Valuations and appraisals of commercial and retail properties in Greece

In Greece, almost without exception, retail stores are evaluated through the income method. Additionally, the valuation through the comparison method helps towards the final determination of the value. Yet, lack of information on the final price of the purchase/sale data renders the valuation unreliable. Unfortunately, Greek valuers can only use the asking sell price information for their valuations through the comparison method, which is widespread through the newspapers and, in a way, “mandatory” for them. Together, the lack of maturity of the Greek owners that sell their property and also of the brokers in assessing the sales price, renders the comparison method rather unreliable.