Advice on buying a property in Greece

Any currency imported into Greece for Greek property purchase should be documented and receipted. (Only if you are coming from outside the EU) Capital gains tax is usually exempt when using the proceeds to buy another home in Greece.

Property Prices in Greece Guide

Property prices range considerably:

- From 30,0000 Euro (20,000 Pounds or 40,000 $) for Rural properties in need of refurbishment.

- From 45,000 Euro (30,000 Pounds or 60,000 $) for Studios near the seacoast.

- From 100,000 Euro plus (68,000 Pounds or 133,000 $ plus) for Apartments depending on the size and localization.

- From 148.000 Euro plus (100,000 Pounds or 196,000 $ plus) for Townhouses and small Villas.

Be sure to check with local authorities regarding building restrictions for new properties if you are thinking about to build one. Annual Wealth Tax is charged on all Greece properties over a specific value and is charged as a singular figure percentage between 1-2% against the properties declared value.

Where to buy property in Greece

With over 850 islands in Greece you will most certainly be spoilt for choice. A few tips: coastal properties around holiday resorts will be more expensive. Try moving inland a little where you will get a lot more for your money but may still be able to take advantage of living near to a resort.

Living Costs in Greece

As I'm sure you have probably already been to Greece on holiday and as such you will know that the standard cost of living is quite reasonable comparing to other EU countries.

Buying Greek Property

Once an agreement is reached a contract has to be signed in front of the Notary. The contract normally includes the price, the location of the property, the neighbours, payment and any other relevant information for the sale. A deposit of usually 10% and a mortgage on the property can be secured by either a Greek Bank or an International Mortgage Broker. The Notary will normally charge around 1-2% of the property value as his fee.

Housing loan

For EU citizens it is fairly easy to apply for a house loan from some of the Greek banks. These banks can finance up to 100 % (!) of the purchase price. For more information about loans, mortgages and other finansing solutions please visit our Financing page.

Lawyer

You have to enlist the services of a Greek local Lawyer or Solicitor to act on your behalf, preferably one who speaks your language. He is responsible for paying any taxes and registering the property with the land registry in Greece. They will normally charge between 1 - 2% of the sale value of the property. Your lawyer can also act with power of attorney if you cannot spend time in Greece and can do everything for you in connection of buying real estate.

Fees

Allow up to 15% for your fees just to be on the safe side as purchase tax (property transfer tax) is charged depending on the value of the property at between 9-11%. Land registry fees should be about 0.4% of the assessed value plus a small sum for stamp duties and certificates. It is important to emphasise that there is a difference between the selling price of the property and the price that the government appreciates for the property. The taxes and the fees are based on the government appreciated price so in reality you can be prepared to pay less fees and taxes than you would after the market value of your property. Real Estate agent's fees are usually between 2% of the value of the property paid by the vendor and the buyer as well.

Greece Property Tax

There is no property tax in Greece.

Annual taxes to be paid by property owners in Greece

There are no annual taxes to pay in Greece, if the total value of the properties owned by the same person, does not exceed the value of 200.000 Euro. The valuation of properties is carried out by the government, which provides published values, announced for every type of property. As already mentioned above, these values are usually far below the real cost.

These guidelines are meant for guidance only and describe straightforward purchase scenarios. However this information is not meant to replace proper legal advice, which we always insist you take!