Greece has seen a sustained resurgence of interest from international property investors since the mid-2010s, driven by Golden Visa eligibility, post-crisis price corrections that created value in Athens and the islands, and strong short-term rental demand in destinations such as Santorini, Mykonos, and Crete. Transaction costs in Greece are moderate by European standards — typically 8–12% above the purchase price — and the legal process is well-structured, albeit slower than some markets.
This guide covers every cost category in full, with indicative figures as of 2026 and a worked example on a €300,000 property purchase. All EU nationals and most non-EU nationals face the same transaction costs; there is no foreign buyer surcharge.
Compliance note: Greek tax law changes regularly. The property transfer tax rate, ENFIA structure, and non-resident income tax rules have been amended multiple times in recent years. All figures are indicative as of mid-2026. Engage a Greek-qualified property lawyer and tax adviser before committing to any transaction. Property values can fall as well as rise.
Summary of Buying Costs at a Glance
| Cost Item | Rate / Amount | On €300,000 Purchase |
|---|---|---|
| Property Transfer Tax (FMA) — resale | 3% of objective (taxable) value | ~€3,000–€7,500 (dep. on objective value) |
| VAT — new-build (building permit post-2006) | 24% of construction value | Very significant — see text |
| Notary fees | ~1–1.5% of objective value | ~€2,500–€4,000 |
| Land Registry / Cadastre fees | 0.475–0.575% of declared price | ~€1,425–€1,725 |
| Lawyer fees | 0.5–1.5% or fixed | ~€2,000–€4,500 |
| Real estate agent commission (buyer side) | 2–3% + VAT | ~€7,440–€11,160 |
| Tax registration (AFM) | Free | — |
| Survey / technical report | €500–€1,500 | ~€800 |
| Currency conversion spread | 0.5–2.5% of transferred sum | ~€1,500–€7,500 |
| Annual ENFIA (property tax) | Complex formula; see text | ~€800–€3,000/year typical |
| Annual income tax on rental income | 15–45% depending on income | — |
| Building insurance | €300–€1,000/year | ~€500/year |
| Estimated total acquisition costs (resale, 3% FMA) | ~8–12% of purchase price | ~€24,000–€36,000 |
1. Property Transfer Tax (FMA — Φόρος Μεταβίβασης Ακινήτου)
For resale properties (those with building permits issued before 1 January 2006, or new properties where the developer has suspended the VAT option):
- Standard rate: 3% of the objective (tax) value of the property — not the actual sale price
The objective value is set by the Greek tax authorities (AADE) based on zone pricing tables. It may be lower or higher than the actual market price. Where the objective value exceeds the declared sale price, FMA is calculated on the objective value.
On a €300,000 property with an objective value of €200,000, FMA = €6,000. In areas where objective values are close to market (central Athens, Thessaloniki, Mykonos), the effective cost is higher. In rural areas or islands where values are below market, it is lower.
Important change as of 2024: The FMA rate was changed from the previous tiered system (3% up to €20,000, then 5%) to a flat 3%. This reduced transaction costs meaningfully for buyers in the mid-market.
2. VAT on New-Build Properties
For properties with building permits issued on or after 1 January 2006, VAT at 24% applies to the construction value (typically the full sale price), unless the developer has obtained a suspension of the VAT requirement (which applies to developments that began selling before a certain date or where remaining units are involved).
In practice, the 24% VAT rate on new-builds makes buying new construction in Greece significantly more expensive. Many buyers specifically target resale properties to avoid this cost. If buying new-build, verify with the developer and your lawyer whether VAT applies and on what basis.
Greece introduced a VAT moratorium for new-builds in some periods — check the current position as this changes. When VAT applies to the full €300,000 price, the tax alone would be €72,000 — almost prohibitive. In practice, the construction value (on which VAT is calculated) is often below the total sale price.
3. Notary Fees
All Greek property transactions must be completed before a notary (Symvolaiografos). Notaries draft and authenticate the transfer deed, collect FMA, and submit the deed to the Land Registry.
Notary fees are regulated by the Greek state and calculated on the objective value:
- Approximately 1–1.5% of objective value, subject to a minimum
- On an objective value of €200,000: notary fees of approximately €2,000–€3,000
- Additional charges for mortgage documents, powers of attorney, copies: €200–€500
4. Land Registry / Cadastre Fees
Following the transfer, the deed must be registered at the Land Registry (Ktimatologio — part of the national cadastre) or the Mortgage Registry (Ypothikofilakio) for areas not yet in the cadastre system.
- Land Registry (Ktimatologio) fee: 0.475–0.575% of the declared sale price
- On €300,000: approximately €1,425–€1,725
This fee is payable by the buyer and is submitted by the notary.
5. Lawyer Fees
A Greek-registered lawyer (dikigoros) is technically optional but universally recommended for foreign buyers. Key roles:
- Conduct title search (going back at least 20 years) to verify clean ownership
- Check for mortgages, easements, or legal disputes registered against the property
- Verify building permits and confirm no illegal constructions (a major issue in Greece — many properties have unlicensed additions that carry fines or require expensive regularisation)
- Verify the property is included in the Ktimatologio (cadastre) correctly
- Review the Preliminary Contract (Προσύμφωνο) and advise on terms
- Obtain AFM tax number on your behalf if required
Legal fees: 0.5–1.5% of the purchase price, or a flat fee of €2,000–€4,500. For complex properties (island land, developments with multiple permits, inherited title chains), budget at the higher end.
6. AFM (Tax Registration Number)
All property buyers in Greece must obtain an AFM (Arithmos Forologikou Mitroou — Greek tax registration number) before the transaction can proceed. For non-residents, this is obtained at the local Tax Office (Eforia) and requires a passport and a Greek lawyer or representative.
Cost: free. Processing time: 1–5 days in person; your lawyer can obtain it on your behalf via power of attorney.
7. Real Estate Agent Commission
In Greece, it is common for both buyer and seller to pay their agent's commission:
- Buyer's agent: 2–3% of the purchase price + 24% VAT (i.e. 2.48–3.72% inclusive of VAT)
- Seller's agent: 2–3% + VAT (paid by seller)
On a €300,000 purchase, buyer's agent at 2.5% + VAT = €7,440. This is one of Greece's higher transaction cost items and is negotiable in slower markets.
8. Survey and Technical Report
Greece has no mandatory survey system equivalent to the UK's RICS survey, but technical due diligence is important:
- Building permit verification and technical inspection: €500–€1,000 from a civil engineer (who can identify unlicensed extensions, verify structural condition)
- Energy Performance Certificate (EPC): Required for all property sales since 2011; typically provided by the seller, cost €200–€400 if you commission your own
Unlicensed constructions are extremely common in Greek residential property. A technical inspection is strongly recommended — regularisation costs for illegal structures can run €5,000–€50,000+.
9. Mortgage and Financing
Greek banks offer mortgages to foreign nationals, though access has tightened since the financial crisis:
- LTV for non-residents: Typically 60–70% on primary residence; lower for investment properties
- Interest rates (2026, indicative): Variable rates 5–7%; fixed rates 4–6%
- Arrangement fee: 1–1.5% of loan amount
- Valuation fee: €300–€600
Major Greek banks with mortgage products for foreigners include Alpha Bank, Eurobank, and National Bank of Greece. Non-EU buyers may face additional requirements.
10. Currency Conversion
For non-Eurozone buyers, currency conversion is a material cost:
- UK buyers transferring GBP: bank spread 2–2.5% vs specialist broker 0.3–1%
- On a €300,000 purchase (approximately £256,000), the spread saving is approximately €4,500–€6,000
A forward contract with a specialist FX provider is advisable given the typical 2–4 month timeframe from agreement to completion in Greece.
11. Ongoing Ownership Costs
ENFIA (Annual Property Tax)
ENFIA (Eniaia Fora Idioktisias Akiniton) is Greece's annual property tax, applying to all property owners including non-residents. It is a complex calculation based on:
- The objective (zone) value of the land and building
- The property's age, floor, and surface area
- A supplementary tax element for owners with total Greek property portfolio above €250,000
For a single residential property in the €300,000 range, annual ENFIA typically runs €800–€3,000 depending on location. Athens and island properties with high objective values will be at the upper end. Rural or lower-value areas at the lower end. The Greek government has periodically reduced ENFIA rates — verify the current schedule.
Income Tax on Rental Income
Non-resident landlords pay Greek income tax on rental income:
- First €12,000: 15%
- €12,001–€35,000: 35%
- Above €35,000: 45%
Allowable deductions are limited — Greek rental income taxation is less generous than in some other European markets. Non-residents must file an annual Greek tax return.
Short-term rental (Airbnb): A 0.5% solidarity levy on gross short-term rental income applies. Registration with the AADE short-term rental registry is mandatory (€100 registration fee). For properties generating more than €12,000/year in short-term rental income, Greek income tax applies at the above rates.
Municipality Fee (TAP)
A small annual municipality fee collected via the electricity bill. Typically €100–€400/year depending on property size and municipality.
Building Insurance
Annual buildings insurance: €300–€1,000 depending on property type, size, and location. Earthquake risk is significant in many parts of Greece — ensure any policy covers seismic events.
12. Worked Example: €300,000 Resale Apartment, Athens (3% FMA on objective value €200,000)
| Cost Item | Amount (€) |
|---|---|
| Purchase price | 300,000 |
| FMA (3% on objective value €200,000) | 6,000 |
| Notary fees | 2,500 |
| Land Registry fee (0.5% on declared) | 1,500 |
| Lawyer fees (1%) | 3,000 |
| Buyer's agent (2.5% + VAT) | 7,440 |
| Technical inspection | 700 |
| FX conversion (0.8% spread on GBP) | 2,000 |
| Total acquisition costs | 23,140 |
| Total as % of purchase price | ~7.7% |
Year one ongoing costs: ENFIA €1,500 + Municipality fee ~€200 + Insurance ~€500 = **€2,200/year** (excluding letting agent fees if renting).
How Global Investments Can Help
Greece's property market has genuine appeal — from Athens apartments with strong short-term rental yields to island properties qualifying for Golden Visa status — but the transaction process requires careful due diligence, particularly around unlicensed constructions and cadastre registration. Global Investments works with vetted Greek property lawyers, tax advisers, and specialist agents across Athens, Thessaloniki, and the islands. We can guide you from property selection through to tax registration and ongoing management. Contact our team to begin your Greece property journey.
This guide is for general information only and does not constitute financial, legal or tax advice. Programme rules, prices and tax rates change; verify current requirements with a qualified adviser before acting.