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BlogWhen buying property in Greece, transfer tax is one of the most significant one-off costs you will encounter. Understanding how it works, what it is based on, and whether any exemptions apply to your situation will help you budget accurately and avoid surprises at the notary.
What is the property transfer tax rate in Greece?
The transfer tax rate is 3% of the taxable value of the property, with an additional municipal levy of 3% applied to that base tax, giving a combined total of 3.09%. This rate is set at the national level and applies uniformly across all regions of Greece, from mainland properties to island locations. The tax is paid by the buyer.
It is worth knowing that transfer tax applies to existing properties and building plots. If you are purchasing a newly built property from a professional developer, VAT of 24% applies instead of transfer tax. Greek developers currently have the option to apply for a VAT exemption for their construction projects until the end of 2026, in which case the buyer pays 3.09% transfer tax instead of 24% VAT.
How is transfer tax calculated?
Transfer tax is calculated on the taxable value of the property, which is the higher of two figures: the declared purchase price or the objective fiscal value set by the Greek tax authorities. The objective fiscal value is determined by the Ministry of Finance based on the property's location, size, age, and other criteria, and serves as the minimum taxable base regardless of the agreed purchase price.
In practice, for properties in rural areas and on many islands, the objective fiscal value is often lower than the actual market price, meaning the declared purchase price will typically be the basis for the calculation.
A straightforward example: if a property has an objective fiscal value of €300,000 but the agreed purchase price is €280,000, transfer tax is calculated on €300,000, giving a tax liability of €9,270.
Are there any exemptions?
First-time buyer exemption
Contracts for the purchase of a primary residence or building plot may be exempt from transfer tax under specific conditions. To qualify, the buyer, their spouse, or any of their minor children must not already own a property that meets the family's housing needs. The buyer must also reside permanently in Greece or intend to settle there within two years of the purchase.
The exemption thresholds for a primary residence are:
Unmarried persons: up to €200,000
Unmarried persons with a disability of 67% or more: up to €250,000
Married persons: up to €250,000
Married persons with a disability of 67% or more: up to €275,000
These amounts increase by €25,000 for each of the first two children and by €30,000 for the third and each subsequent child. For building plots, the thresholds are lower: €50,000 for unmarried persons and €100,000 for married persons, with smaller increases per child.
If the property value exceeds the applicable threshold, transfer tax is due only on the amount above the exempt limit.
The exemption is available to Greek nationals, EU and EEA citizens, recognised refugees, and certain third-country nationals with long-term resident status in Greece.
Reduced rates
Reduced transfer tax rates apply in specific circumstances. Property distributions and the dissolution of certain company types (General Partnerships, LLCs, Limited Partnerships, Private Capital Companies) with transfer of real estate to their members are taxed at one quarter of the standard rate. Equal-value property exchanges are taxed at half the standard rate.
Family transfers
Property transfers through donation or parental gift are not subject to transfer tax. Instead, separate donation tax rates apply, which are generally more favourable for transfers within the family. Parents transferring property to their children, for example, benefit from a tax-free threshold of €800,000 per parent.
When and how is transfer tax paid?
Before the purchase contract is signed at the notary, both parties must submit a joint real estate transfer tax declaration to the relevant tax office. The tax must then be paid in full within 3 working days of the declaration submission or the issuance of the administrative tax assessment.
Declarations are submitted digitally through the myPROPERTY platform of the Greek Public Administration's Single Digital Portal. In cases where digital submission is not yet available, paper submission through the "My Requests" application or by registered post remains an option.
Your lawyer will typically coordinate the entire process, calculating the exact amount due and ensuring all deadlines are met before the notary appointment.
What other costs should I budget for?
Transfer tax is one of several costs involved in a Greek property purchase. As a general rule, buyers should budget approximately 10% of the purchase price to cover all one-off transaction costs. The main components are:
Transfer tax: 3.09% of the taxable value
Notary fees: approximately 1.8-2% of the property value
Land registry fees: approximately 0.5% of the property value
Lawyer's fees: 1-2% plus VAT
Real estate agent's commission: 2-4% plus VAT, if applicable
Disclaimer: This content is for informational purposes only and does not constitute legal or tax advice. For matters specific to your situation, we recommend consulting a lawyer, accountant, or notary as appropriate.
