Author Topic: Holiday home burden  (Read 412 times)

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Offline Maik

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Holiday home burden
« on: Thursday, 04 October, 2018 @ 21:15:25 »
Huge burden on holiday home buyers in Greece

Buying a newly built home in Greece carries an additional cost amounting to 30.2 percent of the property’s original value, making this country the most expensive in terms of taxes and charges compared to rival investment destinations in Southeast Europe, a study by property services company Savills shows.

The report draws particular attention to the difficulty Greece has in attracting foreign buyers, especially in the countryside holiday home market.

The main reason for the high additional costs for buyers is the 24 percent value-added tax on purchases of properties whose building permits were issued after January 2006. This tax mainly concerns holiday homes, as buyers do not have to pay VAT if the property is to be their main residence.

Older property only bear the transfer tax, which has now dropped to 3 percent from 10 percent up until 2013.