The government is creating a digital map with the real sale and rental prices of real estate in every land-registered area of the country with the aim of transparency and rationalization of market prices which have jumped in recent years.
From 2025 the digital map for real estate
The platform, which will be activated in 2025, will be accessible to citizens who, before buying or renting a property, will be able to see the prices listed in real estate sales contracts or lease contracts and compare them with the prices appear in the ads.
Difference in real estate prices from listing to contract
Today, there are significant discrepancies between the asking prices of real estate through advertisements and the prices reflected in the contracts. In many cases the prices in the contracts are lower than the prices of advertisements and brokers and thus “an artificial image is created of the prices that exist in the market, without knowing where the owner and the tenant agree” as underlined yesterday by Minister of State Akis Skertsos (ERTnews) who, referring to the platform with real estate purchase and rental prices, stated that “contracts concluded either for purchases or for leases, anonymized obviously, will be posted in every neighborhood, in every region, in every city of country”.
The details of the properties that citizens will see
The platform will display all the sale and rental prices of real estate by area. The data will be drawn from real estate sales contracts, the Land Register and real estate lease statements submitted to AADE. The platform will not display the data of the taxpayers, but only the characteristics of each property (type, surface, age, area) and the sale price or rent.
According to the plan, in 2025 the Land Registry will have access to all the actual transaction prices for any purchase or sale throughout the territory. “This data of the actual price corresponding to actual square footage in a contract, which results in a transfer, will be entered into an application called Price Map” has stated the Deputy Minister of Digital Governance, Konstantinos Kyranakis, clarifying that the digital application “will give data both in time horizon and geographical extent, from which the user will be able to choose”. The new system will use artificial intelligence to collect and analyze data from multiple sources, such as transfer contracts, sales advertisements and data from the tax office and the Land Registry. In this way, citizens will have access to an accurate and up-to-date picture of real property prices in every region of the country.
No end to the rally in real estate prices
The real estate market remains on an upward trajectory with house prices now only slightly away from the historic high of 2008, while for rents, data from the Bank of Greece reveal that despite the jump they have recorded in recent years, they remain lower than in 2011 when the highest value had been observed. Especially for rents, market analysts estimate that prices will continue to rise as they have not yet reached a “ceiling”, causing intense pressure on households. The housing problem remains acute with housing needs wiping out at least 40% of income for one in four households.
The apartment price index compiled by the Bank of Greece shows that since the start of the property market recovery in 2017, house sales prices appear to have increased by 69.2%, but are still 2.4% short of the previous high of 2008. Corresponding is also the evolution of the level of rents, with the relative index standing at 103.2 based on the data of the third quarter of 2024, against 98.7 in the third quarter of 2023. However, the rent index, unlike the index of housing prices, remains significantly lower than the highest value it has received historically (124.3 in the 3rd quarter of 2011).
Forecasts for the real estate market
The Central Bank estimates that in the short term prices will continue their upward trend as long as demand from abroad remains strong, pointing out that the problem of housing costs has worsened in recent years, as a result of the extensive investment exploitation of housing, the withdrawal from the real estate market that secure non-performing loans and are intended for auction as well as the sluggish activity in the construction sector for a long period of time, which has not allowed the smooth replenishment of the real estate stock.
In the recent Financial Stability Report, the BoE underlines that initiatives related to the provision of support for the renovation of old houses (e.g. “Upgrading my Home” program) and the strengthening of supply (e.g. “Social Compensation”) are expected to help address the issue by improving the building stock. Initiatives to support demand from specific social groups (e.g. “My Home II” program) are expected to contribute in the same direction, facilitating their access to the housing market.
Source: ot.gr
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