11/30/2024
The government is taking additional steps to enhance transparency in real estate pricing to better inform the public and prevent fraud, which is often encountered in property listings.
One key initiative planned for 2025 is the creation of an electronic platform under the supervision of the Ministry of Finance and the Independent Authority for Public Revenue (AADE). This platform will publish actual final purchase and rental prices of real estate in real time, as recorded in contracts. This will offer interested parties a more accurate view of market prices, rather than relying on initial or inflated prices often seen in listings.
The transparency provided by the new platform aims to stabilize the real estate market, curb price inflation, and enable buyers and renters to make better-informed decisions. This initiative complements other government measures aimed at regulating the real estate market and ensuring fair treatment for all parties involved.
Minister of State Akis Skertsos, in an interview with ERTNews, addressed the social issue of affordable housing and highlighted the alarming rise in property prices. According to him, "Demand for housing rental and purchase is rapidly increasing, while supply remains limited." Skertsos noted that the pressures from tourism and short-term rentals are pushing prices up, creating additional barriers, especially for young people who face challenges in finding affordable housing in urban and tourist areas.
In response, the minister discussed the "My Home" program, which includes a range of measures to improve housing accessibility. As he explained, this policy comprises "at least 10-12 different measures," including subsidized mortgage loans and reduced rental rates.
On the topic of price transparency in the market, Skertsos emphasized the importance of the new platform, to be developed by the Ministry of Finance. Through this platform, real-time purchase and rental prices for properties across all regions of the country will be available. "Today, listing prices often differ from final prices, creating a distorted picture of the market," the minister explained, adding that the new mechanism will help normalize prices. The platform is scheduled for launch in 2025 to provide greater transparency and assist citizens in finding affordable housing.