Cabinet d'Avocats

Athanasios I. Papathanasiou



The expenditures on purchases depend on the price that will be agreed and on the objective value. The higher amount is always taken into account.

The following are needed in order to draw up a contract of transfer:

Personal data of buyer (Identity card or valid passport)

Issue of a Tax Identification Number by the competent Greek Public Finance Authority

Documents which justify the legal origin of the total amount of the price, including taxes and necessary expenses made before the purchase.

If the price written in the sale contract is higher than the objective value, then there should be a payment of property transfer tax. In any other case the Tax Identification Number is estimated according to the objective value of the immovable property based on the following :

The Price of the Immovable Property : Base rate : 3%

A municipal tax of 3% will be imposed on the total amount of tax.

When the building is recently constructed and subsumed under VAT, there is a 23% tax, plus 3% municipal tax.

Additional costs on purchase

Notarial charges and rights amount to 1% of the purchase value when this value is no higher than 120.000Euro. If the purchase price is higher than this, this rate will be reduced gradually according to a board. Charges and copy rights, transfer tax returns, calculation sheets, formal declarations, summaries etc will be added and they may vary from 0,5% to 1%. This amount is levied under 23% VAT which is estimated at the total amount of the mixed rights which have been received.

The cost of transcription in the register of mortgages which is estimated at 4, 75% of the value of contract. Fixed rights which vary from 50 to 100 Euro (ex. according to the existence or not of flat ownership etc) or a registration at the Land Register which is estimated at 5, 75 %, plus fixed charges, are also added.

According to law 4093/2012, paragraph ΙΓ, 8, in case of acquisition for value, the representation of a lawyer is mandatory in order to execute, before a notary, a deed of creation, transfer, deterioration, modification or withdrawal of a right in rem in immovable property (mortgages and charges are excepted).The representation of a lawyer is mandatory only when it concerns the acquirer of the right and if the total value of these contracts is higher than eighty thousands Euro (80,000), irrespective of the location of the immovable property. In such a case there is a specific mention in the contract concerning the representation of a lawyer and there is also annexed a plan for the contract which is signed by him and certified by the local Bar Association.

The representation of a lawyer, referred to in the previous paragraph, is optional since 1-1-2014.