Objective value vs market value in Greece: what a flat is really worth
By Axias · Updated
Every Greek property has two values. The objective value (αντικειμενική αξία) is a figure the state computes to charge tax. The market value is what a buyer would pay for the flat today. The two rarely match. If you price a sale or make an offer from the wrong one, the mistake is expensive: on a €150,000 flat, a 10% error is €15,000.
What objective value is
Greece taxes property on a value it computes itself, through what is called the system of objective determination. It starts from the zone price (τιμή ζώνης), a price per square metre the state sets for each zone of an area. That price is multiplied by coefficients for floor, age, size, street frontage and a few other features. The result is one figure for one specific property.
That figure is the base for transfer tax when you buy, and for inheritance and gift tax. ENFIA, the annual property tax, is also calculated from zone prices. AADE, the Greek tax authority, publishes the zone prices. The objective value of a particular flat is worked out by the notary or an accountant from the flat's details.
The zone price changes only when the state revises it. Demand does not move it. If prices in an area have risen since the last revision, the objective value will not show it.
What market value is
Market value is the price a flat would sell for today, between a seller who is not in a hurry and a buyer who knows the market. No document states it. You estimate it from what similar flats in the same area sold for recently, adjusted for floor, size, age and condition.
Two numbers look like market value and are something else. The asking price on Spitogatos or XE is what the seller hopes to get, and buyers usually negotiate down from it. An e-auction result is a forced sale and tends to land below a normal sale. Both are useful signals. Neither answers the question alone.
| Objective value | Market value | |
|---|---|---|
| Who sets it | The state, from zone price and coefficients | The market: what buyers pay |
| When it changes | When zone prices are revised | All the time, with supply and demand |
| What it is for | Transfer, inheritance and gift tax | Asking price, offers, negotiation |
| Where to find it | Zone prices from AADE; the notary or an accountant computes it | Recorded sales, listings, auctions, the market trend |
Why the two drift apart
In areas with demand, market value is often well above objective value. Elsewhere the gap is small. Some properties, usually older ones or in areas with little demand, have an objective value close to or above what the market would pay.
No fixed ratio converts one into the other. Anyone who tells you market value is objective value plus a set percentage is guessing.
"Contracts don't show the real price"
This is the first objection people raise about recorded sale prices in Greece, and it has a basis. Transfer tax is charged on whichever is higher: the price written in the contract or the objective value. For years many contracts stated a price close to the objective value even when the buyer had paid more.
Today payment normally goes through a bank, and the buyer has to show where the money came from. That pushes declared prices toward real ones. The practice has not disappeared, though, and it varies by area.
For a buyer, sales recorded with AADE are still the best starting point, because they are sales that happened, with a date and a size. They need cross-checking against what the market is asking now, and they should never be read alone. If a seller shows you the price on the contract from when they bought, they may well have paid more than it says.
How to estimate the market value of a flat
- Find the recorded sales in the area over the last 12 months and keep the ones similar in size and age.
- Look at listings for similar flats on the market now. They usually mark the top of the conversation.
- Check what recent e-auctions nearby sold for. They usually mark the bottom.
- See whether prices in the area are rising or falling month by month. A sale from a year ago is not today's price.
- Adjust for the flat's own floor, condition and year of construction.
A certified valuer does the same work with a site visit. It usually costs €300-700 and takes 5 to 10 working days. You need one for a bank, a mortgage or a court. To decide an asking price or an offer, an estimate that shows its evidence is enough.
What the Axias report does
Axias runs those five steps for an address in a few minutes. It sets the sales recorded with AADE for the area next to current listings on Spitogatos and XE, e-auction results and the monthly market trend. You get a low, central and high price, and a note on how strong the evidence behind them is. Where the evidence is thin, the report says so and gives a wider range.
We check our estimates against real prices. In October 2026, on 78 Athens and Thessaloniki apartments with a known price, the typical estimate landed 11% from the real price, which is 89% accuracy. In 7 cases out of 10 the real price fell inside the range we showed. A real price here is a sale price, an official appraisal, or a price the owner gave us before seeing our estimate. The estimate is strongest in Athens and Thessaloniki, where recorded sales are most plentiful.
Axias does not sell property and takes no commission. The report is an English PDF you can forward to your lawyer, your partner or the agent.
FAQ
Do I pay transfer tax on the price I paid or on the objective value?
On whichever is higher. If the contract price is above the objective value, the tax is calculated on the contract price. If it is below, the tax is calculated on the objective value. The notary works this out when the contract is drawn up.
Can market value be lower than objective value?
Yes. It happens mostly with older properties and in areas with little demand. Transfer tax is still charged on the objective value in that case, because it is the higher of the two.
Is an Axias report a certified valuation?
No. It is an estimate from recorded sales, current listings, auctions and the market trend, made without a site visit. For a bank, a mortgage or a court you need a certified valuer. To set a price or make an offer, the report shows you the evidence. In the October 2026 check on 78 apartments, the typical estimate landed 11% from the real price.