• What is the Greek real estate Transfer Tax?

A transfer tax, known as FMA, at a rate of 3.09% of the taxable property value is imposed upon purchase of immovable property in Greece.

  • What does Objective Value mean? 

Objective Value is a state-assigned price for a property based on markers such as size, location and technical specifications. In the case of Objective Value being higher than the purchase price, the tax is calculated based on the former instead of the latter. For large investment properties, transfers can be executed through a share deal, not subject to any real estate transfer tax.

  • What is a share deal?

In a share deal, where the property is owned by a company and is the asset being sold, the transfer is finalized through a private share purchase agreement (SPA) between the seller and the buyer for transferring the company’s shares. For listed companies, the procedure for share transfer follows the rules set by the Hellenic Capital Market Commission (HCMC).

It is also important to note that the government suspended the imposition of the 24% VAT (value-added tax) on real estate until the end of 2024, a move that has boosted property sales, as well as new building construction. Starting January 2025, the VAT on newly constructed properties may be reduced to either 13%, or Greece may seek to be included in the exceptions for real estate, following the example of Luxembourg, which has a zero rate.