What You Need To Know

Purchase Tax - 3%
Lawyers fee - Dependent on work done. Usually around 1.5%
Notary fee - 2.5% approx
Council tax - 3% of tax amount only
Agent fee - 2% of sale price plus VAT 24% (of 2%). In Greece both Vendor and Buyer pay agent fees.

As a general rule, the supply and lease of immovable property are exempt from VAT. However, effective from 1 January 2023 VAT is will be charged if a new building is sold before its first occupation. In such a case, the applicable tax rate is 24%.
Transfer tax applies to the acquisition of the legal or economic ownership of Greek real estate and is payable by the purchaser. The tax value of real estate will be taxed against a tax rate of 3%. Where VAT is charged on the sale of a new building the 3% transfer tax will not payable. (As with many new real estate laws, this too may be deferred past the current initiation date)

As the Greek economy is going through a major restructure, the sentiment among global investors about the prospects for business growth in Greece is more positive than ever and we at ithacagreece.com Real Estate will always keep you informed through the purchase process to make your experience a positive and safe one. We check our properties with a lawyer and engineer before taking any of them on to make sure they are infact clear title with no encumbrances or hidden owners as has been the problem with buying property in Greece in the past and with some unregulated agents, can still be the problem. We want our i's dotted and t's crossed for the best outcome for our buyers and vendors. We have 100% success rate. Feel free to contact us for references from all ithacagreece.com Real Estate Buyers.

There are many reasons for buying in Greece, not the least of which is that with the Golden Visa Program, foreign buyers who invest 250,000 euro or more in the property market in Greece have a way into the EU and are granted residency rights in exchange.

When using ithacagreece.com Real Estate, a 2% Agent fee plus VAT 24% applies on purchase of any properties listed on ithacagreece.com and introduced to you by Agents Erika Bell Bach or Demetrios Vlassopoulos.

If you are coming to view property during July and August, please give as much notice as you can for your preferred viewing times. Summer is a busy time and we may not be available to show property at a moments notice, and although we will always try to accommodate, please don't leave it til the last minute.

Althought Land Registration was finally implemented on 18th June 2019, through the transition which could be quite chaotic as disputes over properties are sorted out, there are still considerations to be aware of when buying a house or land on Ithaca -

1. Beware of roadside real estate brokers. They do not usually have all the correct information on a property or piece of land. Don't become a statistic along with other buyers who have innocently put deposits down on land that can not be built on, or has forestry, archaeological or seaside restrictions, and is therefore worthless if the plan was to build. You wouldn't buy land from someone you met in the pub or on the street in your resident country, so why would you do it in Greece.
2. Real Estate Agents in Greece are paid 2 - 4% by the Vendor and 2 - 4% by the Buyer plus 24% VAT. Some Agents include the buyer commission in the price of the property, ithacagreece.com does not. ithacagreece.com takes 2% from Sale Price plus 24% VAT. This assures you of the price the owner requests with no hidden or hiked costs.
3. Land classed as 'Forestry' can not be sold. The Vendor can dispute the classification (forestry maps are online) but a favourable outcome is not guaranteed.
4. Always ask to see the topographic map and Title of property and have them checked out by a Surveyor and Lawyer. New laws brought in in 2011 have more safeguards for the buyer of property in Greece. Without various certifications which include each property be inspected for legality, a property cannot be sold. A Title and proof of ownership is no longer sufficient. This means a SAFE buy.
5. Once purchasing a property, it is wise to fence it, so that neighbouring owners can not diminish it over time.
6. When buying seafront land, a topography of the seafront needs to be made by topographers. This will determine how near to the seafront it is possible to build, if at all. This topography needs to be cleared and signed off by many government departments. There can sometimes be a wait of some months.
7. As the law stands now, you need 4000 sq m to build on a piece of land outside town zoning (EKTOS IKISMOU) and 2000 sq m on a piece of land that is along the town boundary (ENTOS ZONIS). There are restrictions on how near to the border of the land one can build. Land or property within town zoning (ENTOS IKISOMOU) have few or no restrictions in size and/or border distances.
8. If there is no electricity on or near the land, the cost of bringing power to it, will be around 1000 euro per pole.
9. Heritage Listed houses qualify for a government grant that helps to restore the houses to their former glory.
10. Land that may have in the past or be perceived now as having archaeological significance, will first have to be investigated by the Archeological Department before building can be approved.
11. Legal fees are usually determined on a percentage scale, usually around 1% up to 45,000 euro and then 1.5% after that. 
12. On purchasing a property, 10% - 20% deposit is usual and a Pre-Contract to secure that deposit can be signed. This deposit is not reimbursable if the buyer renegs on the sale. If the vendor renegs on the sale, the buyer is reimbursed double the deposit amount, failing that, the buyer can complete the purchase with the notary.
13. Building a stone house gives the owner certain tax breaks. An initiative by the government to encourage more traditional buildings. It can in some cases, work out cheaper than a rendered building.
14. An estimation of building costs is usually 1800 - 2500 euro per sq meter. For instance, a 200 sq m house may cost you around 360,000 euro. This estimation is not carved in stone, but will give you a good idea of how much you are likely to spend when deciding to build. There are of course variables which can increase or decrease the costs and this estimation is calculated from Building permit to interior fittings and some landscaping. 
15. On Ithaca one must seek building permission for all works that are not already included in the topography and building plan of your property.
         
Please note that Property prices on Ithaki are determined by the owners themselves and are not determined by agent or calculated on the square meter, thus there are price differences between properties of the same size and/or quality. Each property has a unique perspective. There are no areas or buildings and views alike. We always ask the buyer to make an offer, even if that offer is lower than the listed price, as prices may be more flexible at the time of an offer.