A Comprehensive Guide to Buying Property in Greece: Taxes and Associated Fees
Purchasing property in Greece is an exciting venture, whether for investment, relocation, or leisure. However, it’s essential to understand the various expenses involved beyond the purchase price. This guide breaks down the taxes, fees, and costs you’ll encounter when buying a house in Greece, ensuring you are well-prepared to navigate the process.
Taxes on Property Purchase in Greece
The starting point for calculating most expenses is the commercial value of the property, which is determined by the local tax authority based on factors like location, size, and condition. This value is used to calculate various taxes and fees, including:
Property Tax
Property tax is progressive, ranging from 0% to 1% of the property’s market value.
Property Transfer Tax
A property transfer tax of 3.09% is charged on the higher of the market or objective value of the property.
Municipal Taxes
Local governments charge taxes to cover services like waste management, road maintenance, and street lighting. These taxes typically range from 0.025% to 0.035% of the property’s commercial value.
VAT (Value-Added Tax)
A VAT of 24% applies to some professional services involved in property transactions, such as those provided by lawyers, notaries, and estate agents.
Additional Fees for Property Purchase:
In addition to taxes, various professional services and administrative costs contribute to the overall expense of buying a property in Greece.
Registration Fees
Charged by the local land registry, these fees typically range from 0.2% to 0.5% of the property’s commercial value.
Bank Fees
If financing through a Greek bank, expect additional costs for loan application, appraisal, processing, and disbursement. These vary by bank and loan amount.
Building Permit Fees
For those planning to construct a property, permits cost 1% to 3% of the total construction expense.
Lawyer’s Fees
Hiring a lawyer is crucial for navigating Greek property law and ensuring a smooth transaction. Fees are typically 1% to 2% of the property’s commercial value, plus VAT.
Notary Fees:
Notarization is mandatory for transferring property ownership. Notary fees are around 1% to 2% of the property’s commercial value.
Power of Attorney
If you cannot attend the notary appointment in person, granting power of attorney to a representative costs approximately 1% to 2% of the property value.
Estate Agent’s Fees
Real estate agents typically charge a minimum of 2% of the property’s purchase price, plus VAT.
Summary of Costs:
Here’s a breakdown of typical expenses when purchasing property in Greece:
| Expense | Cost | Notes |
| Lawyer’s Fee | 1.5% of property value + 24% VAT | For legal assistance during the purchase process |
| Notary’s Fee | 1.5% of property value + 24% VAT | For notarizing the purchase agreement |
| Transfer Tax | 3.09% of property value | Paid to transfer the property title |
| Estate Agent’s Fee | Min 2% of purchase price + 24% VAT | For the agent’s services |
| Registration Fees | 0.6% of property value | For registering the property in the Land Registry |
| Municipal Taxes | Varies by location | Annual fee paid to the local municipality |
| Property Tax | 0% to 1% of market value | Annual tax based on the commercial value |
| VAT | 24% | Applied to certain fees and services |
Get Expert Guidance
Purchasing property in Greece involves various expenses and legal formalities. A knowledgeable property lawyer and an experienced estate agent can help you navigate the complexities, ensuring a smooth and secure transaction.
If you’re considering buying real estate in Greece or have questions about the process, don’t hesitate to contact us for expert advice and assistance.
Investing in Greek real estate is a rewarding endeavor, and understanding these costs ensures a well-informed and seamless purchasing experience.
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The author of this article is Mr. Prashant Ajmera, an Indian immigration lawyer and Canadian citizen. He is the founder of Ajmera Law Group and the author of two books, “Millionaires On The Book” and “How to Plan for Your Child’s Foreign Education.” Over the past 30 years, he has assisted and advised over 30,000 students and families on planning their foreign education and settlement. He regularly speaks at various forums on this subject.
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