Fair market value up by 40% on property prices

4 June 2021
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Changes in 13,808 property zone prices across the country are expected to affect the fair value costs of houses recently completed. The new adjustments are expected to be announced early next week.

As explained by the Minister of Finance Christos Staikouras in SKAI 100.3 Radio the new property prices will be implemented at the beginning of 2022 but their effect on unified property tax (ENFIA) will not be immediate as the property tax is determined by a number of parameters.

As Mr. Staikouras said, the new system of fair value prices now covers 98% of the population, ie the changes concern 13,808 price zones. The adjustment of fair values ​​results in 165 extensions of existing zones where prices were expected to increase significantly. They are also part of the fair value 3,478 areas that are currently outside the system. The inclusion of regions in the fair values ​​results in 40% increases in the prices of 133 regions but significant reductions in some other zones.

As the Minister pointed out, an increase in the reduction of the zone price does not automatically mean an increase or decrease in the corresponding ENFIA. This is because ENFIA is calculated with rates that are imposed in a range of fair value (eg zone price from 751 to 1,050 euros tax rate of 2.9 euros per square meter, 1,501 to 2,000 euros, rate of 3.7 euros, 2,001-2,500 euro rate 6 euros). Moreover, according to Mr. Staikouras, the ENFIA reform will be budget neutral while the government intends, if the fiscal conditions allow, to have a new reduction in ENFIA 8%.

In 2022 the government will also consider abolishing the supplementary real estate taxes. The minister did not rule out the possibility, in the future, of the responsibility for the collection of ENFIA to be transferred to the local government.

Finally, the Minister of Finance stressed that this year the support measures of the citizens reached 16 billion euros and of these 4.5 billion are still available.

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