Costs and taxes when purchasing real estate in Greece


When purchasing real estate in Greece, a foreign buyer should take into account the costs of the transaction and the services of specialists accompanying the process of acquiring property. The main expenses when buying real estate in Greece include:












Transaction costs Who pays
Tax on transfer of ownership 3.09% – 24%
3.09% – 24%
Buyer
Registration fee 0.48% – 0.68% Buyer
Notary expenses 0.8% – 1% (+ 24% VAT) Buyer
Lawyer’s fees 12% Buyer
Realtor’s fee 12%
12%
Buyer
Salesman
Buyer’s total expenses 7.04% – 30.88%
General seller costs 1.24% – 2.48%
General expenses when buying and selling
real estate
8.28% – 33.36%

Tax on transfer of ownership when purchasing real estate in Greece

If we are talking about real estate from a developer, the tax amount depends on the date of receipt of the construction permit for this object: if it was issued before January 1, 2006, then the tax rate will be 3.09%, and if after – then 24%. If the property is sold by a private person, the tax rate will be 3.09%, regardless of the date of receipt of the building permit. The tax is paid before signing the contract: confirmation of payment must be provided to the notary on the day the transaction is concluded.

Registration fees when purchasing property in Greece

The fact of transfer of ownership of real estate is registered in the real estate cadastre. Registration fees include the cost of title registration and title certificate, as well as stamp duty. The amount payable ranges from 0.48% to 0.68% of the value of the property.

Notary fees when purchasing real estate in Greece

According to Greek law, a real estate purchase and sale transaction must be carried out in the presence of a notary, otherwise it is considered invalid. Notary costs will range from 0.80% to 1% of the cost of housing + 24% VAT.

Lawyer’s fees

Anyone planning to buy property in Greece is strongly recommended to seek the help of a lawyer to avoid possible troubles. The lawyer will provide legal support for the transaction, protecting the interests of the buyer, ensure that documents are completed correctly and check the property for encumbrances. The lawyer will also help the buyer pay all necessary taxes.

The cost of a lawyer’s services will be from 1 to 2% of the property price + 24% VAT. If a buyer is purchasing property in Greece for the first time, to all these costs it is worth adding additional costs associated with registering with the tax service and obtaining a tax identification number, opening a bank account, legal translations of documents, etc.

Realtor commission

The seller and buyer pay 1-2% (plus 24% VAT) of the price of the property in the form of commissions to the real estate agency. Often it is already included in the price of real estate offered on the market.



Source link