What tax will I pay when buying a new property in Greece?
VAT on new property
- VAT rate: For new properties in Greece, the buyer usually has to pay VAT, the rate of which is 24% of the property’s value.
- VAT exemptions: There are some exceptions to this rule, especially in areas with less tourism, where the Greek government is trying to encourage investment through tax reductions. In some cases, such as on some islands with smaller populations, VAT on new properties may be reduced or even eliminated altogether.
Other fees when buying a property
- Deed tax: Traditionally, when buying property in Greece, the buyer had to pay a deed tax, which usually ranges from 3% to 10% of the property’s value. This tax does not apply to the purchase of new properties subject to VAT.
- Notary and legal costs: In addition to VAT, the buyer should also factor in notary costs, which are usually around 1-2% of the property’s value. In addition, there may be additional costs for legal services and translations.
- Registration fees: These are property registration fees, which are usually around 0.5% of the value of the property.
