the Governor of AADE, certificates that are a source of inconvenience without being needed today will be abolished, while, according to the data he presented, in 2022 230,000 tax returns for transfer, parental benefit, donation and inheritance were submitted and more than 370 million euros were collected.
  6. Real Estate Platform. Taxpayers who rent out real estate are required to submit to the AADE the declaration of initiation or termination of a contract for the lease of real estate, in which the details of the property, the details of the lessee, the amount of the rent are recorded.
  7. Draft law on the seafront. In the next four years the government will present the draft rules for the foreshore and beach and leases.