The expenses that the buyer has to pay when purchasing a property/plot are based on the selling price of the property and are the following:
- Transfer Tax
All property purchases in Greece are subject to taxation. It is obligatory for the purchase tax to be paid prior to signing the contract. The amount of tax is calculated on the basis of the selling price of the property. The transfer tax as amounts to 3% percent of the property value multiplied by 3% (priceX3%=A, Ax3%=B, purchase tax = A+B). If the construction is new, taxation of 24% VAT of the purchase price will apply upon net price AND NOT TRANSFER TAX. In this case you do not have to pay transfer tax.
- Notary Fee:
The state determines the fee that each Notary must be paid depending on the deed they will draw up. In fixed deeds, such as power of attorneys, parking declarations, deposit of documents, etc., their fee is determined according to the sheets of the deed, while in proportional transactions, such as parental donations, purchases, donations etc. the Notary’s fee depends on the value of the property to be transferred, whether it is an objective value or this value is determined in another way. Especially in sales, it depends on whether the price that will be declared in the contract is lower or higher than the objective value of the property. The Notary Fee will be calculated on the basis of the higher of these two values, whether this is the price or the objective value.
- The Notary Fee for common deeds, such as real estate transfers, parental donations, living donations, real estate purchase and sale etc. is calculated as follows, according to Government Gazette B’ 2170/09-10-2015 (as modified):
- For any amount up to 120,000.00 Euros, at a rate of 0.80%.
- For an amount from 120,000.01 to 380,000.00 Euros, at a rate of 0.70%.
- For an amount from 380,000.01 to 2,000,000.00 Euros, at a rate of 0.65%.
- For an amount from 2,000,000.01 to 5,000,000.00 Euros, at a rate of 0.55%.
- For an amount from 5,000,000.01 to 8,000,000.00 Euros, at a rate of 0.50%.
- For an amount from 8,000,000.01 to 10,000,000.00 Euros, at a rate of 0.40%.
- For an amount from 10,000,000.01 to 12,000,000.00 Euros, at a rate of 0.30%.
- For an amount from 12,000,000.01 to 20,000,000.00 Euros, at a rate of 0.25%.
- For an amount from 20,000,000.01 to an amount higher than that, at a rate of 0.10%.
- For an amount that exceeds 20.000.000,01 Euros, it is allowed, upon written agreement between the Notary and the person giving the mandate to draw up a contract, to agree a fee of less than 0.10%.
- For each additional sheet for notarial deeds, for which the proportional fee is determined according to the above scales, 5.00 Euros.
- For each sheet of the copies of the same notarial deeds as above, provided that these copies are issued immediately upon the drawing up of the deed, four (4.00) Euros. The fees and rights for the issuance of these copies must be stated in the original contract, together with any other right, as defined above
You should add 24% VAT to the above prices.
- Land Registry Fee
Land registry fees include registrar’s rights, certificates and stamp duty. They amount to 0.475-0.575% of the sale price defined in the contract, plus 24% VAT.
- Legal Fee
The Legal Fee is a matter of agreement, but it usually amounts to 1.5% – 2% +24% VAT of the property price, with a minimum of 2,000€ + 24% VAT. The Legal Fee is also affected by the extent of the service provided by the Lawyer and it is agreed by mutual consent between the buyer and the lawyer.
- Real Estate Agent’s Commission
The buyer pays 3% + 24% VAT of the property price as a fee for the real estate agent.