Flurry of real estate sales anticipated
The shifts in the map of taxable rates for properties, known as “objective values,” are expected to send transactions soaring in areas where the biggest hikes are planned to apply from January 2022.
Estate agents and notaries estimate that many taxpayers will scramble to prepare property sale contracts by the end of the year so as to avoid the additional burden from the 3% tax on the objective value.
On the other hand, there will be no reason for property owners or candidate buyers to rush to complete transactions in areas where the new zone rates will decline.
Even so, whether they buy a property this year or in 2022, they are not going to get it any cheaper: The market has already factored in the zone rate hikes and the sale prices are at the same levels as the objective values. What they will be spared is the additional tax imposed on the new objective values.
It is therefore likely there will be many transactions in the areas set to suffer the biggest hikes, such as the 95% increase in the center of Athens and the 76% rise in Halandri.