Greece to launch a big data platform for property values

Under Article 354, the new digital platform will collect information on property transfers, leases and valuations from public and private-sector entities, with the aim of creating a unified system for monitoring the real estate market.

The measure seeks to address the fragmentation of available data, enabling the state to track price movements by geographical area and property category.

The Property Value Database will be maintained by the ministry’s Autonomous Department for Property Valuations and Value Determination and will operate through the “Digital Services for Public Property and National Endowments” information system (PSYDIPЕEK).

Data from Estate Agents, Banks and Valuers

The key change lies in the ability to utilise information held by the private sector. In addition to data from public registers, the database will be able to draw on information from estate agency networks, banks, valuation bodies and other organisations with access to real estate market data.

The transfer of information will be governed by cooperation agreements specifying the sources, types of data and technical procedures for information exchange. Cooperation with private-sector entities is particularly significant in a market where advertised asking prices often differ from the prices ultimately agreed in transactions.

The provision calls for the collection of data without personal information identifying natural or legal persons, in accordance with the European and national personal data protection framework. Detailed operating conditions, data retention periods and security measures will be determined by a joint ministerial decision.

The Link with Taxable Property Values

The establishment of the Property Value Database forms part of a broader effort to transition towards a system for determining taxable property values that systematically incorporates market data. Information from the database is intended to support the Computer-Assisted Mass Appraisal (CAMA) system for property valuation.

The system can use information on transactions, property locations and individual characteristics to support mass property valuations. However, the introduction of the Property Value Database does not automatically entail changes to Greece’s administratively determined taxable property values, known as objective values.

The last nationwide adjustment of property tax zone prices took place in 2021 and came into effect on 1 January 2022. Since then, residential property prices have risen significantly in many areas, widening the gap between values used for taxation purposes and those prevailing in the market.

According to publicly announced government plans, the next nationwide adjustment is scheduled for 2028, subject to the relevant decision being adopted.