Transfer Tax (FMA)
The Transfer Tax (known as FMA — Foros Metavivaseos Akiniton) is normally calculated at 3% on the taxable base, plus a municipal levy of 3% on that main tax, which works out to about 3.09% on the same base — the headline rate used in our calculator for investment / non-primary-residence style purchases.
Important nuances (often omitted in short guides):
- Taxable base: Greek rules generally look at the higher of the declared contract price and the objective (cadastral) value. Our calculator applies the rate to the purchase price you enter, so if objective value is higher in your case, real FMA can be higher unless you reflect that in the figure you type.
- Primary residence relief: Purchases that qualify as a first home / primary residence can benefit from substantial FMA exemptions (caps and conditions apply — see ΑΑΔΕ). We do not model that exemption yet, so the tool overstates FMA for buyers who would qualify.
- VAT vs FMA on new builds: Some new supplies can be charged VAT unless suspension or an election to use transfer tax applies; rules and dates change — resale and many investment scenarios still centre on FMA.
On a €200,000 base where the full 3.09% applies to that amount, Transfer Tax is €6,180. On €500,000, it is €15,450.
The tax is paid before the notarial deed is signed, so you need the funds available at closing.
Closing costs
Greece has several mandatory professional fees and registration costs:
- Notary Fees (Symvolaiografos): The notary prepares the purchase deed and is legally required for all property transactions. Fees are on a sliding scale based on the property value, typically ranging from 1% to 1.5%.
- Lawyer Fees (Dikigoros): While not technically mandatory everywhere in Greece, hiring a lawyer is essential in practice — particularly for foreign buyers. Fees are typically 1% to 1.5% of the purchase price.
- Land Registry/Cadastre Fee: Registration of the property at the local land registry or cadastre office costs 0.475% of the purchase price.
- Tax Certificate (Pistopoiitiko ENFIA): The seller must provide proof that ENFIA (annual property tax) has been paid. There is a small administrative fee for obtaining this certificate.
- Energy Performance Certificate: Required for all property sales. Cost varies but is typically €150–€300.
- Mortgage Registration Fee: If financing, expect approximately 0.5% of the loan amount for registering the mortgage.
- Property Valuation: Required by lenders if using a mortgage. Typically €200–€400.
Total closing costs (excluding Transfer Tax) typically run 3–4% of the purchase price, primarily driven by notary and lawyer fees. Combined with the 3.09% Transfer Tax, total transaction costs usually fall in the range of 6–7% of the purchase price.
Ongoing costs
Annual costs of holding property in Greece:
- ENFIA (Annual Property Tax): Greece’s unified property tax, known as ENFIA (Enieos Foros Idioktisias Akinition), is calculated based on the property’s size, location, age, and floor. Budget approximately €650 per year for a typical investment property.
- Municipal Tax: A small additional local tax of approximately €60 per year.
- Property Insurance: Building insurance costs around €300 per year.
- Maintenance: General upkeep and repairs run approximately €2,000 per year.
Total annual holding costs come to roughly €3,010 per year — notably lower than most Western European markets. This relatively low cost base is one of the reasons Greek property investments can generate attractive yields.
Capital gains tax
Here is where Greece stands out: capital gains tax on property sales is currently suspended until 31 December 2026. This means that if you sell an investment property before the end of 2026, you pay no capital gains tax whatsoever.
When the suspension ends (assuming it is not extended, which it has been repeatedly since 2014), the rate would be a flat 15% on the capital gain.
Primary residence exemption: Even when CGT is active, sales of a primary residence are exempt from capital gains tax.
This temporary exemption makes the current period particularly attractive for shorter-hold investment strategies — though you should plan for the possibility that the 15% rate will eventually be enforced.
Important note about agent commission: Unlike most European markets, in Greece the buyer pays the estate agent commission. For residential property, this is typically 2% of the purchase price plus VAT at 24%. For commercial property, it rises to 3% plus VAT. This is an additional upfront cost that catches many foreign buyers off guard.
When selling, expect to pay agent commission of 2%, notary fees of approximately 0.8% of the sale price, lawyer fees of around €1,000, and Land Registry fees of 0.475% of the sale price.
What does this mean in practice?
For a €200,000 investment property in Greece with a 30% deposit:
Upfront costs:
- Deposit: €60,000
- Transfer Tax (3.09%): €6,180
- Notary + Lawyer (~2.5%): €5,000
- Land Registry (0.475%): €950
- Buyer’s agent commission (2% + 24% VAT): €4,960
- Other fees: ~€500
- Total cash needed: ~€77,590
Annual holding costs:
- ENFIA: €650
- Municipal Tax: €60
- Insurance: €300
- Maintenance: €2,000
- Total: €3,010/year
Mortgage (€140,000 at 4.0% over 25 years):
- Monthly payment: approximately €739
To cover monthly costs (mortgage plus holding costs at €251/month), you would need rent of at least €990 per month — achievable for well-located properties in Athens or popular island destinations, especially with short-term rental strategies.
With expected appreciation of around 4.0%, the current CGT suspension, and relatively low ongoing costs, Greece presents a compelling investment case. The main risk is regulatory — short-term rental rules are tightening, and CGT will eventually be reinstated.
Run the numbers for your property
Use our Greek property ROI calculator to model the full picture — Transfer Tax, professional fees, mortgage costs, and projected returns. For a detailed overview of the buying process, read our guide to buying property in Greece.