The transfer of a newly built property (prior to its initial
use/occupation) as well as of the plot on which the building is
situated on is subject to VAT in Greece. This is provided that the
building permit is issued or revised from January 1, 2006, onwards
and that construction has not begun prior to such date. Greece also
treats the handing over of certain construction work as a supply of
building or parts of a building.
The applicable VAT rate is 24%. If the property is located on
one of the Aegean Sea islands of Chios, Samos, Lesvos, Kos and
Leros, the reduced VAT rate of 17% is applicable.
The Greek Government has recently introduced an optional VAT
suspension scheme to foster the sales of a large number of unsold
properties and to boost construction activity. Under this scheme,
as of December 12th, 2019 and until December 31st, 2022, the
transfer of a newly built property, per above, is exempted from
VAT. Constructors who wish to opt for this scheme must
