Total acquisition costs typically amount to approximately 10% above the purchase price, including the property transfer tax, legal fees, and administrative expenses.
The 3.09% transfer tax*, paid directly by the buyer and calculated on the higher of the purchase price or the government-determined taxable value, represents the highest additional cost. Buyers purchasing a primary residence may qualify for an exemption from this tax, provided they do not already own a property that meets their housing needs and they retain ownership for at least five years. Professional legal advice is recommended to determine eligibility.
*Important update: The Greek Prime Minister, Kyriakos Mitsotakis, has announced that the property transfer tax for purchases by non-EU citizens is set to rise to 15%, with the change expected to apply from 1 January 2027. The implementing legislation has not yet been published, so the final scope, including how it may treat plots of land and commercial property, is not yet confirmed.
Legal fees, notary costs, and translation services typically add 2-3% to the total investment. Property surveys, due diligence investigations, and technical inspections may add additional costs depending on the property's complexity and age.
Ongoing ownership costs include annual ENFIA property tax, calculated based on objective values and property characteristics. Utility connections, insurance, and maintenance should be factored into long-term budgeting, particularly for older properties requiring renovation.
For rental properties, licensing fees, cleaning services, and property management costs affect net returns. Short-term rental properties require specific licences and compliance with local regulations.
Currency exchange fluctuations can impact international buyers, making it important to consider hedging strategies for large transactions and ongoing expenses denominated in euros.