Tips On Buying Greek Property - What Are The Costs?

While the process of buying a home away from home in Greece can be daunting, there are basic straightforward expenses to keep in mind.

Katerina Sirouni shares 6 fundamental costs and fees you need to know while you’re searching for that perfect property!

1. Purchase - Transfer Tax

Greek property purchase is subject to taxation and the buyer is the person responsible for that tax. The purchase-transfer tax is levied based on the ‘assessed tax value’ of the property or the sale price if higher. Purchase contracts are signed and authorized only if this tax has been paid and proof of payment is submitted to the Notary. Keep in mind that buildings with permits issue after January 2006 from a contractor are subject to significantly higher taxation.

 

Once the purchase-contract deed has been signed, it must be registered with the competent Hellenic Cadastre and/or the Mortgage Registry depending on the location of the property. Only then does the purchaser obtain full ownership rights. Registration feeds are again levied based on the ‘assessed tax value’ of the property or the sale price if higher.

The notary holds a significant role throughout the entire purchase process. Notaries, who in Greece function within the jurisdiction of the Ministry of Justice, draft the purchase-contract to lawfully secure and validate the ownership title for you, the buyer. The Notary is chosen by the buyer who pays the Notary’s fees, which are based on the ‘assessed tax value’ of the property or the sale price if higher.

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