Property maintenance costs are not high in Greece. They include:
- Property tax
- Property insurance
- Service and public utilities costs
1. Insurance premium. Property insurance is not compulsory in Greece. But if the purchased property is mortgaged, the insurance of mortgage amount becomes compulsory. The annual property insurance premium amounts to approximately 350 Euro.
2. Service and public utilities costs are paid by the meter. An average amount of service costs paid by a 50 m2 apartment owner is above 600 euro (if the apartment is lived in 12 months a year). Garbage collection fee is included into the electricity bill.
For more details, please look below.
Now then, as soon as you become a proud property owner, you will soon receive the following bills:
- Aggregated garbage collection, stairs cleaning, lift service, house repair and heating fees (in case the house is equipped with central heating system). The more prestigious your neighborhood and your housing estate are, the higher the fee. If you purchase a private house, your expenses will certainly be different. If your cottage is located in a housing estate, its maintenance will cost you 600 Euro per year or more (inclusive of cleaning and outdoors light, swimming pool cleaning, gardener’s and security fees.
- Electricity. Electricity bills are delivered every 2 months. The amount payable is calculated based on meter reading.
- Water bill is delivered every 3 months; it is also paid by the meter.
|Cost of living in Greece||Unit||Price, Euro|
|Car rental||45 or higher|
|Meat (pork)||1 kg||5|
|Bottled water||0,5 l||0,5|
|Dinner at a tavern||1 person||15|
|Private doctor’s advice||40-50|
|Telephone+ internet||1 month||26|
|Natural gas||м³= 11 kWh||0,792|
|Diesel fuel||1 liter||1,3|
Advantages of Greek legislation
- Along with property title, the buyer acquires Title of ownership of the land where his property is located (land plot or land plot for agricultural use)
- The government doesn’t check the origin of foreign capitals, namely, whether any taxes have been charged and paid in the country of its origin.
- Signing of Particular Agreement entitles the Buyer and his family to Shengen Multiple entry visas valid for all Shengen countries. After the Principal agreement has been signed, they acquire the right to apply for a Greek residence permit also valid in any Shengen country.
- Low tax scale for property gifts and for property acquired as parent legacy.
- Third country (not European Union) nationals are allowed to buy property in Greece.
- Special Rules registered in official Property Register apply to all apartments, houses and villas located within a housing estate.
It should be also noted that Greek Property code, one of the oldest Property Codes in the world, is strictly observed in the country. It guarantees property insurance and validity of every Title transition contract which is recognized as a government act as well. European law provisions apply automatically in Greece, and they grant property owners quite a few advantages and privileges. Some of them have been mentioned above.