Today there are moderate levels of transparency in the , as according to the Global Real Estate Transparency Ind transparency index, within 88 countries worldwide it occupies 36th place, however little improvement compared to the 37th place of 2022. At European level, however, our country is in one of the lowest positions, as only Bulgaria, Croatia and Malta have lower performance. The Global Real Estate Transparency Index based on a global survey by JLL and LaSalle’s extensive network of real estate market experts, however, says that Greece has been taking steps in recent years to increase transparency levels on that market. In particular, the investigation states that the country has significantly advanced its digital transformation, even a few days ago the Bill of the Ministry of Digital Governance entitled “Complete the cadastralisation, simplification of procedures, use of artificial intelligence and provisions for the operation of N.p.d. “Greek Land Register”, other provisions of the Ministry of Digital Governance”. Also, in the wallet of gov.gr also enters the “identity” of properties, and owners will be able to have the full picture of the property on their device. The new application that will soon enter the digital portfolio of the State comes to “button” with the digitization of the Land Registry which aims to give a clear and uniform picture of the purchase of real estate in the country. The real estate identity will collect the details of the properties present in the services such as area, perimeter, land use as well as other data, without having to cross-check and confirm data each time. By registering the properties in the wallet all these details will be available to property owners, notaries, engineers, lawyers, and for anyone who may also be interested in a property anywhere in the country, it will be immediately informed by the owner. The aim of the new service is to overcome existing problems and to have a single picture of the property. Thanks to the new consensus service that has been added, through the Wallet citizens will give approval to bodies, public and private, so that they can draw the necessary information to complete a process related to their property, such as transfers or parental benefits. In addition, owners through the expansion of Maps.gov.gr will be able to see how their property is captured in detail regardless of the cadastralisation phase, and through the digital map they will be informed of the actions and interventions they can do in each area. One important step was the introduction of the “Electronic Building Identity”, which includes all the basic documents and elements of a property (building permits, legalizations, energy certificates, etc.). This offers a full history for each property, facilitating sales and transactions. The auction process has also been digitised through the e-auction platform, which facilitates real estate auctions throughout the country, with increased transparency and without geographical restrictions. Although significant steps are being taken to improve transparency, the real estate market in Greece is still facing problems related to data completeness, unclear legal and administrative procedures, and the slow adoption of modern practices. Specifically, today, despite the digitization that has begun in many areas, bureaucratic procedures continue to burden real estate transactions significantly. Delays in licensing and approval of urban changes make it difficult to complete transactions and investment projects in time. Even though the Land Register is in progress, it is not complete, resulting in property not listed or whose properties are not clearly defined. This leads to disputes and legal disputes, which make investment and trade difficult. As noted in the survey, the advent of Generative AI’s widespread capabilities has overloaded expectations of the impact of technology on real estate. Investments in artificial intelligence are increasing exponentially and, although many applications are at an exploratory stage, they already strengthen transparency across the industry – contributing to the investigation and summary of huge volumes of legal documents, automating the management of buildings, fueling interactive urban and architectural design and offering unprecedented levels of speed and sensitivity to valuations and analyses. However, exporting full value from artificial intelligence will require considerable effort and investment to create the right architecture and governance to collect standard data that can be fed to models, a parameter However, the extraction of full value from artificial intelligence will require considerable effort and investment to create the right architecture and governance to collect standard data that can be fed to models, a parameter in which most companies – and governments – still lack. As these possibilities develop, artificial intelligence offers the opportunity for significant advances in productivity and transparency.
How transparent Greece’s real estate market is finally
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