During the last years, the Greek real estate market has increasingly internationalized, mainly due to the financial liberalization. Globalization requires the broad use of the international valuation standards in accordance to the International Accounting Standards, under the pressures of EU and New Basel Accord. Traditional valuation practice in Greece faces a process of slow harmonization. This paper examines, the degree of variation between valuation standards and current practice, paying particular attention to the absence of an appropriate institutional framework for real estate valuations, and the main reasons of the lack of market transparency.