A variety of fees are payable when you buy a property in Greece, which usually adds between 10 and 15 per cent to the price – which is higher than in many other countries.
Most fees are based on the ‘assessed tax value’ of the property, which is usually lower than the actual price paid. How much lower depends on the location of the property – property in resort areas or on islands tends to have a higher tax value than that in remote or less popular areas.
The ‘assessed tax value’ is calculated by the local tax authorities based on government tables using criteria such as the location, size and characteristics of a property. It’s this value that’s usually declared on the final purchase contract.
The fees payable on this base include:
• Purchase or transfer tax
• Value Added Tax (new constructions only)
• Land registry fees
• Notary’s fees
• Lawyer’s fees
• Community or municipal tax
• Surveyor’s fee (optional)
• Selling agent’s fees
• Utility fees
Declaring below the ‘assessed tax value’ leads to heavy fines as well as
potential problems when you sell the property!
We will be glad to explain the different taxes and fees to you and help you to keep them as low as possible.