Property taxes in Greece
What obligations do property owners have in Greece? Are the taxes and fees high? How much can you earn by renting out housing and how much will you have to spend on it?
Taxes paid by property owners
When buying Greek real estate, you will have to pay property transfer tax. But in the future, the owner must pay annual state fees.
On January 1, 2014, the law 4223/2013 about real estate tax ENFIA was issued. The tax consists of the main and additional one and both are issued on immovable property owned by individuals or legal entities on January 1 of each year.
After purchasing the property, the owner must fill a declaration with information about the object (form E9) so that the tax authorities can make an annual ENFIA calculation.
Basic real estate tax (ENFIA)
The amount of the basic tax depends on a combination of various factors: location of the property, year of construction, area, floor, cadastral value.
- Residential and commercial spaces – €2.5–16 per square meter.
- Land plots within the borders of inhabitant areas – €3–9 per 1 thousand. sq. m.
- Land plots outside inhabitant areas – €1 per 1 thousand. sq. m.
The cadastral value of real estate in Greece, known as "objective prices", directly affects the size of the annual real estate tax (ENFIA). However, since 2021, when the map of objective prices was updated for the last time, the real market prices for real estate in the country have grown significantly.
Important! Property owners pay tax as of January 1 of each year. Therefore, even if you sold the object on the second of January, it is you who have to pay the state the required amount: on the first of January you were still the owner. You can submit a declaration until January 31 of the year following the reporting year.
You can pay ENFIA either at once, or in ten equal monthly payments, each of which cannot be less than €10, until February of the following year.
Tax benefits for some groups of real estate owners
Exempted from paying real estate tax ENFIA:
- families with many children (from three children), as well as families whose father/mother/child has a disability of 80% or higher? at the same time, the income of such a family for the previous year should not be more than €12 thousand. (plus €1 thousand for each dependent member).
- owners of real estate affected by natural disasters.
Benefits up to 50% may have:
- families whose income for the previous tax year does not exceed €9 thousand. (+ €1 thousand per child)
In 2024, property owners who have made insurance for their property against natural disasters (earthquakes, fires and floods) will receive a 10% discount on the ENFIA tax. Those who pay the entire ENFIA amount at once until April 30 will receive a 3% discount.
Additional tax
It's like a luxury tax. The tax amount is calculated based on the value of ALL real estate more than €200 thousand. The tax rate for individuals depends on the value of the property.
| Real Estate cost | Tax rate |
|---|---|
| €0,01–200 000 | 0,00% |
| €200 001–250 000 | 0,10% |
| €250 001–300 000 | 0,15% |
| €300 001–400 000 | 0,30% |
| €400 001–500 000 | 0,50% |
| €500 001–600 000 | 0,60% |
| €600 001–700 000 | 0,80% |
| €700 001–800 000 | 0,90% |
| €800 001–900 000 | 1,00% |
| €900 001–1 000 000 | 1,05% |
| €1 000 001–2 000 000 | 1,10% |
| Свыше €2 000 000 | 1,15% |
Special property tax (SRET)
This tax must be paid by the companies – real estate owners. The amount of the additional tax is fixed and amounts to 0.55%. And in case the property is used for conducting any type of business activity, the additional tax rate is 0.1%.
In the total assessment of the real estate for the additional tax, it does not include land plots outside the settlement line. Also, buildings older than 100 years, characterized as protected monuments or works of art, and the plots on which they are located, are not included here.
Municipal tax (TAP – Telos Akinitis Periousias)
The size of the municipal tax (on trash removal, street cleaning, etc.) varies from 0.025 to 0.035% of the price of the object and depends on the location and area of the property. These fees are included in the electricity bill. The obligation to pay them rests with the real estate owner, or the renter of the property.
Real estate sale tax
If the owner owns the property for less than five years, when reselling real estate in Greece, by law, you must pay capital gains tax. For individuals, the amount of tax is 15% of the amount of profit received. If the object was owned longer, the tax is not required.
Pay attention! The moratorium on the payment of this tax in Greece is regularly extended, lastly until December 31, 2024.
Legal entities in Greece must be subject to corporate tax rates of 22%. The taxable base will be the difference between the sale price and the purchase price of the property.
How to pay taxes in Greece
To pay real estate taxes in Greece, it is necessary to form the identification number of the taxpayer AFM. Receipts for payment are sent by the tax office. You can download the estimated tax notice in your profile on the state website gsis.gr.
It is possible to control the movement of taxes through the special Taxisnet digital platform on the state portal gsis.gr.
You can pay the tax from abroad by bank transfer. In addition, an authorized attorney can deposit money for the real estate taxes.
Important! tax can be paid either from a bank account in Greece and the European Union or third countries.
In Greece there is an interactive map of objective real estate prices www.valuemaps.gov.gr. This tool can be useful to owners to see where their object is located and to calculate the market value to estimate tax costs.
Please note
- Greek tax legislation regularly changes in recent years – some benefits are introduced, others disappear. We recommend consulting with lawyers.
- In Greece, real estate tax consists of two: basic and additional. The amount of the principal is not fixed and varies depending on the location of the property, its value, the age of the house, etc. d. Additional tax is levied only if the property is worth €200 thousand. and more.
