Buying Property In Greece: Part 2

Now we highlight the transfer taxes and professional fees, which should be considered when purchasing property in Greece. Transfer tax is payable by the buyer and is calculated on the value of the land. Tax rates are:

• 7% of property value for transactions up to €15.000; and

• 9% for transactions over €15.000.

These rates increase by 2% respectively if there is a fire brigade service in the area. There is an additional 3% special tax calculated on the above tax, not the value of the property, in favour of the state municipalities or communities.

Recent legislation has replaced transfer tax with VAT for new buildings. In certain cases VAT is refundable to purchasers who use the property in business.