What does buying a house on Crete really cost?
On top of the purchase price you pay transfer tax, notary, land registry, legal fees and brokerage. A realistic overview of all additional costs on Crete.
The asking price is not what you will actually spend. Count on roughly eight to ten percent on top of the purchase price in one-off costs. Here is where that money goes.
Transfer tax or VAT
On existing properties you pay transfer tax on the value the tax office assigns to the property. The rate has sat at around three percent for years, plus a small municipal surcharge. On new builds, VAT may apply instead; the Greek government has repeatedly suspended that charge on a temporary basis in recent years. Always ask us for the current position at the time of your purchase, as this is the item that changes most often.
Notary
The notary draws up the deed and registers it at the land registry. Count on around one and a half percent of the purchase price, with a minimum fee on cheaper properties.
Land registry
Registering the transfer of ownership usually costs around half a percent.
Legal fees
Independent due diligence and guidance normally cost one to one and a half percent. This is the item you should least want to economise on: your lawyer is the only party in the process acting purely in your interest.
Brokerage
Our fee is agreed with you in writing beforehand and is only due if the purchase actually completes. On Crete it is customary for both buyer and seller to pay brokerage.
Translation and power of attorney
If you buy remotely, add the cost of a power of attorney and sworn translations. Usually a few hundred euros.
And afterwards: the annual costs
- ENFIA, the annual property tax. For an average property on Crete, a few hundred euros per year.
- Building insurance, heavily dependent on age and construction.
- Utilities, where water is remarkably cheap in many villages and electricity is not.
- Maintenance, especially with a pool and a garden. Budget more than you would at home: sun, salt and wind take their toll.
A worked example
On a property of 500,000 euros, the items above come to roughly 40,000 to 50,000 euros in one-off additional costs. That is money you will not see back in the value of the house, so set it aside in your budget from the start.
Want a calculation for a specific property from our listings? Just ask, we are happy to work it out for you.