The Greek government has passed a new law that will increase the value of villas for sale in Greece located near areas, forest parks, squares or similar “green areas”.
We have already written about the establishment of a special coordinating committee under the Greek Ministry of Finance, whose goal is to revise prices and create a register of value for luxury villas for sale in Greece. Literally a month later, the first results of the newly established body appeared.
The main point of the new law experts call a fundamentally new order buy villa in Greece. In particular, if earlier in calculating the value of villas for sale in Greece, the inventory value of the property (the cost of materials from which the building was built, taking into account aging and depreciation) was used, now the cadastral value is taken into account when determining the tax, which is more approximate to the market value.
Now, when assessing villas for sale in Greece, all the main factors affecting the cost of housing will be taken into account: wall material, location, year of construction, area, infrastructure of the district (availability of shops and social and cultural facilities), as well as the distance to the nearest metro station, district or park, thus maximally approximating the estimated value of luxury villas for sale in Greece to the real market price.
A special article of this law on the cost of luxury villas for sale in Greece will be introduced an additional coefficient, which will depend on how many square meters of the facade of each building go towards the square, park, square or green zone. If the building has several owners, the tax is distributed among all owners, in proportion to the area of the premises.
It should be noted that after the entry into force of this law, the difference in prices between the estimated value, which was previously significantly lower than the real market, has a chance to change to the opposite, when the real market price will be lower than the appraised value of the property. This bias will affect the overhead associated with buy villa in greece.
Will the introduction of the new law to changes in prices for the purchase villa in Greece, remains questionable. After all, in addition to the estimated characteristics of the objects, there is also the purchasing power of the population, which can not be increased by raising taxes, but rather, increasing taxes will reduce the number of people wishing to purchase real estate, and will frighten potential investors.