6 Expenses To Expect When Buying Property In Greece
While the process of buying a home away from home in Greece can be daunting, there are some basic and straightforward expenses to keep in mind. Here are 6 fundamental costs/fees that you should expect when buying property in Greece.
1. Purchase - Transfer Tax:
Greek property purchase is subject to taxation and the buyer is the person responsible for that tax. The purchase-transfer tax (φόρος μεταβίβασης ακινήτου), is levied based on the "assessed tax value" (ανιικειμενική αξία) of the property or the sale price if higher. Purchase contracts are signed and authorized only if this tax has been paid and proof of payment submitted to the Notary. Keep in mind, that buildings with permits issued after January 2006 from a contractor, are subject to significantly higher taxation.
2. Registration Fees:
Once the purchase-contract deed has been signed, it must be registered with the competent Hellenic Cadastre and/or the Mortgage Registry depending on the location of the property. Only then, does the purchaser obtain full ownership rights. Registration fees again are levied based on the "assessed tax value" (ανιικειμενική αξία) of the property or the sale price if higher.
3. Notary Fees:
The Notary holds a significant role throughout the entire purchase process. Notaries, who in Greece function within the jurisdiction of the Ministry of Justice, draft the purchase-contract to lawfully secure and validate the ownership title for you, the buyer. The Notary, is chosen by the buyer who pays the Notary's fees which are based on the "assessed tax value" (ανιικειμενική αξία) of the property or the sale price if higher.
4. Legal Representation Fees:
While legal representation may not be required by law, it is highly recommended so your are not hit by surprises. Your attorney will conduct a title search to ensure that the seller has clear title of to the property you wish to purchase, thus protecting and securing your property rights.
5. Architect-Engineer Technical Fees:
When selling Greek land and/or buildings, the owner is required to provide a "Declaration of Legal Property Status - Law No. 4178/13" from a licensed Architect-Engineer. While you may not be required to provide this certificate as a buyer, when purchasing built property, we strongly recommend that you do to make sure that your property is lawful. The Architect-Engineer you will appoint should conduct an inspection to verify that all built structures on-site comply with what has been declared on the lawfully issued building permits and floor plans.
6. Real-Estate Agents Fees:
These fees are based as a percentage of the sale price and agreed upon by both parties in writing before the property transaction takes place. In most cases, Greek Real-Estate Agents do not request exclusivity for the property and they often directly represent (and are paid by) both the buyer and seller.
How we can help with your Greek property needs.
We consult, design and construct. As a boutique property firm, our turn-key services cater to non-Greeks and diaspora Greeks, always based on your individual needs and the unique characteristics of your property. With over 25 years of hands-on local experience, we are highly versed in property laws and know how to efficiently navigate the Greek system. We are about providing a trustworthy and professional service for everything property related in Greece.