Greek inherited property valuation is, almost every week, the first question that reaches our office from Greeks living abroad, or from foreign nationals of Greek descent. The scenario repeats with small variations, a call from Chicago, Toronto or Melbourne, three or four siblings who became co-owners of an apartment or a family house after their parents passed away, and a question that sounds simple, how much is my share worth. The answer, though, hides two completely different numbers, and how clearly that gets explained from the start often decides whether the family reaches a calm agreement or a dispute that drags on for years.
Greek inherited property valuation, two numbers not one
In Greece, a Greek inherited property valuation is never a single figure. Every inherited property carries two separate values that serve entirely different purposes, and confusing the two is the most common reason a simple conversation between siblings stalls for months, sometimes years. The irony is that the closer the siblings are, the more awkward it feels to talk about money directly, and families often prefer to hand the whole question to an outside professional instead.
The objective tax value, the state’s number
The objective value is calculated using zone coefficients set by AADE, the Greek tax authority, for each area, regardless of the actual condition, view or floor of the specific property. It is the figure used to calculate inheritance tax, the notarial deed of acceptance of inheritance, and the annual ENFIA property tax. It is binding for the state, but almost always lower than the real market value, sometimes significantly lower in areas with strong demand.
The market value, the number buyers and sellers actually use
The market or unofficial valuation comes from a comparative market analysis, meaning what similar properties are actually selling for right now in the same area, on the same floor, in similar condition. The tax authority has no interest in this number, but it matters enormously to siblings negotiating a buyout of one heir’s share, because it shows what the property would genuinely fetch if sold today on the open market.
In our office’s experience, the gap between the two values can be wide in sought after areas. In Kolonaki, for example, market values for apartments typically range from 4,000 to 10,000 euros per square metre depending on condition and floor, while along the southern coast, in areas such as Kavouri or Vouliagmeni, new builds reach 28,000 to 36,000 euros per square metre. Neither figure appears anywhere on an ENFIA statement, and that gap is exactly what confuses people who do not work with Greek property every day. Without a serious Greek inherited property valuation grounded in the real market, siblings are simply guessing, usually in opposite directions.
Why this confuses Greek heirs living abroad so often
Someone who has lived in Chicago or Sydney for decades has little reason to follow the fine print of the Greek tax system. Often the first number a heir abroad ever sees is the objective value, through the deed of acceptance of inheritance or the ENFIA statement, and they wrongly assume that this is also the price they should offer or demand for their share. The result is either an offer that feels insultingly low to siblings living in Greece, or a demand that is completely unrealistic, and both delay the division of the estate for months, sometimes years. An independent Greek inherited property valuation from a professional who understands both systems solves the problem before negotiations even start, because everyone begins from the same documented figure instead of guesswork.
What changes with law 5303/2026
Law 5303/2026, published in Government Gazette issue A’ 81 on 22 May 2026, is the most significant reform of Greek inheritance law in decades, and most of its provisions take effect on 16 September 2026. Among the changes, the framework governing relationships between co-heirs is being revised, with the aim that heirs entitled to a forced heirship share may, in certain cases, be satisfied through a monetary claim instead of remaining forced co-owners of property they have no wish to manage jointly.
If this direction is confirmed in the law’s final application, buying out a sibling’s share for an agreed price, rather than prolonged co-ownership, is expected to become an even more common solution. That makes having a credible market valuation, alongside the objective tax value, more important than ever. This point touches sensitive legal ground and absolutely needs review by Mr. Liartis before publication, so the wording accurately reflects what the law ultimately provides.
How a buyout between siblings works in practice
The path we typically follow with families that have members abroad includes the following steps.
- Acceptance of the inheritance by all heirs, which those living permanently abroad can usually complete through a power of attorney, without travelling to Greece.
- Obtaining two valuations, the objective tax value for the tax obligations and a market valuation from a certified appraiser or an experienced local real estate office.
- Discussion and agreement among the siblings on the market value, usually with some room for negotiation depending on how quickly one side wants to cash out.
- Drafting the notarial deed transferring the share and registering it with the Land Registry.
At every step, the family’s legal counsel and the appraiser work closely together, so the agreed price is fair and documented, which protects both the heir buying the share and those selling it, especially if another co-heir later disputes the arrangement.
The whole process usually takes a few weeks, not months, once there is a clear, mutually accepted Greek inherited property valuation from the start. The real delay almost never comes from paperwork, it comes from the time siblings need to agree with each other, and a neutral number from a professional helps that conversation far more than any discussion around the family table.
When you need a certified appraiser
Deciding when a Greek inherited property valuation needs to be certified, rather than simply informal, depends on what you plan to do with it next.
A formal valuation from a certified appraiser is typically required when bank financing, court proceedings, or formal documentation for the tax authority is involved. For a straightforward agreement between siblings who simply want to reach a fair price, a serious market valuation from an office with genuine local knowledge is often enough, and it can later be followed by a certified appraisal if a formal requirement arises.
Frequently asked questions
What is the objective value of a property in Greece?
A Greek inherited property valuation for tax purposes uses the objective value calculated by AADE using zone coefficients, used for inheritance tax, ENFIA, and other tax obligations. It does not necessarily reflect the real market price.
Can I accept an inheritance from abroad?
Yes, most heirs living permanently outside Greece complete the acceptance of inheritance through a power of attorney, via a lawyer in Greece, without needing to travel.
How much can the objective value differ from the market value?
The gap varies by area, and can be significant in high demand zones, where the market value considerably exceeds the objective value.
Do I need a lawyer in Greece if I live abroad permanently?
Yes, without question, both for accepting the inheritance and for drafting the buyout agreement, so your rights are properly protected.
Sources
Law 5303/2026, Reform of inheritance law and related provisions, Government Gazette A’ 81/22.05.2026, Hellenic National Printing House, https://search.et.gr/en/fek/
Independent Authority for Public Revenue (AADE), property value calculation sheets, objective value system, https://www.aade.gr/en/property-value-calculation-sheets
gov.gr, Government Gazette (FEK) official search, https://www.gov.gr/ipiresies/dikaiosune/nomothesia/phulla-ephemeridas-tes-kuberneses-phek
If you have inherited a property together with siblings or relatives and want to know what your share is genuinely worth, the team at Epsilon Team Real Estate can provide both valuations, the official one and the market one, so your agreement rests on real figures. Get in touch with us.
Evita Eleftheroudaki
real estate agent | real estate appraiser
co-founder
EPSILON TEAM real estate
evita@epsilonteam.gr
+30 6944626626
