When purchasing a property, the costs primarily borne by the buyer are very significant and must always be taken into account. These mainly include the following:

1. Real estate transfer tax

Real estate transfer tax is paid by the buyer to the competent tax office. As of January 1, 2014, it amounts to 3% of the property price stated in the contract or of the assessed value, whichever is higher.

The law provides for tax exemption under certain conditions for the purchase of a primary residence.

2. Value-Added Tax (VAT)

For properties for which the building permit was issued after January 1, 2006, VAT is payable upon their sale. The seller remits the VAT to the Greek government and collects it, along with the purchase price, from the buyer.

3. Notary Fees

Notary fees are determined in accordance with the provisions of:

a) Article 40 of Law 2830/2000 “Notary Code” (A’/96), as amended by Article 4, paragraphs 1, 2, 3, and 4 of Law 3919/2011 (A’/32), and (a) a fixed fee of twenty (20) euros and a proportional fee, calculated based on the total value stated in the contract or the higher value determined by the competent authority, either provisionally or definitively. The rate of this fee, depending on the value of the transaction, is determined as follows:

•    For amounts up to 120,000 euros, at a rate of 0.80%

•    For amounts from 120,000.01 to 380,000.00 euros, at a rate of 0.70%

•    For amounts from €380,000.01 to €2,000,000.00, at a rate of 0.65%

•    For amounts from €2,000,000.01 to €5,000,000.00, at a rate of 0.55%

•    For amounts from 5,000,000.01 to 8,000,000.00 euros, at a rate of 0.50%

•    For amounts from 8,000,000.01 to 10,000,000.00 euros, at a rate of 0.40%

•    For amounts from 10,000,000.01 to 12,000,000.00 euros, at a rate of 0.30%

•    For amounts from 12,000,000.01 to 20,000,000.00 euros, at a rate of 0.25%

•    For amounts of 20,000,000.01 euros and above, at a rate of 0.10%

b) For each additional page of notarial deeds, for which the proportional fee is determined in accordance with the above scales, five euros (5.00).
c) For each page of the copies of the aforementioned notarial deeds, provided that such copies are issued immediately upon the execution of the deed, four euros (4.00). The fees and charges for the issuance of these copies must be indicated on the original contract, together with the other charges, as specified above.

Notary fees are borne by the buyer and amount to the sum calculated and necessarily indicated by the notary on the last pages of the contract. This also serves as proof for the tax office of the fee paid.

4.  Land Registry/Cadastral Office Fees

The fees for the registration of the contract with the Land Registry/Cadastral Office in the property’s jurisdiction are calculated at a rate of 0.475% with no upper limit.

The Land Registrar/Head of the Cadastral Office issues a Service Receipt, which includes 24% VAT. The Land Registry fees are borne by the buyer.

Please note: the sale will be finalized and will be fully legal only after the property has been registered with the Land Registry or the Cadastral Office, as we must always remember that ownership passes to the first party to register!
5. Attorney’s Fees

As of January 1, 2014, neither party to a sales contract—whether buyer or seller—is required to be represented by an attorney during the drafting of the contract. However, hiring a lawyer—especially on the buyer’s side—is practically necessary (checking the land registry, reviewing the contract terms, etc.), based on the details outlined above. Consult a lawyer you trust and request a detailed title search report accompanied by all encumbrance and ownership certificates.

6. Brokerage Fee

The brokerage fee in real estate transactions is typically 2% paid by the buyer and 2% by the seller, calculated based on the market value of the property. However, this may vary either upward or downward. There are many cases where referrals for opportunities are charged at higher rates, up to 7%. These fees are subject to the statutory VAT, i.e., 24%.