Budget roughly 5–11% of the purchase price on top of the price itself when buying property in Greece. The single largest mandatory cost is the property transfer tax at 3.09%, and — importantly for a new-build like MARĒ — Greece’s VAT suspension means most new properties are sold under that 3.09% transfer tax rather than 24% VAT through the end of 2026. Add notary, land-registry, legal and translation costs, and you have the full picture. Here is every line item, with a worked example.
What is the property transfer tax in Greece?
The transfer tax is 3% of the taxable value, plus a small municipal surcharge that brings the effective rate to 3.09%. It is paid once, before the deed is signed, and foreign buyers pay exactly the same rate as Greek nationals — there is no foreign-buyer surcharge. By EU standards 3.09% is low; many countries charge several times that.
Do I pay 24% VAT on a new-build?
Almost certainly not, and this is the detail that makes or breaks new-build investment maths. Greek VAT on real estate is 24%, but it only applies to brand-new properties sold by the developer — and Greece has suspended that VAT through 31 December 2026. Under the suspension, even new builds are sold under the 3.09% transfer-tax regime instead.
The difference is enormous: 24% VAT on a €400,000 new build would be €96,000, versus about €12,360 in transfer tax. For a MARĒ purchase completing within the suspension window, you pay the transfer tax, not VAT.
Confirm the timing. The VAT suspension has been extended repeatedly but is set against a calendar date. When you enquire about a MARĒ residence, ask the team to confirm how your purchase is structured and that it falls within the current suspension. Ask the team.
What are the other mandatory costs?
Beyond the transfer tax, every purchase carries a few required professional and registration costs:
- Notary fee — typically around 0.8%–1.5% of the property value. The notary drafts and executes the deed.
- Land Registry / Cadastre fee — roughly 0.5% to register the new ownership.
- Certificates and file costs — the basic documents needed to complete the transaction.
What costs are optional but strongly recommended?
These are not legally mandatory but almost every foreign buyer should budget for them:
- Independent lawyer — usually 1%–2% of the price. Conducts due diligence: title search, encumbrances, debts, permits. For a foreign buyer navigating a Greek-language system, this is money well spent.
- Engineer inspection — verifies boundaries and building legality; more relevant for older stock than a new build.
- Translation / interpreter — for the Greek legal documents.
A worked example
Take a €250,000 property, structured under the transfer-tax regime:
- Transfer tax (3.09%): ~€7,725
- Notary (~0.8%): ~€2,000
- Land registry (~0.475%): ~€1,190
- Legal (~0.75%–1%): ~€1,875–€2,500
That is roughly €12,800–€13,400 above the price — about 5–5.4% for a clean file. Add optional extras and higher legal fees and all-in costs commonly land in the 7–11% range. A new-build purchase with straightforward paperwork tends to sit at the lower end.
What ongoing costs should I plan for?
Acquisition is one-off; ownership has recurring costs to model into any yield calculation:
- ENFIA — the annual property tax, assessed on what you own on 1 January each year. Modest by UK or US standards.
- Income tax on rent — progressive brackets from 15% to 45% for individuals.
- Management, utilities, insurance and maintenance — the operating costs of running a rental, which a managed model consolidates.
Do foreigners pay more than Greeks?
No. There is no foreign-buyer levy, no surcharge and no ownership restriction across most of the country. Foreigners pay the same transfer tax and the same ongoing taxes as Greek nationals. What changes for a foreign buyer is complexity — a foreign-language system, and paperwork routed through notaries, lawyers and the AADE tax authority — not the tax rate. You will need a Greek tax number (AFM) before you can buy.
The bottom line
For a MARĒ residence, plan on the price plus roughly 5–8% in acquisition costs, with the 3.09% transfer tax as the largest item and the 24% VAT almost certainly avoided under the current suspension. Ongoing, budget ENFIA and rental-income tax into your net-yield figure. Ask for a full cost breakdown specific to your unit before you commit.
Frequently asked questions
How much are total buying costs in Greece?
Typically 5–11% above the purchase price. Mandatory costs (transfer tax, notary, registration) come to roughly 5%; optional legal, engineer and translation costs push the all-in figure higher. Clean new-build files sit at the lower end.
Is the transfer tax really only 3.09%?
Yes. It is 3% plus a small municipal surcharge, paid once before the deed. Foreign buyers pay the same rate as Greek nationals, with no surcharge.
Will I pay 24% VAT on a MARĒ new-build?
Almost certainly not. Greece’s VAT suspension through 31 December 2026 means new builds are sold under the 3.09% transfer tax instead of 24% VAT. Confirm your purchase falls within the current suspension window.
What ongoing taxes apply after purchase?
An annual ENFIA property tax and progressive income tax (15%–45%) on any rental income, plus operating costs like management, utilities, insurance and maintenance.
Do I need anything before I can buy?
Yes — a Greek tax number (AFM), which your lawyer or accountant obtains for you, often remotely. You cannot complete a purchase without it.
This guide is general information, not tax or legal advice. Figures are illustrative 2026 ranges and vary by property and transaction. The VAT suspension is set against a calendar date and may change. Confirm all costs with a qualified Greek lawyer and accountant before purchase.
