The most difficult technical issue in the ongoing talks between the government and the representatives of Greece’s creditors is determining the new, objective tax valuations for real estate around the country, according to a top finance ministry source, who spoke on condition of anonymity.

The objective is for the new valuations to be in line with the market values of properties, a real feat when the real estate market has effectively been leveled.

The initial target was to set tax valuations for property zones nationwide by the end of March.
The two sides are exchanging views on the matter, and the talks have not yet touched upon issues pertaining to the post-bailout period or debt relief.

Regarding online property auctions, another area in which there have been governmental delays, the government has handed over justice ministry data and appears to have made progress in expanding the geographic base of the auctions nationwide.

As for the creation of a bad bank for non-performing loans, the finance ministry source said that there is a way to go yet, and that much will depend on the outcome of the ongoing stress tests on Greek banks.