Financial Minister Euclid Tsakalotos and Alt. Finance Minister Tryfonas Alexiadis are faced with making decisions on the new objective property values around the country. Sources state that the findings submitted forecast horizontal reductions from 10-20% for middle-class areas, and smaller reductions as well as increases in working class districts. Prime real estate in top notch areas such as Mykonos or upmarket Ekali remain the same.

It remains to be seen if the government will accept the committee’s proposals, at least for working class districts where increases to objective values were found.

According to sources, initial findings predicted larger reductions, however it was decided to restrict these as much as 40% or at least 20%.

Official sources state

– In areas with objective value zones from 600-750 euros (41% of the country) taxation proces need to increase by 10-15% so as to approach commercial values e.g. Perama and Drapetsona in Piraeus may see a rise in zone prices.

– Areas with prices from 750-1,500 euros need to recue or remain stable. Areas such as Aigaleo and Peristeri, west of Athens, will remain as is with the same denominator.

– Middle class areas with prices ranging from 1,500-2,500 euros need to be reduced by 10-20%. Palaio Faliro, Agia Paraskevi and others need to see a price reduction that comes close to market values.

– Expensive areas priced from 2,500 euros and more (or 4,000 and 5,000 euros per km2) prices will remain as is.