Understanding the property purchase costs in Greece is crucial for anyone planning to buy a home or invest in real estate. Beyond the agreed purchase price, there are several additional fees and taxes that shape the total cost of acquiring a property. This guide outlines all mandatory and optional expenses, how they are calculated, and what buyers should pay close attention to before signing a contract.
Property Transfer Tax (FMA)
The property transfer tax is one of the most important costs when purchasing a home in Greece. It is calculated at 3% of the highest value between the contractual price and the officially determined property value (objective value). Additionally, there is a 3% surcharge on the tax amount for local municipalities (OTA).
Example:
If you buy a property with a contract value of €150,000 and an objective value of €160,000, the tax will apply to €160,000.
- Transfer Tax: 3% × €160,000 = €4,800
- OTA Surcharge: 3% × €4,800 = €144
- Total Tax: €4,944
Note: First-time buyers may qualify for an exemption from the property transfer tax if certain conditions are met (e.g. family status, property size, permanent residence criteria).
Notary Fees
A notary is essential for drafting and signing the final purchase contract. Their fee typically ranges from 0.80% to 1% of the property value. For higher-priced properties, this percentage is usually lower. Fixed fees may also apply for each page of the contract and for issuing certificates or official copies.
For example, for a property worth €200,000, the notary’s fee might be:
- €1,600 to €2,000 + 24% VAT
Land Registry / Cadastre Fees
Registering the property with the Land Registry or Cadastre is mandatory. The standard charge includes:
- 0.475% of the property value, plus 24% VAT on the fee
- Additional charges may apply for certificates and registration services
For a property worth €180,000:
- Base cost: €180,000 × 0.475% = €855
- VAT: 24% × €855 = €205
- Total: approx. €1,060 (excluding any additional documentation)
Real Estate Agency Fee
If you work with a real estate agency in Greece, both the buyer and seller usually pay 2% of the property value, plus 24% VAT.
For a home valued at €250,000:
- Commission: 2% × €250,000 = €5,000
- VAT: 24% × €5,000 = €1,200
- Total Fee: €6,200
Engineer / Technical Inspection Fees
Buyers may need a certified engineer’s report to confirm the absence of unauthorized construction. For older properties, a full technical inspection is advisable and is charged separately. Engineering fees typically range between €150 and €500, depending on the size and complexity of the property.
Translation Costs
For foreign buyers, especially those applying for Golden Visa in Greece, official translations of contracts and documents into English or their native language are required. The cost starts at €200 and can exceed €500, depending on the number of documents and the translation provider (e.g. official government service or law firm).
Other Property Purchase Costs
In addition to the above, buyers may need to pay for:
- Copies of the notarial deed (€10–20 each)
- Stamp duties and fees for tax declarations
- Accountant or tax advisor fees for filing obligations
What Is the Total Cost of Buying a House in Greece?
As a rule of thumb, total property purchase costs in Greece typically range between 6% and 10% of the property value. This varies depending on whether an agent is involved, whether technical inspections and translations are required, and other individual factors.
Example for a €200,000 property:
- Transfer Taxes: approx. €5,000
- Notary: approx. €1,600
- Land Registry: approx. €1,000
- Real Estate Agent: approx. €5,000 + VAT
- Other costs: €500–1,000
- Total Purchase Cost: €13,000–15,000
Final Thoughts on Buying Property in Greece
Purchasing real estate in Greece requires careful planning and a clear understanding of the costs involved. Buyers should account for all potential expenses to avoid surprises and ensure a smooth and secure transaction. For international buyers, professional guidance from a reputable real estate agency, lawyer, and civil engineer is highly recommended.
If you want to learn more about the Greek property market, high-demand areas, or upcoming changes in property taxation, you can request expert advice from the team at Greca House, who will handle the entire process of acquiring your ideal home in Greece.
