Stournaras: Setting new objective values is unsafe

In his letter sent to the Greek parliament early December Finance Minister Yannis Stournaras says it unsafe to define new objective values in the present economic situation characterized by large fluctuations in the financial system of the country with significant impact on the property market.

As he noted, "the lack of movement in the real estate market resulting in an unsatisfactory level of buying and selling as in normal market conditions, does not allow the approximation of actual values of properties and the creation of new, more reliable ones. As soon as circumstances permit, we will consider the issue of reviewing the objective values of real estate under appropriateness, proportionality and social and economic criteria, according to the financial capabilities of the State."

Stournaras’ document was sent to parliament under the parliamentary audit, after question filed by Independent Greeks MP Maria Kollia Tsarouha, calling on the minister to explain why the redefinition and convergence of objective and commercial values has not happened so far. The MP pointed out that the tax is calculated with objective values that no longer have any connection with reality as the real estate market has completely collapsed. As she indicated, this results to the punishment once again of the people who managed in a transparent manner and taxed incomes to acquire an asset.