The Capital Costs below are based on the purchase of a typical Crete property of 90m2 , a House/Villa with 2 bedrooms, 2 bathrooms, kitchen and a spacious living area with a purchase price of £105,000. (152,000 Euro) and an assessed Crete property value of £70,000 (see Purchasing Procedures on The Next Steps page)

               Capital Costs 

                               House/Villa                                    105,000
                               Greek Purchase Tax                         7,700
                               Legal fees & Notary fees                 1,400

                               Total Purchase Cost:                £114,100 approx or 165,000 Euro

                               Cost Of Living (see below)       £10,000 per year

 (For a Crete property with a purchase price of £60,000, assessed property value of £40,000, the Total Purchase cost would be approx: £65,200)

The custom in Greece is to keep down the declared value of the property to reduce legal fees and property taxes. The one time purchase tax (which is the Greek equivalent of our stamp duty) is calculated at between 9% and 11% of the assessed property value for plots of land. For apartments and houses the charge is between 11% and 13%. The Inland Revenue will base their assessment on special tables issued by the Greek Ministry of Finance. The tables help determine the value of the property according to its merits, i.e. location, nature, quality of construction etc. The assessed Crete property value will usually amount to around two thirds of the true purchase price.

The Notary Public fee is between 1% and 2% of the assessed Crete property value

Lawyers charge between 1% and 2% of the assessed value as recorded on the contract of sale.

To the above cost of purchasing your Crete property you should make an allowance for either buying furniture and appliances in Greece or transporting your furniture and household effects from the UK Illustrated below is the cost of a basic Greek furniture package and an example of specialist International removal company fees.

Total Cost: £4,000    

Price includes: packing, loading, Sea Freight, C/Clearance, delivery, unload & place based on easy access not above first floor.   

Price excludes: Duties, taxes, rent & storage.

Our International Removal Company has helped many of our client’s move to Greece and would be pleased to quote for your individual requirements. Please contact us for details.

A couple living in Greece can expect to require an annual income of around £10,000 (14,500 Euro)

    Example: -

                              Total per year                                                                                          £10,000

How does that compare with your costs in the UK ?

The detailed breakdown of these costs is illustrated below.

Water is precious and charged as and when you use it. There is a small standing charge per two months. Electricity is charged as and when you use it, with a minimal standing charge per months. The supply is 220 volts. Expect an annual cost to be typically about £300. Telephone is charged as you use, with a small standing charge in addition. Refuse disposal and street lighting is included in the Electricity bill . A one-off connection charge is usually payable for utilities.

(NB an exchange rate of 1.45 Euro to the £ sterling has been used)

Petrol is about 58p per litre (0.85Euro)

Car Rental will be £20-£30 per day, depending on size and duration of hire. For 15 days plus, the smallest might cost £18, and a 4WD between £25 and £40