Surveyors can’t make objective value proposal deadline


TAGS: Property, Taxation

Property surveyors are asking for an extension to Thursday’s deadline for the submission of proposals for the new property zone rates to be used for tax purposes (known as “objective values”) as they are currently unable to fulfill all the requirements. Meanwhile the dominant trends in the proposals appear to be a drop in the number of areas with medium to high prices and a rise in those with lower rates.

According to sources, some 250 property surveyors realized after probing the market that they require more time for their research so that their recommendations are as close as possible to the going rates, given the peculiar conditions in the real estate market.

The Finance Ministry appears to favor extending the deadline, but has asked the surveyors to submit a formal demand. Still, the ministry is not inclined to grant an extension beyond seven days, as the proposals will have to be immediately processed by the ministry’s review committee, which will have to issue the final objective values in cases where there are major differences between proposals for the same area.

Sources say that Attica is almost completed, while there are huge gaps outside the capital due to the lack of transactions. The first indications from the surveyors in Attica are quite impressive: On Irodou Attikou Street in the center of Athens, the surveyor’s proposal is for a 30 percent increase in the zone rate, from 8,500 euros per square meter to 11,000 euros/sq.m.

At Laimos in Vouliagmeni, southern Athens, surveyors have recorded prices almost twice the objective values, at 15,000 from 8,800 euros/sq.m. However, they will propose rates between 12,000 and 13,000 euros/sq.m. In contrast, for the Municipality of Filothe-Psychico, the surveyors are proposing a reduction of 20 percent.

Another notable feature surveyors have recorded is that areas with no tourism interest, such as mountain villages with very little in the way of infrastructure, share existing zone rates with other areas of greater commercial interest.