Greek government lowers property values by up to 19 pct
- Written by E.Tsiliopoulos
Greek Finance ministry on Wednesday announced a decision to lower official real estate values by 19 pct in a move aimed to bridge a gap created between commercial and official property values due to a prevailing crisis in the domestic real estate market.
The decision was signed on Tuesday and will have a retroactive effect from May 21, 2015. The decision envisages the creation of nine price zone grades throughout the country with different percentage price cuts, ranging from 5 to 19 pct.
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