Another decisive step toward completing the system of automated adjustment of objective property values, so that they are closer to actual (market) prices, is being taken by the Ministry of National Economy and Finance (YPETHOO) with the creation of the Real Estate Values Bank (TAA), as provided for in article 354 of the omnibus bill posted for consultation.
With the establishment of the TAA, the state will essentially acquire an "eye" on the real market, which will provide it with the fullest possible picture, as the Bank's role will focus on setting up a central digital observatory for the systematic recording and monitoring of commercial transactions and property leases throughout the country.
The ultimate goal is the creation of an expanded, unified "pool" of information, so that the economic staff has an absolutely clear and realistic picture of what is happening in the real estate market.
The two pillars
The database will be fed by two main pillars. The first is the public sector, through the extraction of data on transfers of real rights and lease contracts from existing state platforms.
The second is the private sector, as market entities (such as banks, valuation institutions or brokerage networks) are given the possibility to provide data through bilateral memoranda of cooperation.
For the protection of citizens, all information, even that carrying geospatial reference (GIS), will be collected in fully anonymized form, on the basis of the General Data Protection Regulation (protects personal data).
This data will feed the Integrated Geoinformation System for Mass Appraisal of Real Estate Value (CAMA), creating the infrastructure for the future alignment of objective values with commercial prices.
The database will operate in the Independent Department of Appraisals and Determination of Real Estate Values of the Ministry, through the information system "Digital Services of Public Property and National Endowments" (PSYDIPEEK).
Changes in objective values
However, the creation of the TAA will not bring an immediate or automatic change to objective values and, by extension, to ENFIA or transfer taxes.
In any case, objective property prices were not going to be adjusted before the national elections of 2027.
However, in the medium to long term, the new "tool" is expected to decisively affect the way these are calculated, effectively abolishing today's bureaucratic procedures.
As officials of YPETHOO emphasize, the launch of this specific database is purely informational and preparatory in nature and in no way implies that because a few expensive sales were recorded in an area, the zone price will also be immediately adjusted.
What applies
Despite the digitization of zone prices through the valuemaps.gov.gr platform, the determination and change of objective values continue to be based on the… traditional process.
Local committees and private certified appraisers continue to operate normally.
When YPETHOO decides to change prices or examine municipalities' objections, the bureaucratic route is followed: recommendations, opinions of municipal councils, drawing lots and assignment to sworn appraisers, review by special ministry committees, and final issuance of a Ministerial Decision.
According to the government schedule, the automated system for calculating objective prices is expected to be put into operation at the end of 2027.
Therefore, if there are no upheavals, the TAA, in the first months of the new year, will begin collecting the actual prices from contracts, brokers, and banks. And when the algorithm is activated, the committees will be abolished or limited to very special cases.
The system will "read" market fluctuations from the Values Bank and automatically adjust zone prices on valuemaps.gov.gr, without the need for human intervention, ministerial decisions, or delays of many months.
AADE and MIDA
The Bank will constitute another "gear" in the broader digital framework for real estate, with the first main "partner" being the Property Ownership and Management Registry (MIDA) being implemented by the AADE.
MIDA focuses mainly on the tax depiction of properties, checking use, leases, and the interconnection of form E9 with the Cadastre through the ATAK and KAEK codes.
While MIDA is the tool for monitoring tax compliance and the correctness of owners' declarations, the Values Bank comes to feed it with the real economic data of the market.
The comparison of the data from the two systems will allow the state to immediately identify discrepancies, undervalued transactions, or fictitious contracts, making cross-checks more accurate.