The Capital Costs below are based on the purchase of a typical
90m2 House/Villa with 2 bedrooms, 2 bathrooms, kitchen and
a spacious living area with a purchase price of £90,000.
(150,000 Euro) and an assessed property value of £60,000
(see Purchasing Procedures onThe
House/Villa £ 105,000
Purchase Tax £7,700
fees & Notary fees
Purchase Cost: £114,100
Of Living (see below)
£7,981 per year
a house with a purchase price
of £60,000, assessed property value of £40,000, the Total
Purchasecost would be approx: £65,200)
The custom in Greece is to keep down
the declared value of the property to reduce legal fees
and property taxes. The one time purchase tax (which is
the Greek equivalent of our stamp duty) is calculated at
between 9% and 11% of the assessed property value for plots
of land. For apartments and houses the charge is between
11% and 13%. The Inland Revenue will base their assessment
on special tables issued by the Greek Ministry of Finance.
The tables help determine the value of the property according
to its merits, i.e. location, nature, quality of construction
etc. The assessed value will usually amount to around two
thirds of the true purchase price.
The Notary Public fee is between 1%
and 2% of the assessed property value.
Lawyers charge between 1% and 2% of
the assessed value as recorded on the contract of sale.
To the above cost of purchasing your
property you should make an allowance for either buying
furniture and appliances in Greece or transporting your
furniture and household effects from the UK Illustrated
below is the cost of a basic Greek furniture package and
an example of specialist International removal company fees.