Greek Finance ministry announced a decision to lower official real estate values

Greek Finance ministry on Wednesday announced a decision to lower official real estate values up to 19 pct in a move aimed to bridge a gap created between commercial and official property values due to a prevailing crisis in the domestic real estate market.

The decision was signed on Tuesday and will have a retroactive effect from May 21, 2015. The decision creates nine price zone grades throughout the country with different percentage price cuts, ranging from 5 to 19 pct.