A Detailed Account of the Costs involved in buying Property
Expenses that a buyer is obligated to pay for the purchase of property, depends on the actual sale price of the property. However, in situations when the market value is higher than the actual selling price, then the purchasing contract is also taken into account for consideration.
However, in cases where the fair value is higher than the selling price, consideration is also given to the consideration of the purchase contract.
Below you will find a short list of costs to be incurred:
- Transfer Tax / Duty
All purchases of property in Greece are subject to being taxed.
Payment of the transfer tax is mandatory prior to the signing of the purchasing contract / agreement. The taxable amount is determined from the sale price of the property. This transfer fee amounts to 3.09% of the price of a property.
Percentage based on the property value:
|0€-120.000€||0,8 % + approximately 500€|
|120.000€-380.000€||0,70 %+ approximately 500€|
|380.000€-2.000.000€||0,65%+ approximately 500€|
|2.000.000€-5.000.000€||0,55% + approximately 500€|
|5.000.000€-8.000.000€||0,5% + approximately 500€|
|8.000.000-10.000.000€||0,40% + approximately 500€|
|10.000.000-12.000.000€||0,30% + approximately 500€|
|12.000.000-20.000.000€||0,25% + approximately 500€|
- Notary Fees
In most situations, the Notary’s fee is calculated at 0,8% + 24% VAT tax of the sale price of the property in the contract.
- Charge for the Property Registration and Statement
Registration fees and declaration of ownership with the Land Registry Services, certification and documentation fees and the designated amount for the duty stamp is between 0.475 and 0. 575% of the selling price of the contract, with an additional 24% VAT.
- Lawyer’s Fees
Legal fees are a matter of agreement but, are usually 1% of the cost of the property or at least 1,500 € plus 24% VAT tax.
- Real Estate Agency fees:
The buyer pays 2,5% + 24%VAT of the price of the property as compensation to the real estate agent.