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Greece to Launch Real Estate Price Tracking App

Greece is preparing to launch an innovative app that will provide real-time data on property sale prices. The initiative aims to boost transparency in the real estate market, with the expectation that greater clarity could help reduce inflated property prices. The app is currently under development and is slated for full release by the summer of 2025.

The platform will harness Artificial Intelligence to gather and analyze data from various sources, including transfer contracts, sales advertisements, and records from the Tax Authority and Land Registry.

The app will present information about properties, such as type, size, age, location, and sale price or rental fee, while ensuring taxpayer privacy by not revealing personal details.

The primary goal is to give citizens and prospective buyers reliable, up-to-date insights into real estate prices across different areas of the country. Buyers, sellers, and renters will be able to access this data free of charge, empowering them to compare actual sale prices with those listed in advertisements or by real estate agencies.

For instance, a buyer who currently relies on advertised asking prices will soon be able to view verified price ranges of completed property sales in their area of interest.

While individual users will enjoy free access to the app, banks, real estate professionals, and other industry stakeholders will have the option to purchase more detailed data for their business needs.

This initiative comes as the Greek government responds to findings in the Bank of Greece’s interim report, which revealed a 4.6% annual decline in housing investments nationwide during the first nine months of 2024.

Despite this development, housing investments remain historically low, accounting for just 2.3% of GDP—significantly lower than the 8-10% share seen in the 2000s.