Additional Buying Costs

Additional Buying Costs when Buying a Property in Greece

Selling price vs. Total buying cost:

Information and guidelines about the costs that are linked with buying a property in Greece. Generally an allowance of about 10% above agreed purchase price should be allowed for.

Transfer Tax (3.09%)

The purchase tax is paid by the buyer necessarily prior to signing the contract. The calculation of the tax is based on the value of the property to be transferred mentioned in the contract. In case the value of the property according to the local tax office estimation is higher than the declared price by the parties, the tax calculation is based on the higher value. The transfer tax imposed on the buyer is 3% of the transfer price of the property, plus a 0.3% concerning City (Municipal) Tax.

Example

Property with transfer price 100.000€
Transfer tax: 100.000€ x 3% =3.000€
City (Municipal) Tax: 3.000€ x 3% = 90€
Total Transfer Tax: 3.090€

Notary’s Fees (1%-2% plus VAT)

The notary prepares the deed which is signed in the presence of the parties and their lawyers, if appointed. Following the contract signing, the notary prepares an application and a summary of the act signed to be sent and registered at the local land registry/cadastral office so that the property transfer is by law completed. The minimum notaries' fees are defined by the Greek Law defines below which it is forbidden to agree on any fee. Generally, the fee for the notary, who draws up the final purchase contract and practically ratifies the transfer, is usually between 1%- 2% plus VAT on the property transfer price.

Attorney’s Fees (1.5%-2.5% plus VAT)

While it is allowed to complete the legal aspects of buying a property yourself, it’s generally recommended that you engage an attorney to prepare the documents for you and provide advice. Attorney’s fees are approximately 1%-2,5% VAT on the selling price, depending on the nature of the transaction and the preparation required.

Land Registry

Tax paid for the Cadastral Office. The amount depends on the type and the price of the selling property.

Example

In the following example the buyer is interested in buying a property with selling price 128.000€

The costs are approximate and may vary by 1% or 2% either way.