Greece is set to launch an application that records real-time data on sale prices of properties, anticipating that an increase in transparency, will eventually lead to a drop in the currently inflated prices of the real estate market. The app which is under development is expected to be fully operational by the summer of 2025.
The new system will utilize Artificial Intelligence to collect and analyze data from multiple sources, such as transfer contracts, sales advertisements, and information from the Tax Authority and Land Registry.
The platform will only display property characteristics including type, size, age and location as well as the sale price or rental fee, without disclosing taxpayers’ personal information.
The aim is to provide citizens and potential buyers with accurate and up-to-date insights into the real estate market’s actual prices in different areas of the country.
Potential buyers, sellers, and renters, will have access to the information free of cost. This will enable them to compare the prices recorded in contracts with those listed in advertisements and by real estate agencies.
For example, a buyer searching for a property, who has so far relied on objective values and asking prices in advertisements, will now have access to the actual price ranges of property sales in a specific area.
While the app will be free for individual users, there will be a charge for access to more comprehensive data, which could be valuable to banks, real estate agents, and other industry professionals.
This initiative, on the part of the Greek government, follows the Bank of Greece’s interim report revealing data indicating an annual drop of 4,6% in housing investments nationwide for the nine month period of 2024.
It should be noted that investments continue to remain at a low level as a percentage of GDP (2.3%), thus staying 4-5 times lower compared to the shares of the 2000s.
Source: tovima.com
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