A unified electronic database for monitoring the real estate market and recording property values is being developed by Greece’s Ministry of National Economy and Finance, with the aim of gaining a clearer picture of how prices and rents are shaped across the entire country.
This initiative is known as the “Real Estate Value Bank,” which will be maintained by the ministry’s Independent Property Valuation and Assessment Division and will operate through the digital platform “Digital Services for Public Property and National Endowments.” The new mechanism will serve as a pilot for the electronic system that has already been legislated, which provides for the automatic adjustment of zone prices to bring them in line with real market values. The system could be activated as part of the next revision of objective property values, with the goal of having new rates take effect from January 1, 2028 — provided that a relevant government decision is made following the upcoming elections. It is worth noting that objective property values have been frozen for five years, while the gap between these values and actual market prices has widened significantly in many areas across the country.
The government’s goal: a more complete picture of the real estate market
According to Article 354 of the omnibus bill published for public consultation, the new database will aggregate data from both public and private entities regarding property transfers, leases, and general property values throughout Greece. Through this approach, the government aims to build a more comprehensive picture of the real market situation, as relevant data is currently scattered across multiple sources. Specifically, data from public bodies will cover transfers of property rights, leases, and property valuations. At the same time, private entities will have the opportunity to contribute property value data through dedicated memoranda of cooperation with the Ministry of National Economy and Finance and the Ministry of Digital Governance.
Of particular importance is that all data will be collected without reference to the personal details of individuals or legal entities. In other words, the database will not function as a registry revealing who bought or sold a specific property, but rather as a tool for aggregating and processing market data by region and property category. Geospatial references may also be included to enable a clearer mapping of the market at a local level, without linking the data to the identities of the parties involved. The creation of the Real Estate Value Bank gives the country’s economic leadership a new instrument for monitoring developments in the property market.
By consolidating real data on property sales and rentals, the government will be better positioned to track shifts in property values and the differences recorded from one region to another. Additionally, the database has the potential to become a significant tool for designing future policies related to real estate, housing policy, and property taxation. The critical point is that the state is gradually acquiring a more detailed picture of actual market conditions — beyond the theoretical or objective values currently used for tax and administrative purposes. The provision stipulates that ministerial decisions will define the sources and types of data to be entered into the Value Bank, the method of data transmission, retention periods, and security measures.
