In Greece, a striking disparity persists between government-assessed property values and actual market prices—a feature that continues to shape the country's real estate landscape. Known locally as «objective values», these official figures are used for calculating property taxes, yet they often trail far behind the real prices at which properties are being bought and sold. According to recent estimates, commercial property prices across the country are, on average, 30% higher than these official valuations.
This gap is especially pronounced in high-demand areas, where tourism, investment interest, and limited supply are pushing market prices to new heights. Nowhere is this more evident than in the region of Attica, which includes Athens and its suburbs. Official figures put the total property value in Attica at €411 billion based on the most recent ENFIA tax data for 2025. However, market estimates suggest that the real commercial value exceeds €534 billion—an astonishing €123 billion difference. The divergence is most dramatic in the city center, eastern districts, and the southern coastal suburbs such as Glyfada, Voula, and Vouliagmeni, which have become hotspots for both local and international investors.
The country’s famed islands also reflect this growing imbalance. In the South Aegean—home to globally recognized destinations like Mykonos, Santorini, Paros, and Rhodes—the total official property value is €25.8 billion. Yet the commercial value is estimated at more than €33.5 billion, revealing a gap of nearly €7.7 billion. These islands, with their luxury appeal and limited land availability, are seeing a surge in demand from high-net-worth individuals and tourism-linked investors, further inflating prices well beyond what the state registers.
Crete presents a similar story. The island’s official property value is €42.2 billion, while the commercial estimate reaches nearly €55 billion. Areas around Chania, Rethymno, and Heraklion are attracting particular interest from European buyers seeking vacation homes or investment properties, driving up prices at a rapid pace.
Northern Greece is not immune to the trend. In Thessaloniki and the broader Central Macedonia region, the difference between objective and commercial values is also significant. Official estimates place the total property value at €101.9 billion, yet market assessments put it at over €132 billion—a €30 billion gap that reveals the slow pace of official reassessments in the face of the region’s growing economic and urban development.
In contrast, more remote or economically stable regions such as Central Greece, Epirus, and Western Macedonia show much smaller discrepancies. For instance, in Central Greece, the official property value stands at €22.8 billion, while the market value is estimated at just under €30 billion.
