For the first time in forty years of operation of the system Objective determination of the value of real estate citizens are provided on a pan-Hellenic scale and without spatial restrictions the opportunity to immediately receive information on the value of real estate through the application https://valuemaps.gov.gr. But an interesting fact is that not only the Greeks, but also thousands of citizens of foreign countries interested in investing in Greece took advantage of the system.

According to the information, in the first two months of the year, 44,490 citizens, of which 3,500 are from countries such as Germany (420), China (331), Great Britain (347), USA (490), even from Japan.

In fact, over the past six months (1.9.2022-1.3.2023), the system has served several million search queries and property value calculations made by more than 130,000 different users, of which 10,000 came from abroad.

The year 2023 has started even more dynamically, and if there is no crisis affecting the market, real estate investment is expected to surpass the 2022 record with an inflow of €1.975 billion into the Greek property market from abroad, according to Finance Ministry officials. As can be seen from the visits, expatriates from the US, Germans, Chinese, Britons used the app, and the list also includes stakeholders from Hong Kong, Taiwan, Thailand and Bermuda.

The fixed interest applies on the one hand to the golden visa and on the other hand to short-term rentals. In fact, the fact that the amount of the Golden Visa doubles from 250,000 euros to 500,000 euros from May 1 is pushing many to direct investment in the Greek real estate market. According to the Ministry of Migration Policy, there were 4,363 permit requests (investors plus family members) in 2022, up 117% from 2005 in 2021.

How it works

As explained by Secretary General of Information Systems Dimofenis Anagnostopoulos, a citizen finds an object of interest on the map, either by entering the address in the search field, or by activating the GPS of the mobile phone by selecting the appropriate icon in the application. Thus, he can see the price of the zone in the area of ​​the object and compare it either with the price of neighboring zones, or with the price in other time periods.

The two most important reasons for attracting foreign investors are the golden visa and Airbnb-style rentals.

With the help of an electronic application, citizens are served online and free of charge directly, avoiding inconvenience and costs.

On the valuemaps.gov.gr platform, all zones of the Objective Real Estate Valuation System are depicted on a satellite cartographic background, where a citizen can place his property and calculate its objective value using 15 forms of the System. Objective determination of the value of real estate using automatic geospatial digital algorithms, both for planned and unplanned areas.

Please note that the cost of a zone is the cost per square meter of a newly built house on the ground floor facing the road located in this zone.

However, stakeholders can calculate the value of a particular property, for example. apartment by selecting the adjustment date (2018 or 2021) and the corresponding form category, for example. residence (E1). When a property is located on the map, the zone to which the property belongs in spatial terms is automatically selected. If the property is located near the zoning boundary or in the linear zone, then the user is given the opportunity to choose whether it faces the zoning boundary or the linear zone, respectively.

Each selection automatically adjusts the range value used and the calculated value of the corresponding algorithm. In addition, if an object enters the road with a marketability coefficient other than one, then a specific marketability coefficient is automatically used. Otherwise, the unit is used as a commercial factor in the calculation algorithm.

To complete the calculation of the objective value, a citizen provides other qualitative characteristics of his property, such as the number of facades, number of storeys, square meters of area, date of construction, etc., and at each step the value of the property is calculated automatically. Also, data and calculation results can be exported to a file for further use.

Using the platform is free for all citizens who want to calculate the value of real estate. In particular, through the platform, engineers, lawyers, notaries, real estate appraisers, as well as any potential seller, buyer or investor can use the available tools and the information provided to find the object of interest on the map and immediately calculate its value. value.