Is this expensive to buy a property in Greece? Which cost you need to calculate and what documents you should have with you? Please follow Housefinders Peloponnese simple checklist below. Important notice: All the above mentioned are currently valid (October 2021). Changes may be done, every time that new rules apply.
Buy a property in Greece: the general cost
In Greece, the commission cost is shared between the seller and the buyer (usually 2,5% each). In addition to the brokerage fee of about 2,5%, you need to count on 3% in property tax. Notary fee 2,5%. Lawyers cost 2,5% and the Law Society costs about 1% and Surveying costs 700 Euro. This makes about 11,5%, so always count on just over 12%.
Buying in Greece: steps and documents
Once you find your dream house You leave a bid and wait for the seller to approve it. After the seller will accept your bid the first step will be to pay the deposit (usually 10% from the price) to your broker’s bank account. After that it is time for a meeting with the lawyer and signing the power of attorney agreement (PoA), applying for a tax number and (if you want to do that) opening the bank account. Note: all documents must be translated in Greek or English, because the bank doesn’t accept documents in other languages.
Regarding the PoA (Power of Attorney)
A Power of Attorney might be used to allow another person to sign a contract or any legal documents. That means that you do not need to fly to Greece during the buying process. Note: this is possible to arrange PoA without your personal meeting with the lawyer. For the PoA, you will need to prepare:
- Copy of passport
- Father’s full name and surname
- Mother’s full name and maiden name
- Place and date of birth
- Occupation
- Residency address
Regarding the Tax number
You or your lawyer in your name need to apply for a greek tax number. The tax number that You will need is now electronically done. The Greek Tax Number process takes , usually, 7 working days from the day we will submit the applications for it. To apply for it, the lawyer needs:
- Copy of passport
- Father’s full name and surname
- Mother’s full name and maiden name
- Place and date of birth
- Occupation
- Residency address
Regarding the opening a bank account
Please note: the bank account is not necessary for purchasing a house, the buyers can transfer the purchase price directly to the seller’s account in Greece or abroad. But later on, for practical reasons (e.g. direct debits for electricity etc.) most buyers open a Greek bank account. To open a bank account, you will need the documents as follow:
- your income tax returns for the past 3 years, to show the bank your income
- your TIN number (tax number)
- telephone bills for both your mobile and landline
- If you have your own business, you need a letter of your business, stating that you are the owner and founder of it. You also need a statement from your local or National registry
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