Wondering how much it costs to buy or sell a property in Chania, Crete? When buying a Chania property there are both costs for the buyer and seller. However, there are uncertainties as to which costs belong to the buyer and which to the seller.
Wondering how much it costs to buy or sell a property in Chania, Crete? When buying a Chania property there are both costs for the buyer and seller. However, there are uncertainties as to which costs belong to the buyer and which to the seller.
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TYPE | COST |
---|---|
Notary Fees (all notary expenses included) | 1 - 1,5% (plus VAT) of property value |
Transfer Tax | 3% of property value |
Municipal Tax | 3% of the Transfer Tax |
Land Registry Fee | 0,5% |
Cadastre Fee | 0,65% (plus VAT) of property value |
Legal & Technical Due Diligence | Expenses vary according to the complexity of the research and the value of the property |
Technical Due Diligence | Varies in respect to the property aspects |
The additional real estate expenses of buying a property in Chania (Greece) are on average approximately 10% of the property purchase price. The real estate expenses will include:
As agreed between the buyer and the vendor.
With off-plan properties, property buyers normally pay a deposit to the builder and then a series of stage payments.
Transfer tax is similar to Stamp Duty Land Tax in the United Kingdom. This is charged at 3% of the purchase price.
Property Ownership Tax
Special Tax on Real Estate Property is abolished. An annual tax on possession of substantial real estate property is imposed on an individual level on the following scale:
Property Value (€) | Tax Factor (%) |
---|---|
Up to 400.000 | 0 |
400.001 – 500.000 | 0.1 |
500.001 – 600.000 | 0.3 |
600.001 – 700.000 | 0.6 |
700.001- 800.000 | 0.9 |
800.001 and above | 1 |
Lawyer’s fees are charged as a percentage of the purchase price. Fees typically total around 1% -1.5% of the purchase price. There may be an additional cost if a Power of Attorney is required. Your lawyer will advise you of their fees.
The charges involve a standard fee of 200 euros plus 0.8% of the purchase price up to 120.000 euro property sale cost (plus VAT) and it scales accordingly for the rest of the purchase price. This fee is decreased as the amount of the purchase price is increased. There are usually some small additional charges in relation to the number of pages in the document to be signed and how many copies of the contract shall be issued.
The payable fee is dependent on the assessed tax value of the property and ranges from 0.45% to 0.5% of the property value. There may be minor additional fees for stamp duties and certificates.
Most agencies charge a commission that ranges between 2-5 per cent of the agreed purchase price (plus VAT).
Lawyer’s charge for attending on the day of the final contract. The presence of a lawyer during the drafting and signing of the contract is not obligatory for the seller as from the 01/01/2014. However, the lawyer’s participation is suggested for the legal protection and advise of both parties.
Fees may be payable upon agreement between both parties involved, seller and buyer.
Realtor’s commission fee of 2%-3% of the property selling price plus Additional Value Tax (VAT) .
ARENCORES provides information on real estate buyers expenses and the transaction costs related with the purchase of a property in Greece. Visit ARENCORES Research pages for an holistic approach on Chania real estate market trends, taxes, legislation and more or find out the latest trends and news on Real Estate Chania – our official Chania Real Estate news page.
For any questions or to set an appointment, please contact Maria Gkika, Civil Engineer in Building Constructions at +30 2821112777 or by email at mariagkika@arencores.com.
Whether you’re looking for a detached house, a city center apartment or an office space, our guide will take you through all the required stages, from choosing a property which has the right usage classification to the finer points of the property transaction contracts and completion
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Thanks to a selected portfolio which includes luxury apartments, villas and land estates, ARENCORES is able to offer professional guidance in the choice of your ideal property in Crete, with the support of its expertise and local knowledge combined with total confidentiality, exceptional ethical performance, transparency and reserve.