When purchasing real estate in Greece, incidental costs typically arise that must be considered by the parties. The main items are:
Real estate transfer tax (FMA):
The real estate transfer tax is generally payable by the buyer. The current rate is 3.09% of the purchase price.
For purchases of newly constructed buildings directly from the developer (relevant date: building permit issued on or after 1 January 2006), value‑added tax (VAT) at 24% applies instead of the transfer tax. In 2019, a three‑year VAT suspension for newly constructed buildings was introduced (until 31 December 2022) and has been extended until 31 December 2024.
In certain specifically regulated cases, tax exemptions may apply, e.g., for the purchase of a primary residence, provided the buyer is resident in Greece.
Notarization costs:
Notarial fees are calculated based on the value stated in the contract of sale or the objective value determined by the tax authorities, whichever is higher.
Notarial costs generally amount to approximately 1%–1.2% of this value. As a rule, these costs are borne by the buyer, who also enjoys a practically recognized right to choose the notary. The parties may agree otherwise regarding allocation of the
Land registry/cadastre fees
The fees for registering ownership at the land registry or cadastre amount to approximately 6/000 plus disbursements, depending on the case.
Legal fees
Legal fees are agreed directly between the lawyer and the client. Depending on the scope of services, fees may amount to of up to 4–5% of the purchase price. If no specific agreement is made, fees for representation at the notarial conclusion of the sale contract are typically around 1% of the purchase price. Additional costs may also arise, for example for obtaining a Greek tax number (AFM), opening a bank account, conducting searches at the Land Registry or Cadastre, translations, and other administrative services.
(As of March 2023. All information provided without guarantee.)