What buying an apartment in Athens actually costs

The most common mistake foreign buyers make in Greece is not the wrong neighbourhood or an inflated price. It is that the whole budget goes on the contract price, and the transaction costs then get covered somehow, in the last week, often by borrowing.

Greek procedure does not forgive that. The notary will not execute the deed until the tax is paid, and the tax is paid before the notary.

So the first number to know is not the price of the apartment. The first number is about 9% over the price.

What goes into that 9%

On a €300,000 apartment that is roughly €27,000. On €500,000, around €45,000. The percentages are indicative — notary and lawyer scales move within a range and depend on the value and complexity of the contract, so on more expensive properties the percentage is usually somewhat lower, and on cheaper ones higher.

Transfer tax is 3.09%, not 3%

The headline rate on property transfers is 3%, but a municipal surcharge is added on top, which makes it 3.09% in practice. It is calculated on the contract value or on the tax (objective) value — whichever is higher.

This catches out buyers who have heard that in Greece „a lower price gets written into the contract“. That practice largely belongs to the past: the tax authority has its own table of values by zone, and if the agreed price falls below it, the tax is charged on the table value anyway. The buyer gains nothing, and later, on resale, has a lower documented acquisition cost.

New builds are a separate case

On a new build, VAT of 24% formally applies instead of transfer tax. That obligation has been suspended for years, so the buyer currently pays 3.09% just as on a resale — but the suspension has an expiry date and is extended year by year, currently to the end of December 2026.

The practical consequence: on any new build, ask whether the advertised price is VAT inclusive or plus VAT, and insist that the tax treatment is written into the preliminary contract. A developer who leaves that undefined is transferring the risk to you. We cover this in a separate article.

Notary and lawyer are not the same thing

In Greece these are two separate roles, and both are effectively obligatory.

The notary (συμβολαιογράφος) drafts and executes the purchase deed. The notary is impartial — acting for neither you nor the seller, only confirming that the transaction is formally correct. The scale is regulated and runs at around 1.2% of the value, plus VAT, plus copies and duties.

The lawyer acts for you. They check title, encumbrances, mortgages and the chain of ownership in the land registry and the mortgage registry, review the contract before signing, and can represent you under power of attorney if you cannot travel. Around 1% of the value, plus VAT.

Commission: who pays and how much

In Greece it is customary for both sides to pay commission — buyer and seller, each to their own agency, at 2% plus VAT. This differs from many markets where the seller alone pays, and it is a frequent source of misunderstanding.

Commission is agreed in writing, before viewings, and tied to a specific property. If someone shows you an apartment without a signed agency agreement, that does not mean it is free — it means the terms have not been defined.

What comes after the purchase

Costs do not stop on the day of registration. Annually, budget for:

• ENFIA — the unified annual property tax. The tax authority calculates it automatically, based on zone, floor area, age and storey. For an 80 m² apartment on the Riviera, expect from a few hundred euros a year; it is paid in instalments, usually from spring to the end of the year.
• Building charges (κοινόχρηστα) — maintenance, lift, cleaning, and heating in buildings with a central system. These run from €30 to €150 a month, depending on the building and its facilities.
• Income tax on rent, if you let the property — progressive, starting at 15% on lower amounts.

Sequence matters more than it looks

The money has to be available before signing, not at the moment of signing. International transfers take time, the bank asks for proof of source of funds, and a Greek account can only be opened once you have an AFM (tax number). Buyers who start arranging the money after the deposit lose weeks and, occasionally, the deposit.

Realistic time from deposit to land registry entry is 4 to 8 weeks, if the paperwork is clean. If you are working to a deadline, count backwards from the date, not forwards from the start.