A professional property valuation in Greece is the first step every buyer should take before signing any offer to purchase property, whether you are purchasing a holiday home on a Greek island or an apartment in Athens. An independent, documented valuation shows you what a property is actually worth, not what a seller is asking for it, and gives you real negotiating power before you make an offer.
What a property valuation is, and who is allowed to issue one in Greece
In Greece, the right to issue an official, written property valuation is not limited to a single category of professional. The core legal framework is Law 4152/2013, which replaced the old Sworn Valuers Body with the Certified Valuers Registry kept by the Ministry of Finance. Alongside that, professionals certified as valuers by the Technical Chamber of Greece also hold recognised rights to issue written valuations, as do professionals certified by international bodies such as TEGoVA, through the Recognised European Valuer title, and RICS. The same applies to real estate agents who are members of a recognised professional association, provided they have completed the corresponding training. However, for bank financing, and only in that case, a signature from a valuer certified by the Ministry of Finance is required. In every case, what matters for the buyer is that the report carries a specific professional’s title and stamp, not an anonymous or verbal valuation.
At Epsilon Team, we work with two to four certified valuers, depending on the purpose of each valuation. This means the right professional is matched to each specific case.
Asking price and market value are not the same thing
A common mistake is comparing a property against prices listed on portals such as Spitogatos. Those are asking prices, meaning whatever a seller or agent chooses to list, and they can be far from a property’s real value. What matters is not what someone is asking, but at what prices contracts were actually signed for comparable properties in the same area over the last year. This is something that real estate agents, valuers, and members of local professional associations know well.
What a proper valuation report should include
A complete valuation report is usually based on an on site visit. However, if all the necessary documents are already available, such as a topographical survey, floor plans, and legalisation certificates, a site visit is not always required. In every case, the report includes photographic documentation, comparable data from recent contracts in the area, a clear calculation methodology, and the signature and stamp of a certified valuer. A serious valuation is never given verbally. It always comes as a written document, stamped and invoiced, so you can use it with a bank, a notary, or even in court if needed.
What this service costs
At Epsilon Team, the fee is structured as 5 euros per square metre for main living areas and 2.5 euros per square metre for auxiliary spaces, such as garages, storage rooms, or basements. Every report comes with an invoice and carries the stamp of our company as well as of the valuers involved, so it stands as a valid document rather than a spoken estimate.
A practical checklist before you buy property in Greece
- Always request a written valuation report, stamped by a certified valuer.
- Ask for an invoice, not just a verbal figure.
- Do not compare against listing prices, such as those on Spitogatos, since these are asking prices, not real ones.
- Get the valuation before you make an offer, not after.
This matters especially if you are buying from abroad, without close familiarity with the local market, as is often the case with holiday home buyers who live permanently overseas. A written, documented report works as an independent advisor before you commit financially.
Frequently asked questions
What is the difference between an asking price and a valuation?
The asking price is whatever the seller or their agent chooses to list. A valuation is an independent, documented calculation of real market value, based on comparable data from recent contracts in the area.
Who is qualified to issue an official property valuation in Greece?
Certified valuers, professionals certified by the Technical Chamber of Greece, professionals holding TEGoVA or RICS certification, and real estate agents who are members of a recognised association and have completed the corresponding valuer training.
Do I need a valuation if I am buying in cash, without a mortgage?
Yes. A valuation is not only needed for bank financing. It protects you from overpaying, regardless of how you pay.
Can I trust the prices shown on property listing sites?
Prices on listing portals, such as Spitogatos, are asking prices, not prices at which contracts were actually signed. Use them only as a loose starting point, never as your final reference.
Sources
gov.gr, Certified Valuers Registry
Ministry of National Economy and Finance, Certified Valuers Registry
Bank of Greece, property price data
Law 4152/2013, Government Gazette A’ 107/9.5.2013, Paragraph C of the first article, provisions on the provision of valuation services.
Evita Eleftheroudaki
Real estate agent | real estate appraiser
co-founder
EPSILON TEAM REAL ESTATE
evita@epsilonteam.gr
