ECONOMY

Cost of buying property among highest in EU

The cost of buying real estate in Greece is among the highest in the European Union, prompting many investors to freeze potential deals in a move that further weighs on the downturn.

Data shows that the purchase of property valued at about 260,000 euros costs the buyer some 8,800 euros (notary expenses, land registry costs and an obligatory contribution to a lawyer?s fund) in addition to a 1,475 euro tax bill.

According to a survey put together by the OECD, Greece is the sixth most expensive country to buy property in.