{"id":982,"date":"2017-01-08T14:05:30","date_gmt":"2017-01-08T14:05:30","guid":{"rendered":"https:\/\/www.investgreece.gr\/index.php\/2017\/01\/08\/costs-of-buying-a-property-in-greece\/"},"modified":"2017-01-08T14:05:30","modified_gmt":"2017-01-08T14:05:30","slug":"costs-of-buying-a-property-in-greece","status":"publish","type":"post","link":"https:\/\/www.investgreece.gr\/index.php\/2017\/01\/08\/costs-of-buying-a-property-in-greece\/","title":{"rendered":"Cost Of Buying A Property In Greece Expenses Of The Buyer"},"content":{"rendered":"
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The whole picture of costs when buying a property in Greece ….<\/span><\/p>\n \u00a0When buying a holiday home or main home abroad, it is easy to make the mistake of focusing solely on the price of the property during the planning stage. However there are some substantial transaction costs associated with buying property in Greece, not to mention maintenance costs once you are an owner. All of these costs need to be identified and quantified if you are to avoid financial distress.<\/span><\/p>\n Transfer tax<\/span><\/p>\n Value Added Tax ( VAT)\u00a0<\/span><\/p>\n Land Registry Fee\u00a0<\/span><\/p>\n Lawyer’s Fee<\/span><\/p>\n Notary Fees\u00a0<\/span><\/p>\n Surveyor Fees\u00a0<\/span><\/p>\n Utility Fees\u00a0<\/span><\/p>\n \u00a0<\/p>\n EXPENSES FOR THE BUYER<\/span><\/p>\n Transfer Tax :<\/span> When it comes to buildings :<\/span><\/p>\n \u2013 If the Building Licence was issued before 01\/01\/06, then the tax is charged at 3,09% of the property value mentioned in the contract .<\/span><\/p>\n \u2013 If the Building Licence was issued on or after 01\/01\/06 and the seller is a developer-contractor, taxation of 24% of the purchase price will apply.<\/span><\/p>\n Municipality tax :<\/span> Notary fee :<\/span> Land Registry fee :<\/span> Lawyer fee :<\/span> Real Estate Agent\u2019s Commission :<\/span> \u00a0<\/p>\n {rsform 3}<\/span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":" \u00a0<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[596],"yoast_head":"\n
\u00a0Cost of the property\u00a0<\/span><\/p>\n
Property purchases in Greece are subject to taxation. It is obligatory for the purchase tax to be paid prior to signing the contract. The amount of tax is calculated on the value of the property that is mentioned in the contract.<\/span><\/p>\n
An amount of 3 % of the Transfer Tax is to be paid to the local Municipality.<\/span><\/p>\n
The notary fee is calculated in most cases at 1.6 %, including tax and VAT, of the property value mentioned in the contract. This fee is decreased as the the amount of the purchase price is increased.<\/span><\/p>\n
Land registry fees include registrar\u2019s rights, certificates, and stamp duty. They are calculated at 0.475-0,575 % of the property value mentioned in the contract, plus 24 % Value Added Tax (V.A.T.).<\/span><\/p>\n
The legal fee is a matter of agreement but usually it is 1% of the property price or a minimum of 1.500 Euro plus taxes. The legal fee is also affected by the extent of the service provided by the lawyer and it is all upon agreement by mutual consent between the buyer and the lawyer.<\/span><\/p>\n
The buyer pays 2 % of the property price as a fee for the real estate agent.<\/span><\/p>\n