What are the fixed costs to consider as a property owner in Greece?
Fixed property maintenance costs in Greece include:
- Property tax
- Property insurance
- Utility and public service costs
TAX
Until recently, the main property tax rates in Greece were:
- €2.80/sq m for properties in areas where the average price per square meter is between €751 and €1,500.
- €3.70/sq m for areas where the price per square meter is between €1,501 and €2,500.
- €4.50/sq m for housing tax in areas where the price per square meter is between €2,501 and €3,000.
The tax can be paid in a single payment or in 10 installments. If the market value of the property is less than €150,000, the owner is eligible for a 30% tax discount.
INSURANCE
Insurance premiums: Property insurance is not mandatory in Greece. However, if the purchased property has a mortgage, insurance of the mortgage amount is mandatory. The annual premium for property insurance is about €350.
UTILITIES AND PUBLIC SERVICES
Utility and public service costs are based on meter readings. The average cost of services for a 50 sq m apartment is over €600 (if the apartment is occupied for 12 months a year).
