Property
Greece - property for sale in Greece
Property
in Greece
Greece
and property in Greece despite its popularity, property
remains good value. When it comes to choosing a location
in Greece, you’re spoilt for choice with a beautiful
mainland and 1,400 islands inculding the ever popular
Crete and Cyprus. Property
in Crete and property
in Cyprus are still very mucch in Demand. Most
people head straight for the coastal area of the peninsula
or the islands, but investors are starting to look
at the property market in Athens, especially since
the significant investment in the city’s infrastructure
for the 2004 Olympics. Outside of the capital, Peloponnese
on the mainland is becoming increasingly popular due
to its stunning mountain scenery and unspoiled beaches.
Although
new tax laws brought in at the beginning of 2006 have
affected anyone wishing to buy or sell property in
Greece, the market continues to the steady. In fact,
the property market in Greece has
shown significant growth during the last decade, mainly
due to the reduction of interest rates, the deregulation
of rents and the increase in living standards across
the country.
The tax laws have imposed 19 per cent VAT on new buildings
(this applies to houses built after January 2006)
and introduced capital gains tax on the resale of
property. On the sale of houses built before January
2006, purchase tax is now seven per cent, nine percent
or 11 per cent, depending on the price the property
is bought for.
The
capital gains tax has a diminishing rate and is set
against the number of years a person owns their property.
If a property is sold with less than five years of
ownership, tax is charged at 20 per cent of the price
difference between the original purchase price and
the price sold. If the property has been owned for
between five to 15 years, then tax is charged at 15
per cent, and for the properties owners for 15 to
25 years, its five per cent. No tax is charged on
properties owned for more than 25 years.
Capital
gains tax will have to be paid if you buy a property
in Greece built after January 2006 or if a property
has been sold once since that date. In addition, there
is now a one per cent tax to be paid on transfer of
property.
Please
use the link at the top of this page to browse our
property for sale in Greece, or feel free to e-mail
us or call to speak to us about buying property in
Greece.
