The question about the cost of owning a property in Greece is one of the most asked. And it is never an easy answer actually. The Greek laws in this matter are very complex and confusing — moreover, they often change. To get legally accurate information, we advise you to contact a tax specialist. Please note also that the prices we mentioned in the list below are based on the area we are living in: the West Mani.
Real Estate Tax (ENFIA)
ENFIA is paid annually by all, without exception, homeowners in Greece, both residents and foreigners. The basic part of the tax is from 2 to 13 euros per 1 m². Both individuals and legal entities pay this part. The calculation of this part is complex — it takes into account many factors: the size of the housing, its location, age, purpose, estimated value, etc. The extra part differs depending on whether the owner is an individual or a legal entity.
- Individuals pay this part only when the price of the property exceeds €250 thousand. The rate for them is calculated on a progressive basis, and it ranges from 0.15% to 1.5% (if housing is more expensive than 2 million euros).
- For legal entities, this part of the tax is fixed. It is 0.1% of the cadastral value if the company actually uses the property for its own needs, and 0.55% if the company leases the object. There are also separate benefits for non-profit organizations.
Special Real Estate Tax (SRET)
SRET is charged at 15% of the cadastral value and only applies to companies that own real estate. There are several ways to avoid paying this tax. In particular, companies whose income from active commercial activities exceeds passive income do not pay it.
Municipality Duty (called Telos Akinitis Periousias or TAP).
TAP depends on the region of the country and ranges from 0.025 to 0.035%.
Rental income tax
It is also different for individual and corporate property owners.
- For companies, the tax rate is fixed at 22%, while all expenses for the maintenance of real estate are deducted from the gross income.
- For individuals, this tax is progressive, ranging from 15 to 45%, depending on the amount of rental income. Maintenance costs are also deducted from gross income, but on a fixed basis — 5% of the received income. You can also reduce the tax by collecting data on the renovation or energy modernization of the building carried out during the year. But it should be no more than € 16,000.
Utility bills
There are not only property taxes that owners should pay annually. For a general understanding, we will give utility average payment data. Utility fees in Greece are from 100 to 300 euros per month. Here are some numbers that give an idea of the Greek utility charges per month or per hour.
- Electricity. Cost of 1 kW. h amounts to approximately 0.1–0.2 euros
- Water. In the time we makes those notes you pay approximately 10 euros per month
- Communication services. The annual fee for landline and Internet is around 25-40 euro per month and depends on the provider, as well as on the region, quality and set of services.
- Property insurance costs. The laws of the country do not oblige owners to insure the property. Yet, villa owners usually do this by paying 250–500 euro per year.
Other costs
- Wood. In the meantime, 1 cubic meter cost 120 euro.
- Swimming pool. The maintenance of the swimming pool is around 45 euro per time and depends on the provider, as well as on the region, quality and set of services.
- The garden work. Very difficult to say and depends on how much work needs to be done but you need to count on the approximate cost around 12 euro per hour.
- The cleaning services. Similar to the above
