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A Decision on Fair Market Value of Real Estate was signed

On Tuesday a ministerial decision was signed on the adjustment of the fair market value of real estate according to the announcement of the Ministry of Finance. According to the Ministry, any increase in prices is provided, otherwise, a reduce of 5-19% has been set.

As indicated in the relevant announcement, the ministry:

1) complies with a decision of the Council of State on the adjustment of the fair market value of real estate, with retroactive effect from 21.05.2015, for a short period from the date of the decision;

2) applies legislative decisions that have been taken since 2007, but not implemented by any of the previous governments;

3) denies rumors about "higher prices and new tax burden for the citizens", of someone who not even acquainted with the proposals of the competent committees;

4) reaffirms its commitment in no way increase of the fair market value by the government. The set of nine prices groups across the country at current prices of 400-650 euro, prices remain unchanged, as well as in the prices of 4050-8800 euro. In all other areas, there is a decrease in prices of 5-19%;

5) Despite the proposals to increase the fair market value of the real estate (in some areas), the Government's intentions are clear and stable - in any case to prevent the increase of the fair market value of the real estate in Greece.

Source: realestatenews.gr