Everything you need to know about taxes when buying real estate in Crete

Buying a property on the beautiful island of Crete can be a dream come true for many.

However, before taking this important step, it is important to have a good understanding of the taxes and legislation associated with buying property on the island. In this article, we will provide you with an overview of the main aspects of taxation and legislation that you should know in order to make the process of buying property in Crete more transparent.

1. Real estate transfer tax

When buying a property in Crete, you will have to take into account the property transfer tax. This tax is 3.09% of the total value of the property. It is mandatory and must be paid within a certain period of time after the transaction. Keep in mind that exact deadlines and procedures may vary, so it is important to contact the local tax authorities or professionals to find out the details and make sure that the tax will be paid on time.

2. Notary services

Another mandatory expense when buying real estate in Crete is notary services. The notary plays an important role in the transaction process, confirming its legality and the signatures of all parties. The cost of notary services is usually 1.5% of the value of the property. It is a necessary procedure that provides legal security for your transaction.

3. Other costs

In addition to the above mentioned taxes and services, there are other expenses that may be incurred when buying a property in Crete. These can be the costs of legal advice, property valuation, and other related services. Typically, other expenses amount to a further 1.5% of the property value.

4. Real estate agency commission

In addition to taxes, notary services and other expenses, you should also consider the real estate agency commission. Our agency Ailit Estate provides a professional service for the selection and conclusion of real estate transactions in Crete. We usually charge a commission of 2.5% of the property value for our services.

Exact calculation

It is worth noting that the above calculation of financial figures is an approximation. The exact calculation may depend on various factors such as the value of the property, the type of transaction and other specifics. For accurate information on the taxes and costs associated with your specific transaction, it is best to contact our professionals directly!