Real estate prices in the general Athens area have plunged so low that in some cases houses are sold at one tenth of their market price, according to data posted in the General Secretariat of Information Systems.
In the first quarter of 2017, there were houses in certain areas of Athens that were sold at 100 euros per square meter while the zone price was 1,250 euros per sq.m..
In most cases, the price paid for a property is five and six times lower than its fair value. Many owners cannot afford to pay taxes on their homes or other tax obligations due to the economic crisis and are forced to sell them. Experts in the area argue that prices are at a very low level, but they note that there are many cases where the price on the contract is much lower than the real price since many transactions are conducted with money under the table.
According to the GSIS, “The Real Estate Transfer Register is a useful tool that enables all stake-holders to monitor the real estate market. The user can receive information on the value of property transfers by region, based on criteria they choose from the available in the application, having the ability to perform either general or more specialized searches.”
The platform is essentially the forerunner of the new automated system that will replace the objective values of real estate properties. However, it is extremely difficult for the committee responsible to manage the sale of real estate by the end of the year to create a reliable system based on real estate sales prices. This is because tens of thousands of citizens are forced to sell their property at extremely low prices as they are in need, while contracts do not always tell the truth.
Some examples of houses sold well below their actual value are:
An apartment in Peristeri, built ion 1967 was sold at 321 euros per sq.m. when the zone value in the area is 1,050 euros per sq.m.
A 81 sq.m. Vouliagmeni apartment was sold in March at 988 euros per sq.m., when the zone price remains at 3,500 euros.
A 116 sq.m of 1989 in the Zografou neighborhood was sold at 35,000 euros, while it was valued at was 145,000 euros.
In Maroussi, a 59 sq.m. apartment was sold at 25,000 euros (or 423 euros per sq.m.) when its market value is 97,500 euros.