Greece Real Estate Tax

Taxes applicable to buyers of property in Greece

Dr. Antoine Saliba Haig | 15 Jul 2019

Greece Real Estate Tax IMG

The real estate market in Greece has been demonstrating signs of recovery, especially in Athens. The recession has resulted in a number of distressed properties and attracted investors looking for opportunities. Real estate prices are still below pre-crisis value thus the opportunity for investors is still there. When purchasing property in Greece, one needs to be aware of the taxes and other expenses which are to be paid by the buyer, apart from the price of the property. The main legislation which regulates Greek Real Estate are the Civil Code, the Code of Civil Procedure and the Constitution. 

The acquisition of property in Greece must be seen with all the associated costs which can be divided in the following categories:

Property Transfer Tax

Property Transfer Tax is a tax paid by the buyer of the property and can either be 3.09% or 24%. The determining factor is the date when the building permit was issued. Properties which had the building permit issued before 01.01.2006 carry a transfer tax of 3.09% whilst properties which were issued with a building permit after this date carry VAT of 24%.

Land Registry Fees

When acquiring a property in Greece, it is obligatory to register your rights over the property either with the Land Registry or the Cadastral Office. Land Registries are responsible for land registration in Greece. Cadastral Offices are also responsible for land registration and operate in areas where the cadastral system has been implemented. The fees associated with registering one's rights are between 0.4%-0.7% of the property value.   

Notary Public Fees

The buyer of the property pays for notary fees which include the execution of the notarial purchase deed and checks on the property. The fees charged by notary vary and depend on the value of the property, number of pages in the deed and other factors but usually range from 1.2-1.5% of the property value plus VAT.

Attorney Fees

Whilst it is a must for a notary to be involved in the property transaction, a lawyer is not obligatory but highly recommended. The lawyer fees are paid by the party who is represented by the lawyer, which in this case would be the buyer. Lawyer fees are also not fixed and vary from lawyer to lawyer and the complexity of the transaction. The duties of the lawyer are various and include a study of the owner's titles to identify any encumbrances, making due diligence on the ownership title, drafting and signing the property due diligence report, register the buyer for tax, collect all documents required by law, review or draft power of attorney, promissory sale and sale agreement, conduct searches on property titles, represent the buyer in front of the notary and registering ownership in the Land Registry or Cadastral Office. 

Estate Agent Fees

It is not obligatory to appoint a real estate agent in Greece. Should an investor appoint the services of an estate agent, the fees charged by the agent are to be decided by the parties however it is usually 2% of the purchase value and is charged both to the seller and the buyer of the property.

Tax on Ownership of Property - ENFIA

Owning a property in Greece is subject to a Uniform Tax on the Ownership of Immovable Property (ENFIA). This tax consists of a principal tax imposed on each real estate property and an additional tax which is calculated on the total value of properties owned by the individual. The ENFIA tax is paid annually and is calculated on several factors such as the location, the age and the size of the property.

Real Estate Income Tax

Should the buyer decide to rent the property, tax on income received will apply. Property bought in Greece, even if under the Golden Visa  may be rented out as long as the income is declared to the tax authorities. The tax payable is as follows

IncomeTax Rate
€35,000 upwards45%

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Key Contacts

Dr Priscilla Mifsud Parker

Advocate, Tax Consultant, Licenced Agent, Malta

+356 22056422