How the objective valuation system works, and why it matters to foreign buyers

Buy a home in Greece, and at some point you’ll run into two prices for the same property: the one you paid, and a completely different figure the state assigns it. That second number, known in Greek as antikeimenikí axía, is the official, government-set valuation used as the taxable base for calculating real estate taxes, transfer fees, and inheritance duties. It has nothing to do with what the house is actually worth on the open market.

“Objective property value” is the literal, word-for-word translation, and it’s a strange phrase in English, but it correctly signals a state-determined valuation, not a market assessment and not a tax bill.

The starting point: the valuation zone

The calculation begins with location. Greece is divided into valuation zones, each with a state-set zone price, timí zónis, expressed per square metre.

The government’s tool for this is valuemaps.gov.gr. Search an address or locate the property on the map, and it shows you the zone the property falls in, the zone price, and lets you calculate an estimated objective value by entering the property’s characteristics. But the zone price is only a starting point: the calculation of the objective price is not simply square metres multiplied by that price.

Why the calculation gets complicated

The system applies a set of factors and coefficients tied to the specific property: size, floor, position within the building, construction year, whether it’s been renovated, and other characteristics all feed into the result. This is why two apartments of identical size in the same neighborhood can end up with different objective values.

The calculation also changes by property type. A detached house, an apartment, a plot of land, a shop, storage space, or an industrial building each use a different calculation form. The system run by AADE, Greece’s Independent Authority for Public Revenue, provides separate forms depending on the type and characteristics of the property.

Properties outside the standard planning and valuation system add another layer: AADE’s calculation service distinguishes between properties inside the objective valuation system, buildings outside it, and properties in areas that fall outside the planning system altogether.

There’s no single formula a buyer can apply across the board. An apartment listed at €250,000 can end up with an objective value well below or above that figure, and neither buyer nor seller is “wrong”: the listing price is what the market is negotiating, the objective value is what the state’s system produces, and the two answer different questions.

Working out the number yourself

Besides valuemaps.gov.gr, AADE runs its own online Property Value Calculation Sheets, which let you work out a property’s objective value using the applicable prices, coefficients, maps, and calculation methods. AADE describes this service explicitly as informational: useful for understanding the numbers, but not the legally binding source. For that, the applicable prices, coefficients, and methods are the ones set out in the relevant official decisions.

That’s exactly where these tools stop being useful. Every property has its own tricky details, so treat the online calculators as a way to get a rough sense of the number, not as a substitute for the real figure. Calculating your own objective value and relying on it would be a mistake: the notary handling your purchase won’t accept a self-calculated figure either, regardless of how carefully you worked it out. Before you sign anything or make a decision that depends on the result, have an accountant or certified valuer confirm the actual number.

SOURCES
Property Value Framework: Law 1249/1982 (Objective Property Valuation), Article 41
Zone Price Database: Ministry of Economy & Finance (Ministerial Decision FEK B' 2375/2021)
Official Digital Mapping Portal: Interactive Map of Objective Values 
AADE Calculation Sheets: Property Valuation Calculations & Forms ((Taxisnet credentials required)
Ministry of Economy and Finance: FAQ On Objective Property Value (in Greek)

***

Everything in One Place

Visitors who enjoy exploring the site for answers will find a streamlined companion in the 104-page blueprint, which brings every essential detail together into one comprehensive document. For those seeking a single, structured reference work, the complete guide is available to explore at your own pace.