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 The Value
Properties
in Greece are good value,
the cost of living is low – more of your money,
and more for your money.
Below you’ll find a guide to what it will cost
to buy a Greek property, and to run a home In Greece. All prices
are reasonably up to date at the time of writing,
and we do update regularly. Greek Property purchase costs
will vary depending on the building or real estate
, so it’s a
good idea, once you have made a decision, to check
that you have everything correct.
A couple will
only need around £12,000 per year as an income to
live on and run a car – amazing value, and
you’ll live the rich life in the sun !
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| Budget for your Property In Greece |
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The Capital Costs below are based on the purchase of a
typical 90m2 Greek property with 2 bedrooms, 2 bathrooms,
kitchen and a spacious living area with a purchase price
of £90,000. (150,000 Euro) and an assessed property value
of £60,000 (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 or
165,000 Euro
Cost Of Living (see
below) £12,000 per
year
(For
a house 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 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 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
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.
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| Furniture/Appliances |
To give you an idea of the price of furniture and
kitchen appliances our Greek associates have priced
a typical starter package as an example.
| Electric cooker |
£350 (500
Euro) |
| Fridge Freezer |
£350
(500
Euro) |
| 1 x double bed |
£275
(400
Euro) |
| 2 x single beds |
£350
(500
Euro) |
| Dining table and 4 x chairs |
£350
(500
Euro) |
| Three piece suit (1 x sofa
& 2 x easy chairs) |
£730 (1200
Euro) |
| Patio furniture (plastic
table & 4 chairs) |
£90 (150
Euro) |
| Total cost |
£2586 (3750 Euro) |
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| International Removals |
Based on a 20ft (1000 cubic feet) container, containing
25% small & 75% large items, Packing and loading in
Birmingham to deliver to a Greek property in Iraclion, Crete,
Greece.
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 their dream property in Greece and would be pleased to
quote for your individual requirements. Please contact us
for details.
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| Cost Of Living |
The cost of living is substantially lower than in most
countries yet reflects a comparable standard of living and
a wonderful quality of life. Add a very low crime rate,
low pollution, and plenty of sunshine and you have an
extremely attractive package.
A couple living in Greece can expect
to require an annual income of around £12,000 (17,000
Euro)
Example:
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| House running costs + food |
7,384 |
| Two people eating out twice per
week |
2,080 |
| Car Insurance |
310 |
| Petrol 5,000 miles per year at £2.25p per Gal |
360 |
| Return trip to the UK to visit
family and friends |
600 |
| Contingency fund |
1266 |
| Total per year |
£
12,000 |
How
does that compare with your costs in the UK ?
The detailed breakdown of these costs
is illustrated below.
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| House running Costs |
House Running Costs
for 2 people for one year.
| Water |
150 |
| Electricity |
400 |
| Heating |
400 |
| House Insurance |
350 |
| Food for 2 people eating in. |
6,084 |
| Total |
£7.384 or 10,700 Euro |
There are no rates on property in
Greece if the building is less than 150m2
The utilities costs are relatively inexpensive (see
above):-
Water is precious and charged as and when you use it.
There is a small standing charge per two months. Electricityis 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 charges as you use, with a small standing
charge. 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)
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| Car Running Costs |
To purchase a small saloon car in Greece (Fiat Panda or
similar) would cost around £5,500 (8,000Euro)
Fully comprehensive insurance
and road tax is likely to be about £310. (450 Euro)
Petrol is about 58p per litre
(0.75Euro)
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
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For further Greek
property details or to arrange a viewing trip please
complete the “Greek Contact Us Form”
With
over 20 years of experience our Greek property services
include
A comprehensive
property portfolio including Alonissos property, Crete
Property, Peloponnese Property, Zakinthos property,
Skiathos property and Skopelos.
Greek Property
search to match clients requirements,
Greece
property sales and acquisitions,
Financial
planning, budgeting and advice on buying Alonissos
property,Crete property, Peloponnese property, Skiathos
property and Zakinthos property.
Full
legal service and advice for property purchasers in
Greece,
In
house architectural designee, project management and
property construction,
Help
and assistance in obtaining mortgages for Property
Purchase in Greece,
Greek
property viewing trips arranged,
Help
in opening a Greek bank account,
Greek
property house and contents insurance,
Assistance
in furnishing your new Greek property,
After
sales service including property management and
maintenance of your new Greek Property,
We
can supply references from previous clients that have
purchased Greek property through Living In The Sun.
For
Peace of mind and a sound investment contact “Living In
The Sun” the International property specialists
with property for sale in Spain, Florida, Turkey, Cyprus,
Greece, Crete, and Italy.
For
Property in Cyprus and Italy contact: Steve Pearson - Tel:
+ 44 (0) 1275 390152
For property in Florida (especally
Orlando, Kissimmee, Davenport and Clermont) Greece,
Alonissos, The Peloponnese, Skiathos, Skopelos, Zakinthos
and Crete contact: John Goodwin - Tel: + 44 (0) 1590
626266
For Property in Spain and Sicily
contact: Christina Harris - Tel: +44 (0) 1962 885602
email
- info@livinginthesun.com
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