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Help for First Time Buyers

Help for First Time Buyers

Real estate transfer tax

The tax rate on transfer of real estate property of up to 15.000 Euros is 7% and 9% for any amount beyond 15.000 Euros of the 'objective value'. These rates increase by 2% when the property is situated in an area covered by a public fire brigade.

The real estate transfer tax is reduced to ¼ in the following cases
  • Distribution of real estate property parts among co-owners
  • Dissolution of partnerships and limited liability companies (Ltds)
 The real estate transfer tax is reduced to in the following cases
  • Compulsory trade-off of neighbouring properties
  • Merger of Societe Anonymes (SAs) or take-over of one by the other.
  • Take-over of real estate property by the state for public use and for the public benefit
  • Trade-off of real estate of equal value
Tax free is the purchase of the first-ever principal residence for Greeks or EU-citizens who maintain their usual residence in Greece, and for Greeks living abroad, worked outside Greece for the last 6 years and still remain registered with a Greek Community Register.
  • Tax exemption for a non-married person - up to 75.000 Euros for a house or flat and up ot 35.000 Euro for a plot of land
  • Tax exemption for married persons, divorced or widowed parents, and non-married persons, to whom the parental care has been entrusted - up to 115.000 Euros for a house or flat and 64.000 for a plot of land.
    • for the first 2 children - additional 23.000 Euros for each - 10.000 Euros for each for a plot of land
    • every further child - additional 35.000 Euros for each - 12.000 Euros for each for a plot of land

On the real estate transfer tax calculated as mentioned above, a municipality tax of 3% has to be paid.

Current legislation states that VAT will be charged on the supply of buildings whose construction licence is issued on or after 1st January 2006. This is a change from the above mentioned taxation. VAT is imposed at the standard rate of 19% for the transfer of new real estate properties, together with the part of the plot corresponding to such property.

Some new house-builders will pay this VAT for you as part of their incentive package.


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