Property Purchase Costs in Greece

🏠 Property Purchase Costs in Greece

Buying property in Greece involves a variety of costs beyond the sale price. Most of these costs are borne by the buyer and should be taken into account in order to properly plan the transaction.

✅ Detailed Breakdown of Key Expenses:

1. Property Transfer Tax (Φ.Μ.Α.)

• 3% on the higher value between the objective tax value and the contractual price
  📌 Example: For a €100,000 property → Tax = €3,000
• An additional 3% municipal tax is applied on the transfer tax
  ➝ Total effective rate: approximately 3.09%
• ✅ Exemption applies for first-time homebuyers under certain conditions (e.g. family status, property size and value)

2. Value Added Tax (VAT – Φ.Π.Α.) – for New Properties

• Applies instead of transfer tax for properties with a building permit issued after 1/1/2006
• Rate: 24%
• ⚠️ VAT has been temporarily suspended until 31/12/2025, so most purchases today are subject only to transfer tax

3. Notary Fees

• Usually until 1,5 % depending on the value and complexity of the transaction
• Includes: base fee, pages of the deed, certified copies, and 24% VAT

4. Registration Fees (Land Registry / Cadastre)

• Typically 0.475% to 0.5% of the property value
• Additional 24% VAT is applied on the fee

5. Legal Fees (Optional but Recommended)

• For due diligence on title deeds and legal representation
• Usually 2-3 % of the property’s value + 24% VAT

6. Real Estate Agent Fee

• Usually 2– 4 % of the final sale price + 24% VAT
• This may vary depending on agreement between buyer and agent

7. Technical Inspection – Civil Engineer

• Required for issuing the engineer’s compliance certificate (no unauthorized structures, etc.)
• Typical cost: of the property value or approx. depending on the case of the property from 500 euros and above +24% VAT.

🧩 Other Potential Costs to Consider:

• Document translation (if the buyer is a foreign national)
• Bank transfer fees, mortgage or loan-related costs
• Proportional annual property tax (ENFIA)
• Utility connections (electricity, water, internet, etc.)

🔍 Professional Tip:

To ensure a smooth and secure transaction, it is highly recommended to work with:

• Lawyer – for legal checks and contract representation
• Notary Public – for drafting and signing the deed
• Civil Engineer – for property legality and technical reports
• Tax Advisor – for proper tax planning and compliance
• Real Estate Agent – for negotiation and transaction support