Thursday May 28, 2015 Search
Weather | Athens
14o C
09o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Slashing transfer tax brings house transaction costs down

By Nikos Roussanoglou

Following the reduction in the transfer tax to 3 percent since the start of the year, Greece has shown a considerable improvement in the European chart of countries based on total property transaction charges.

According to data analyzed by Global Property Guide, Greece now ranks 20th among 40 countries according to the costs associated with buying a used home, while last year it was the ninth most expensive country in Europe.

The total cost currently amounts to an average of 9.65 percent, against 15.47 percent a year earlier when the transfer tax rate stood at 8 percent for the first 20,000 euros of the property’s value and 10 percent for anything above that amount. The average rate concerns the charges as a ratio of the value of the transferred used house. These charges include not only the transfer tax but also the payment of the estate agent and the lawyer, notary costs and the cost of registration at the Land Register.

The highest costs are in Russia (25 percent), with Italy in second place (22.6 percent), while the lowest are in Iceland (2.91 percent) and Denmark (3.04 percent). Cyprus ranks eighth with an average rate of 16 percent.

That improvement in Greece does not mean that the tax charge is low in this country; the rate does not take into account the capital gains tax of 15 percent that the seller may have to pay during the transaction, or taxes for property ownership – i.e. the new Single Property Tax and the supplementary tax for properties that exceed 300,000 euros.

A recent survey by the Panhellenic Federation of Property Owners (POMIDA) found that of a total of 22 countries, Greece is one of only six that tax the total value of the properties of each owner, rather than each property individually, and use rates that can easily exceed 1 percent of the assets’ value.

ekathimerini.com , Tuesday May 20, 2014 (22:29)  
New measure to benefit tax dodgers
OTE planning to hire up to 500 employees
ENFIA to drop up to 30 pct this year
Drachma clause demands are a deja-vu for hoteliers
Athens, creditors offer conflicting views on negotiations
Prime Minister Alexis Tsipras said Wednesday that a deal with creditors was “close” and government officials said an agreement was being drafted but representatives of the country’s creditor...
Opposition presses PM over deal with lenders
Opposition parties urged Prime Minister Alexis Tsipras on Wednesday to seal an agreement with Greece’s lenders as soon as possible but also to inform them of what it plans to agree to. “What...
Inside News
SOCCER
Panathinaikos conquers PAOK through Tavlaridis goal
A Stathis Tavlaridis goal has brought Panathinaikos to practically within one point from clinching a spot in next season’s Champions League qualifiers, as the Greens made it three out of thr...
SOCCER
AEK Athens returns to top league after financial collapse
Greek club AEK Athens has just returned to the country's top soccer league, two years after financial collapse sent it to a lower league. One of the country's largest clubs, AEK sealed its s...
Inside Sports
COMMENTARY
Romantic notions meet reality
Before the elections, there was a considerable number of people who totally disagreed with the ideas and program put forward by SYRIZA, but they expected that the leftist party would, at lea...
EDITORIAL
Solving the Gordian Knot
The leftist-led government, as well as the country, have both been seriously damaged and exposed to risk from the evident indecision and repeated contradictions dogging the ongoing negotiati...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Panathinaikos conquers PAOK through Tavlaridis goal
2. New measure to benefit tax dodgers
3. OTE planning to hire up to 500 employees
4. ENFIA to drop up to 30 pct this year
5. Drachma clause demands are a deja-vu for hoteliers
6. ECB tells Athens to reach a deal
more news
Today
This Week
1. Some 300 mln left banks on Tuesday
2. Romantic notions meet reality
3. Target of Greek scorn shapes nation’s fate as IMF’s storm-chaser
4. The G-7's problem: Can the world deal with a Greek default?
5. Solving the Gordian Knot
6. FYROM PM blames Greece for name impasse
Today
This Week
1. Conspiracy madness
2. Hotel contracts with a ‘Greek default clause’
3. Neither Grexit nor a dual currency will solve Greece’s problems
4. No more 'quick and dirty' fixes for Greece
5. Merkel said to plan address for Greece if deal reached
6. Gov’t proposes bank transaction levy
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2015, H KAΘHMEPINH All Rights Reserved.