Promising “no more vague valuations,” a new platform showcasing actual prices of houses, land, and other properties is preparing to launch early next year. This “Price Map” aims to streamline the real estate market by providing a reliable overview of market prices nationwide.
Minister of State, Akis Skertsos, offered a preview of the platform, highlighting the current problem: “Until now, property valuations have relied mainly on listings, which often reflect asking prices. This creates significant discrepancies between advertised and actual selling prices, distorting the market to the detriment of buyers. It’s crucial for citizens to have a realistic estimate and understand the true market value of a property in a specific area.”
Developed by the Ministries of National Economy and Digital Governance, the digital platform will provide access to real transaction prices, offering anonymized data covering the cadastral territory. Citizens will have access to accurate data on sale and rental prices of properties throughout Greece.
The platform will allow analysis of the differences between listed and actual prices, fostering healthy competition. Property valuations will be based on reliable data, reducing uncertainty. Information will be sourced from the Land Registry and the Independent Authority for Public Revenue (AADE), encompassing factors such as location, size, infrastructure, and commercial viability of each property. Interactive maps and search filters will facilitate access.
Using Artificial Intelligence and data from listings, sales contracts, and valuations, the platform will offer reliable real-time valuations. Property owners will be able to track their property values as accurately as investors track stocks, informed by actual transactions, not just assessed values.
The platform will enable price comparisons by region, with specially designed software facilitating searches for real transaction prices nationwide. The information will include physical and geospatial characteristics, providing a complete and documented picture of each property’s value.
Platform Access Levels:
- Free Access: For citizens wanting to see estimated property values, including current and historical data.
- Paid Access: For users requiring detailed information on specific areas, ideal for those planning to buy or sell.
- Professional Access: For large investors, banks, and brokerages, providing in-depth data and analysis for strategic decision-making.
The platform is expected to initially cover 75% of the country, aiming for full coverage by the end of 2025, offering a comprehensive and accurate view of the Greek real estate market.