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Outside money used to buy a property in Greece should be officially documented and declared to the Bank of Greece.

Capital gains tax which is charged as a percentage of the property value scaled for length of ownership and will be between 10-25%. It is usually exempt when using the proceeds to move from one home to another in Greece.

There are a few restrictions for foreign property buyers, mainly due to security around the border areas close to Turkey.

Real Estate Prices in Greece

Range considerably from:
From £10,000 / $15,000 inland for old stone houses.
From £10,000 / $15,000 for building plots by the coast
Please check with local authority for building regulations in respect to the size of property to be built.
From £30,000 / $45,000 for coastal apartments.
From £100,000 / $145,000 plus for Villas.

If your property exceeds a certain market value you could be liable for annual Wealth Tax charged as a singular figure percentage between 1-2% against the properties declared value.

Locations to buy real estate in Greece

It is usually more expensive to buy real estate in coastal and Island resorts in Greece but beneficial when re-selling to own property in such areas. Crete is popular for winter residency.

Living Costs in Greece

Generally lower than other EU countries although luxury goods like cars are expensive.

Buying real estate in Greece

A deposit of 10-30% (normally 10%) is paid after an agreement to buy is signed which should include buying price details and due completion date, which varies but can be done in under a month. The balance of the purchase price is payable on signing the purchase deed before a public notary in Greece. The notary will check that your property has the clear title before completing the sale agreement. They will charge around 1-2% of the property value to do this.

Solicitor / Lawyer

They will act on your behalf in payment of any local taxes and register the property deeds with the Land Registry as freehold. Solicitor/lawyers fees are usually 1% of the properties value with a fraction charged on top for real estate exceeding a certain value.

Fees

The fees for buying real estate in Greece total 15 -20%. Purchase tax is charged depending on the properties value at between 9-11%, in addition 2% is charged on top for properties located in cities. Land registry fees should be about 0.3% of the assessed value plus a small sum for stamp duties and certificates. Real Estate agent's fees are usually paid by the vendor.

Property Tax

Generally quite low, from 0.25% of the property's declared value annually. This will cover local services. A community tax of around 3% of the property transfer tax is paid to the local municipality for general public services.

Mortgages

Interest rates in Greece can be the highest in the European Union (EU) with local mortgages sometimes difficult to obtain because Greek banks do not like borrowing against property. You will probably find it's better to arrange a mortgage loan outside of Greece. Should you arrange a local mortgage it can be up to 90% of the property value and repayable between 5-30 years. Click here to arrange a mortgage in Greece

For more information on buying property in Greece, please contact the Real Estate Agent or visit the Greek Governments website:

www.mfa.gr

Our guide will not cover all the legal and full financial information for your Real Estate purchase but should enable you to get an idea into the financial involvement.

For more information on Greek Property and to arrange your viewing visit:

Greek Embassy
Consulate General of Greece in New York
69 East 79th Street
New York, NY 10021
Tel: (212) 988-5500
Fax: (212) 734-8492

Email: nyconsgreekembassy.org