• 02/05/25 Cost of buying property in Greece

1. Introduction

Greece, with its captivating Mediterranean charm, rich historical tapestry, and vibrant culture, is an attractive destination for those looking to invest in real estate. The appealing lifestyle of the country, combined with potentially more affordable property prices compared to many other European countries, draws significant interest from international buyers. However, while the prospect of owning a piece of this idyllic land is enticing, a comprehensive understanding of all associated costs is of paramount importance for making informed investment decisions. The initial appeal of affordability may be tempered by various transactional and ongoing expenses that substantially affect the overall financial commitment. Therefore, this report aims to provide a detailed analysis of all the costs involved in purchasing property in Greece, including expenses incurred before and after the completion of the sale.

This analysis will thoroughly examine transaction costs, including property transfer tax or Value Added Tax (VAT), notary fees, and land registry charges. Furthermore, it will delve into professional fees associated with hiring lawyers and real estate agents, as well as potential costs for title checks and property appraisals. Crucially, the report will also analyze the annual property taxes that a buyer, once becoming a property owner in Greece, will be obliged to pay. Anticipating these incidental expenses is critical, as overlooking or underestimating these costs can lead to financial surprises and potentially strain the buyer's resources. It is essential to recognize that the total financial outlay may vary depending on factors such as whether the property is newly built or resale, its specific location within Greece, and the professionals involved in the transaction. Therefore, this comprehensive guide seeks to equip prospective real estate buyers with the necessary knowledge to effectively navigate the financial landscape of the Greek property market.

2. Pre-Purchase Costs

2.1 Title Search and Legal Fees

Before committing to a property purchase in Greece, conducting a thorough legal due diligence is an essential step. This process involves a comprehensive examination of the legal status of the property to identify any potential liens, outstanding debts, or other legal issues that might affect the title. Skipping this critical step could expose the buyer to significant legal and financial risks post-purchase, such as inheriting the seller’s debts or facing ownership disputes.

Hiring a lawyer specialized in Greek real estate law is highly recommended to navigate the complexities of the purchase process. While not always legally mandatory, a lawyer provides vital legal protection and expert guidance, especially for foreign buyers unfamiliar with the intricacies of the Greek legal system. The lawyer’s responsibilities typically include meticulous examination of the property’s title to ensure its validity and that the seller has the legal right to sell. They also play a vital role in preparing and reviewing preliminary agreements and final sale contracts, ensuring the buyer’s interests are protected and that all contractual terms are fair and legally sound. Additionally, the buyer’s lawyer will coordinate closely with the notary and the seller’s legal team to facilitate a smooth and legally compliant transaction.

Lawyers’ fees for representing property buyers in Greece generally range from 1% to 2% of the property's market value, plus 24% VAT. This fee represents a significant portion of pre-purchase expenses and should be carefully factored into the buyer’s budget. It is worth noting that the lawyer’s fee is usually negotiable. For individuals engaging in their first real estate transaction in Greece, additional preparatory work may be required, such as obtaining a Greek tax number (AFM), opening a local bank account, or arranging official translations. In such cases, lawyers may charge additional fees for these extra services. Thus, legal due diligence is not merely a procedural step but a vital safeguard, and the lawyer’s related fees—including VAT—should be anticipated as a notable pre-purchase cost.

2.2 Property Appraisal Fees

While not always mandatory, obtaining an independent property appraisal from a certified valuer is highly recommended before finalizing a property purchase in Greece. This professional assessment serves as a crucial safeguard, ensuring that the agreed purchase price accurately reflects the property's real market value. Moreover, a thorough valuation can help identify any potential issues with the property's condition—such as structural defects or the need for major repairs—that may not be immediately apparent.

The cost of a property appraisal in Greece can vary depending on factors like the size, location, and complexity of the property, but reports typically start at around €5,000. Although this adds to the initial expenses, it can provide significant peace of mind and potentially save the buyer substantial amounts in the long term by avoiding overpayment or the discovery of costly hidden issues after purchase. Various factors affect a property's overall value in Greece. These include its specific location, year of construction, current condition and energy efficiency, type (e.g., apartment, house, villa), features (e.g., number of rooms, garden, special amenities), and the prevailing local supply-demand dynamics. Understanding these valuation factors allows buyers to make a more informed judgment on whether the asking price is reasonable—even before commissioning a formal appraisal. Ultimately, although it involves an extra upfront cost, a professional property valuation is a prudent investment that can protect the buyer’s financial interests and ensure a safer acquisition.

2.3 Real Estate Agent’s Fee

Many individuals wishing to buy property in Greece choose to use the services of a local real estate agent. These agents play a crucial role in helping buyers locate suitable properties that meet their specific criteria, guiding them through the viewing process, and offering valuable insights into local market conditions. Real estate agents also facilitate negotiations between buyer and seller, helping to reach a mutually agreeable sale price, and can assist in navigating the various administrative and legal aspects of the transaction.

Real estate agent commissions in Greece are not legally regulated and are typically agreed upon between the agent and the client. Standard commissions for property sales generally range from 2% to 4% of the final property value. It’s important to note that Value Added Tax (VAT) at the current rate of 24% is usually added to the agent’s fee. Typically in Greece, the buyer is responsible for paying their own agent’s fee. However, it is not uncommon for the commission arrangement to be discussed and potentially negotiated between the parties involved. In some cases, the fee may be shared between the buyer and the seller, or the specific rate may vary depending on the transaction size and other sale-related factors. Therefore, buyers should have a clear and open discussion with their chosen agent about the fee structure and charges upfront to avoid any misunderstandings or unexpected costs later in the property buying process. While the agent’s commission represents another significant pre-purchase expense, their expertise and support can be invaluable—especially for newcomers to the country or those unfamiliar with local practices.

3. Transaction Costs at the Time of Purchase

3.1 Property Transfer Tax (or VAT)

The tax implications for purchasing property in Greece vary significantly depending on whether the property is a resale or newly built. This distinction is vital for buyers, as it directly affects the amount of tax payable upon transfer.

For resale properties in Greece, the standard charge is the Property Transfer Tax. This is calculated at a rate of 3.09% of either the market value or the official taxable (objective) value of the property—whichever is higher. This includes a 3% transfer tax levied by the state and an additional 0.09% municipal surcharge. This tax is a mandatory cost that the buyer must pay to the Greek Ministry of Finance before signing the final purchase contract, as the notary requires proof of payment to attach to the contract.

In contrast, newly built properties in Greece—those with a building permit issued after January 1, 2006—are generally subject to VAT at the standard rate of 24% on the property’s sale price. This represents a significantly higher tax burden compared to the 3.09% for resale properties. However, a temporary provision is currently in place: the Greek government has implemented a VAT exemption valid through the end of 2024 (and previously extended). Under this exemption, if the property developer applies for it, buyers of new properties may only need to pay the standard 3.09% transfer tax instead of 24% VAT. This can lead to significant savings if the exemption is applicable. Therefore, prospective buyers should always clarify with the seller or their legal representative whether the property is considered new or resale, and which tax will apply at the time of purchase.

3.2 Notary Fees

Engaging a notary is a legal requirement for the transfer of property ownership in Greece. The notary plays a crucial role in ensuring the legality and validity of the real estate transaction. Their main responsibility is to draft the official purchase agreement—also known as the sale contract—which is then signed in their presence by the buyer and seller (or their legally authorized representatives).

Notary fees in Greece are typically calculated as a percentage of the property’s sale price or its officially assessed taxable value—whichever is higher. The usual range is between 0.8% and 2% of that value, with VAT at 24% added. Greek law sets minimum notarial fees. The exact fee depends on factors such as the notary handling the transaction, the agreed property price, and the transaction’s complexity (e.g., number of pages in the sale contract). For properties valued at up to €120,000, notary fees may range from about 1.2% to 1.5%, while for higher-value properties (over €120,000), the percentage may slightly drop to around 1%. Buyers should therefore budget for notary fees within this range, noting that the higher of the sale price or taxable value is used for calculation, and VAT is added to the final amount.

3.3 Land Registry Fees

After signing the purchase contract before the notary, the final step in legally transferring property ownership in Greece is registering this transfer with the local Land Registry (or Cadastre Office). This registration formally records the change in ownership and provides legal confirmation of the buyer’s title.

Registration fees in Greece are typically based on the property’s market value or purchase price and usually range between 0.2% and 0.9% of that value. In some cases, VAT at 24% may also be added. The specific rate may vary depending on whether the property is registered with the Cadastre Office or a Land Registry Office, with the latter sometimes carrying slightly higher fees. Thus, buyers should anticipate land registry fees as a necessary transaction cost—generally less than 1% of the property value—and also be prepared for the potential VAT addition.

3.4 Other Possible Costs

Beyond the main transaction costs, buyers in Greece may face various other potential expenses before signing the contract. For new properties, a stamp duty may apply—estimated by some sources at around 3% of the purchase price. If the buyer intends to finance the purchase through a Greek bank, additional banking fees related to the loan application, property appraisal, loan processing, and fund disbursement should be expected. These costs can vary depending on the bank and loan amount.

Obtaining a Greek tax number (AFM) is a prerequisite for any financial transaction in Greece, including property purchases. While often facilitated by the buyer’s lawyer, there may be a separate administrative cost. Moreover, if the buyer cannot attend the notarial appointment in person, they may need to appoint a representative via a Power of Attorney (POA). This legal document typically incurs a fee, which some sources suggest could range from 1% to 2% of the property’s value. Buyers should factor these additional expenses based on their personal circumstances and the specifics of their property transaction.

4. Annual Property Taxes for Owners

4.1 ENFIA (Single Property Ownership Tax)

Once a property in Greece is purchased, the new owner becomes liable for annual property taxes. The primary tax is ENFIA, the Single Property Ownership Tax, introduced in 2014. It is imposed annually on all individuals and entities owning real estate in Greece as of January 1 each year.

ENFIA is calculated through two components: a basic (main) tax and a supplementary tax. The main ENFIA is based on various property attributes, such as location, square footage, construction year, floor level, and usage (e.g., residential or commercial). The tax rate for the main ENFIA typically ranges from €2.50 to €16.25 per square meter per year, with the specific rate determined by the property’s location and tax zone, which reflects its objective (assessed) value. Properties in prime urban areas or popular tourist islands generally have higher objective values and thus attract higher ENFIA rates.

In addition, a supplementary ENFIA is levied on properties exceeding a certain value. For individual owners, this tax applies when the total objective value of their real estate exceeds €200,000–€250,000 (depending on the source and potential legislative updates). The supplementary ENFIA is calculated on a progressive scale, with rates ranging from about 0.1% to 1.15%, applied to the value exceeding the threshold. Thus, higher-value property owners bear a larger annual tax burden. Notably, discounts may be available for owners who pay in full before a specific deadline or who insure their property against natural disasters such as earthquakes, fires, and floods.

4.2 Municipal Property Tax (TAP)

Alongside the national ENFIA tax, property owners in Greece must also pay a local municipal property tax known as TAP (Fee on Real Estate Property). This tax is levied by local municipalities to fund essential community services such as waste management, street lighting, and road maintenance.

The typical TAP rate ranges from 0.025% to 0.035% of the property’s market value, which is based on its objective (assessed) value. Although relatively minor compared to other real estate-related costs, it still represents an additional annual expense for property owners. TAP is usually collected through electricity bills, where it appears as a separate charge. This collection method ensures the tax is paid regularly and conveniently by most property owners. While the general rate falls within the above range, small variations may exist depending on the specific municipality in which the property is located.

5. Cost and Tax Variations

5.1 New vs. Resale Properties

As previously mentioned, a primary factor influencing the costs associated with purchasing real estate in Greece is whether the property is newly built or resale. The most significant difference lies in the applicable tax at the time of purchase. New properties (typically those with building permits issued after January 1, 2006) are generally subject to a Value Added Tax (VAT) of 24% on the purchase price. In contrast, resale properties are subject to a Property Transfer Tax, levied at a rate of 3.09% on either the market or taxable value of the property, whichever is higher. This substantial difference in tax rates makes the choice between a new and a resale property a critical financial consideration for buyers. It is also important to remember the temporary “VAT exemption” that is in effect—if utilized by the developer, this could mean that buyers of new properties pay only the 3.09% transfer tax, significantly reducing their initial tax burden.

Beyond the primary purchase tax, other transaction expenses such as notary fees and land registry charges generally apply to both new and resale properties. However, the base value used to calculate these fees (i.e., the sale price or the taxable value) may differ slightly depending on the specific circumstances of the transaction.

5.2 Property Type and Location

The annual property tax ENFIA takes into account the intended use of the property—whether it is a residence, commercial space, or land plot. The calculation methods and potentially the applicable rates under ENFIA may differ accordingly. For instance, different base tax rates per square meter apply to residential and commercial properties compared to land.

Furthermore, the location of the property is a decisive factor for ENFIA liability. ENFIA rates are directly tied to the property’s location and its tax zone, which is based on the objective (assessed) value of properties in the area. Properties located in highly desirable urban areas such as Athens or on popular tourist islands are likely to have higher objective values, resulting in higher ENFIA assessments compared to properties in more rural or less developed areas. For example, as of 2025, property prices may vary significantly, with Athens averaging around €2,200 per square meter, while Mykonos may see prices as high as €4,000 per square meter. This difference in property values directly affects transaction costs calculated as a percentage of the purchase price. Similarly, while the municipal property tax (TAP) generally falls within a narrow range of 0.025% to 0.035% of the property’s objective value, the exact rate may vary slightly depending on the municipality imposing the tax.

6. Potential Additional Taxes and Charges After Purchase

After purchasing a property in Greece, owners may encounter additional taxes and charges depending on their specific circumstances. If the buyer chooses to rent out the property, any income generated from this rental will be subject to income tax in Greece. Rental income tax rates in Greece follow a progressive structure, ranging from 15% to 45% based on the total annual rental income. Additionally, if an individual's total annual income exceeds a certain threshold, a special solidarity contribution may also apply.

If the property owner decides to sell the property within five years of acquisition, any profit realized from the sale may be subject to capital gains tax, currently set at 15%. There is also a Special Real Estate Tax (SRET) applied specifically to companies owning real estate in Greece, levied at 15% on the property’s objective value. Although not a tax, it is crucial for property owners to also budget for ongoing expenses such as maintenance, repairs, and property insurance to ensure the upkeep and protection of their investment.

7. Cost Summary and Recommendations

Buying property in Greece involves a range of expenses that prospective buyers must carefully consider and budget for. These costs can be broadly categorized into pre-purchase costs, transaction costs at the time of purchase, and annual property taxes. The following tables summarize typical ranges for these costs:

Table 1: Estimated Real Estate Purchase Costs in Greece (Pre-Purchase and Purchase)

Table 2: Annual Property Taxes in Greece

Important Note: These are typical ranges, and actual costs may vary based on the specific property, its location, and the professionals involved in the transaction. Therefore, it is strongly recommended that prospective buyers take the following steps:

• Obtain detailed written quotes from lawyers, real estate agents, and notaries before proceeding, to clearly understand their fees.

• Hire a specialized lawyer to conduct thorough due diligence to identify and mitigate potential legal risks.

• Consider obtaining an independent property appraisal from a certified valuer to ensure the purchase price aligns with market value and to detect possible structural issues.

• Clarify in advance whether the property is classified as new or resale, as this will significantly affect the applicable tax (VAT or Transfer Tax).

• Include all potential costs—pre-purchase, transaction, and ongoing annual taxes—when developing a comprehensive budget for acquiring the property.

• Seek advice from local tax or financial advisors for personalized guidance based on your financial situation and property details, since tax laws and regulations can be complex and subject to change.

• Exercise due diligence and work only with reputable, certified professionals throughout the property acquisition process to avoid hidden costs or fraudulent practices.

By carefully considering all these aspects, prospective buyers can navigate the Greek real estate market with greater confidence and avoid unforeseen financial burdens.