Buying Expenses
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Once you have decided to purchase a property in Greece, you should know that most fees are based on the objective value (known in Greek as antikimeniki axia) of the property, which is usually lower than the actual price paid. The objective value is estimated by the local tax authorities based on government tables using criteria such as the location, size and characteristics of a property. This is the value that is usually declared on the final purchase contract (title deeds).
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However, your main fee for you to pay is the purchase tax. Once again this is based on the objective value. Purchase tax is payable by the buyer at 7% on the first 15,000 Euros and at 9% on the remainder, unless the property is situated in an area covered by a public fire protection service (this includes most areas that are popular with foreign buyers).
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If this is the case, the rates are increased to 9% on the first 15,000 Euros and 11% on the remainder. For example, if the property you are buying is in an area with a fire service and is valued at 50,000 Euros, you would pay a total of 5.200 Euros purchase tax (1,350 Euros on the first 15,000 Euros plus 3,850 Euros on the remaining 35,000 Euros).
Purchase tax must be paid before the final purchase contract is signed and the notary requires proof of payment (the receipt) in order to authorize the sale. This is why it is compulsory to have you lawyer validate the deeds of the property.
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Please note that all newly built properties in Greece, for which the application for the building permit, was lodged after November 26th 2005, will have a 23% V.A.T charge added (on the objective value) in order to follow the EU directive. The harmonisation of the Greek property law with the rest of Europe, removes all previous property taxes including the deeds transfer charges mentioned above and stamp duties. VAT is rapidly becoming applicable to many properties coming on to the market and is added or included in the price of the property paid to the developer who is liable for its payment to the authorities.
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