Is it expensive for foreigners to own Greek real estate? Greece is truly one of the world’s tourist Meccas so it would be safe to assume that it is. But Greek property is relatively inexpensive, especially during this time when the country is still reeling from a devastating recession. Every major investment counts and Greece is even offering golden visas for property buyers that can invest over 250,000 euros.
Actually, Greek properties are more affordable than most people think. On average, properties in the city cost about a thousand euros per square meter. As with other European countries, costs drop in more rural real estate (https://www.bluehomes.com/Immobilien-Griechenland-kaufen+verkaufen/kat.html). Greece properties in rural areas cost around 700 euros or less per square meter. This also depends on the size and state of the property. Beachfront houses near or around tourist destinations are around the same price as urban areas. If you look hard enough, you can grab a beautiful 500 square meter property in Central Macedonia for just over 200,000 euros.
Anyway, there are other costs involved that can raise the stakes just a bit. There is of course the notary fee which is around 5% of the transaction cost, a buyer-paid 2% commission for the real-estate agent, 3% for the transfer cost and legal fees that does not exceed 5% the property value.
Of course there are property taxes to be paid by owners of real estate. Greece requires property taxes depending on the assessed property price. 0.10%, for properties amounting over 200,000 euros, 0.15% for properties over 300,000 and 0.25% for properties over 400,000 and lastly, properties amounting over 2 million euros are given 1.15% property tax. If it’s a beachfront home, renting it out should cover that tax.
Foreign owners of Greek property need not worry about double-taxation if their country has a taxation agreement with Greece such as France, Belgium and Canada. Meaning French property owners won’t be taxed their Greek property. They will only be taxed in Greece.
