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Expenses
Notary's Fee: 2% of purchase price.
Laywer's Fee 1.5%-2% of purchase price.
Purchase tax: This is a one-off tax, currently 9% on the first 1.500 euro. Thereafter it is between 11% and 13% depending on assessed value as set by the local tax office.
The prospective purchaser meets the above expenses.
N.B. The assessed value for tax purposes is usually lower than the actual purchase price. This is an advantage to the purchaser. However, this will change in the future when Greece falls into line with European Community Regulations. This will result in some small changes to the way property is assessed.
Architectural Survey (Topograph): This is a formal document prepared by an architect and gives a technical description of the property. Based on this, the Notary Public makes the written description of the property and a copy of this forms part of the contract. The cost of this document is approximately 350 euro depending on location.
N.B. To guarantee the purchasers interests on dimensions of property etc. we always advise clients to have a Topographical survey done even when the owner has presented one.
Property Taxes
There is no significant cost of ownership of property in Greece. There is a small public tax, which is incorporated into the electricity bill every second month. The exception to this is if the assessed value of the property is significantly high. Should the assessed value of the property exceed 180.000 euro or 360.000 euro if there is joint ownership, then the property will be subject to a small property tax payable each year.
Transfer of Funds
When you have transferred funds from your bank account to Greece, it is important to retain the documentation (pink slip) in order to ensure that you are exempt from local taxes.
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Building Costs
Building costs can vary. Account has to be taken of the size, materials used and location. A useful guide is 700 euro m2. On top of this, there is IKA (national insurance) of the building workers, this varies according to the size of the house but a useful guide is 50 euro m2. Under Greek law, the owner of the plot is legally responsible for this. Building permits are approximately 4% of the cost of the building.
Planning Permission:
For New Construction:
Inside villages and towns planning permission can, overall be granted for any plot, although some laws are specific to a certain area. Planning permission can be granted for building on land of 2000 m2 or less if the plot is situated within the town-planning zone, or fronts a municipal road. For plots outside of the zone, planning permission can be granted if the land is a minimum of 4000 m2 and there are no forestry or archaeological restrictions. Many reputable architects and engineers will take care of these procedures and give advice. Many of our building plots have already been through these checks.
For Renovation:
Planning permission is not required if the property is habitable, unless there were going to be significant extensions. Renovating an old stone house or ruin is less expensive than building a new property and is very often found in idyllic locations. For the cost of renovating a rule of thumb guide is the cost of the property. For example, if you have paid 20.000 euro then it will cost another 20.000 to renovate.
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