Buying in Greece goes beyond owning a property as a summer house, a permanent residence or an investment. It is about owning a piece of the country’s soul – the history, the culture, the gastronomy, the nature, the quality of living, the opportunities.
With more than 20 international airports and a further 15 national airports with year-round services, across the mainland and the Greek islands, it has never been easier reaching every part of Greece from overseas by air. The Athens International Airport has a 4 hrs. flight catchment area that includes all of Europe, Moscow, Middle East and North Africa. This efficient air network is complemented with an extensive ferry network, connecting major ports in the mainland with the islands.
Please note that the following information is an overview and for guidance purposes only (last updated June 2016).
- VAT (24 %) is now applicable on newly constructed properties. VAT introduction does not seem to have affected market prices as it is being absorbed by the constructor/seller, since they get a refund for VAT they have paid during the construction phase. No VAT applies for the subsequent transfer of a property.
- Transfer Tax is applicable, for properties not eligible for VAT, at 3 % on the contract value. On the Transfer Tax amount payable, Local Tax at 3 % and Prefecture Road Fund Tax at 7 % are applicable.
- Income Tax is applicable for any rental income, at 15 % for up to € 12.000, 35 % for € 12.001 to € 35.000 and 45 % for any amount above that.
The Transaction Fees
- Real Estate agent: Buyer-side fees range between 2 – 3 % of the purchase price – the exact amount is a matter of agreement between the buyer and the agent.
- Lawyer: From 1.1.2014, the use of a lawyer during the transaction is optional, although it is still highly recommended to obtain adequate legal support, especially for older properties that may require in-depth research. Legal fees usually range around 1 -1.5 %.
- Notary Public: Fees start from 1 % on the contract value, for amounts up to € 120.000, reducing to 0.70 % for up to € 380.000 and 0.65 % for up to € 2.000.000, reducing proportionally for any amounts above that. An additional sum, not exceeding € 150, is charged for state fees and contract copies.
- Land Registry: A fee of 0.1 % on the contract value is applicable.
- Contract Transfer: A fee of 0.45 % on the contract value is applicable.
- Lawyers Fund: A fee of 0.775 % on the contract value is applicable.
- VAT applies on all fees above.
A series of property surveys and engineering checks, certificates and solemn declarations must be included with the property folder, the cost of which lies with the seller.