Property Ownership

Legal Information – Buying Property in Greece – Additional Costs

How to buy property in Greece

A. PROCEDURES & Purchasing/Single Costs:


What are the procedures to buy a property in Greece?
Once a property is being selected, the following steps are taken:
 
Appoint a Lawyer
The Buyer must appoint an attorney to assist and represent him/her throughout the purchasing process. We, at Leptos Estates, can deal with all necessary procedures making your experience of buying a Greek property as stress-free and pleasant as possible. We also offer to our clients a FREE in-house legal advice and provide a list of reputable real estate attorneys in Greece to represent the clients during signing process with attractive rates especially negotiated for our clients; Lawyer’s fee: 1,24% (Calculated on the contract amount)


Appoint a Public Notary
We assist the clients at FREE service, to issue a tax registry in order to proceed with the purchase of property. The tax registry number is applied for and issued by the Inland Revenue Service. The AFM (in Greek: Α.Φ.Μ.) is the Greek tax registration number and required by the Greek Tax Authorities and it is necessary for purchasing or renting a property, opening a bank account, buying a car and in many other occasions. Requested documents to issue the AFM usually are: copy of passport.

Issue a tax registry number (‘AFM’)
We assist the clients at FREE service, to issue a tax registry in order to proceed with the purchase of property. The tax registry number is applied for and issued by the Inland Revenue Service. The AFM (in Greek: Α.Φ.Μ.) is the Greek tax registration number and required by the Greek Tax Authorities and it is necessary for purchasing or renting a property, opening a bank account, buying a car and in many other occasions. Requested documents to issue the AFM usually are: copy of passport.
Note:
a) The Buyer can obtain the AFM him/herself, OR, give a power of attorney to the appointed Lawyer and receive it on his/her behalf.
Title Deed Transfer fees
All properties in Greece built after 31.12.2005 need to pay prior to the signing of the contracts, 24% VAT, which is calculated on the value of the contract.

Signing the sales contract

The final contract is signed in the presence of a Public Notary. When the contract is signed, the Notary registers the transaction at the local Registry of Mortgages. The fee of public Notary is: 1,5% (approx.) on the contract price.

Effect transfer at the Registry of Mortgages

The Notary ensures that the title deed is transferred to the Buyer's name(s) by obtaining the relevant certificate from the Registry of Mortgages. Title Registration fee is payable by the Buyer: 0,5% (approx. of contract amount).
 

Permanent Residence Application – Lawyer’s fee:

our Legal team in Greece along with your Independent Lawyer will handle the PR process. The fees are:
- One Buyer: 1000 €
- One Buyer with spouse and one child: 1500 €
- One Buyer with spouse and 2 children or more: 2000 €
 
 

Summary of Purchasing Costs when Buying a Property in Greece:

The Buyer has to cover the following costs to complete the transaction:

1. Lawyer's fee: 1,23% calculated on contract amount.
2.Fee of Public Notary: 1,5% calculated on contract price.
3. Title Deed Transfer fee All properties in Greece built after 31.12.2005 need to pay prior to the signing of the contracts, 24% VAT, which is calculated on the value of the contract.


4. Registry of Mortgages: The fee payable to the registry of mortgages amounts to 0.5% of the property value.
5. Permanent Residence application fee: - One Buyer: 1000 €
- One Buyer with spouse and one child: 1500 €
- One Buyer with spouse and 2 children or more: 2000 €

Plus: 500 € per Permanent Residence Application payable to the governmental office responsible for the Permanent Residence issuance.  
 
 
 

B. Annual Costs:

Yearly property taxation in Greece is limited to the following:

1. Annual property tax is estimated to an average of 250 – 300 € per annum. The exact amount is calculated individually for each property by the government.

2. Maintenance Charges (Communal Expenses): These are charges paid to the Leptos Property Management Company for services related to the maintenance and cleaning of common areas, such as communal swimming pool, gardening services, electricity for lighting, cleaning, etc. This charge is applicable mainly to apartment - developments. The fee depends on the services and amenities provided in the project and the size of the property. The range fee is approximately:  



One- Bedroom Property: €50 - 60 approx. per month
Two- Bedroom Property: €80 – 100 approx. per month
Three- Bedroom Property: €150 approx. per month

Also, villa owners may use our maintenance services as well as in a customized manner to suit their specific requirements.

 
 
 


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