Changes in the Real Estate market: The raise in the objective values, the new tax concerning automatic overvalue and the imposition of VAT on newly-built property will create charges which, in many cases, will be very high for those who will buy property after these taxes are enacted. The raise in the objective values which in many cases will be more than 50% will directly advance the tax value of property and as a result, it will lead in a raise of the tax charge. Further charges will be imposed to those who will want to buy a newly-built property by the imposition of VAT. In newly-built property, the VAT (Value Added Tax) is fluctuating between 9% and 11% at the time whereas it will be raised to 18%. This will lead in an increase of the all-around prices asked by the building manufacturers. The raise in the automatic overvalue will cause an increase of the all-around price of a property for the seller will transfer this tax to the all-around price. These changes are due to come into force the following autumn and it is certain that they will cause turmoil in the Real Estate market.

Rise in the objective values : The last adjustment of the objective values was in March 2001. This rise was made in order for the objective values to follow up the rising prices of property due to the trimming of the interest rates and the country's accession to the EU. However, the prices for buying property continued rising and as a result, objective values are even 50% lower than the real prices of property. This means that there will be a big rise of the objective values.

Automatic overvalue tax: This tax is an income tax and has to be paid from the seller of the property. This means that the seller will include this tax in the final price he is asking from the buyer. The automatic overvalue tax can be calculated as follows:
1. The acquisition value of a property will be calculated as its objective value at the year bought. This value will be augmented according to the inflation rate beginning from the year bought to the year sold.
2. The assessed value will be calculated as the acquisition value minus the transfer value.
3. There will be a tax imposed on the taxed value of the property. This tax will be based on the tax rates according to the time the seller has the property in possession. The more years he has the property in possession the lower the tax will be imposed.

VAT in property: It is certain that such a measurement will be imposed, even as soon as the 1st January 2005, following the adjustment of the objective values. Its application will mean a simultaneous abolition of the transfer taxes in newly-built property (9%-11%) and its replacement with the VAT (18%). It is still examined whether the property used as main residence have VAT 8%. The VAT will be imposed in the cases where the transfer is made in exchange with money. This means that no VAT will be imposed in donated or inherited properties or in parental donations.