Notary fees: These are paid by the buyer of the property, and cover the drafting and approval of certificates provided by the seller.  The fee varies from between 1.2-1.4% of the tax value or purchase value of the property.  But extra expenses may be added such as page numbers, copies of deeds and other documentation that is required. The costs increase particularly in respect to transactions of low value properties. Remember that all of the fees are charged with an additional 24% VAT.

Legal Fees: These are paid by the buyer.  It is not mandatory but yes, it is strongly advised to assign a lawyer, to carry out due diligence and a historical check of the property deeds from previous owners to your current ownership.  The lawyer will proofread the contract for sale, and may represent you at the signing of the deeds and make sure everything is in order. He/she will also register the deeds at the Land Registry Office and with the local authorities. There is a lot of complicated paperwork that you would do best to avoid.

You can negotiate your lawyer’s fees, but bear in mind they often vary depending on the experience of the lawyer and the complexity of the property purchased. The legal fee is usually between 1.5%-2% + 24% VAT and is based on the property price.

Property Registration Fees: They include the registrar’s fees, certificates, and stamp duty. Fees related to the registration of the property at the Land Registry Office range between 0.5-0.7% of the property value, and 24% VAT.  Fees and costs are again higher for low-value property registrations.

Real Estate Agent’s Fees: The estate agent’s fees are not specified by law and are agreed between the parties involved and subject to a written agreement.  It is usually 2% of the purchase price of the property as agreed between the agent and the seller and buyer. 2 % is charged to both parties.  This may also vary, depending on the value and various other factors.  Quite often fees can be higher for lower valued property transactions.

Since January 2006, for buildings with which the building permit was issued after the said date, a VAT charge of 24% is levied on the purchase price of the first-time sale of newly-constructed  buildings by a developer or by a person who deals professionally with the construction and the sale of buildings.

For properties not in the above category, the transfer tax is charged with a real estate transfer tax of 3.09 percent.

All property purchases in Greece are subject to this taxation. It is mandatory for the purchase tax to be paid prior to signing the contract. The amount of tax is calculated according to the sale price of the property. The transfer tax calculated is worked out as 3% percent of the property value plus an additional 3%.  The following equation can be used as an assessment guide:  Property price x 3%=A,    A x 3%=B.   Therefore the transfer tax = A+B.

As previously mentioned, if the property is newly constructed, there is a tax of 24% VAT on the purchase price which is applied to the net price and there is no transfer tax.

Yet, under Greek law, there are certain exemptions, based on a number of conditions and circumstances for the payment of transfer tax. These exemptions apply to buyers that already reside or intend to settle in Greece and fall into the following categories:  Greek nationals, repatriating Greeks from Albania, Turkey and countries of the former Soviet Union, citizens of the EU Member States and the European Economic Area, officially recognised refugees, and third-country nationals who benefit from the status of long-term residency in Greece. Additional exemptions for property transfer tax exemption may also apply.  

SPACEERS™ can provide you with all the relevant information and advise you on whether your property is eligible for an exemption.

Furthermore, the island boasts an exceptionally low crime rate and it is a safe place to live. There is an international airport which connects the island to Athens all year round and serves most European cities in the summer. It has an exceptionally mild climate and lots of greenery which makes it particularly attractive. The Ionian university is located on the island and this maintains the town as a hive of activity in the winter.

The value of property in Greece is assessed according to the so-called system of objective value otherwise known as tax value. The objective price calculates the minimum value of real estate property in accordance with objective criteria such as, location, size, shared facilities in the area, age of a building etc. It is assessed by the tax authorities and is legally binding.

The objective value is usually significantly lower than the market value. Since not all areas in Greece have been valued or assessed according to these criteria, when there is no such assessment, the tax authorities make an estimate of the value according to similar transactions in the area or other available data.

Golden Visa Government Fees:  Additional Duties apply for applicants of the Golden Visa Programme otherwise known as residency through investment. Non-EU nationals can obtain a residency status in Greece by investing a minimum of €250,000 in real estate.  Although the aforementioned tax fees are not included in the value of the property transaction, they should be taken into account when evaluating the overall costs.  

For the Golden Visa, the fee charged by the State is € 2,000 per adult. This fee is to be paid not only by new applicants but by Golden Visa residents who wish to renew their permit for another 5 years. The residence permit must be renewed every 5 years.  This fee is for the residency permit not for the property that has been purchased.

Real estate property owned in Greece is subject to the Uniform Tax on the Ownership of Immovable Property otherwise known as ENFIA. Thereby all owners of real estate property in Greece, are subject to this tax.

The ENFIA is calculated by multiplying a “basic tax” which depends on the tax value (i.e. the value as calculated by the tax office) of the area that the property is situated. This basic tax is then multiplied by several other factors; such basic factors are a) the age of the property, b) the floor it is on, c) how many facades the property has, d) if the property contains any supplementary spaces e.g. storage rooms, etc.

These tax values are a complicated process and are determined by government officials all of which are based on complex legislation and calculations.