It costs about €500–3,000 per year to maintain property in Greece, which is mostly spent on taxes and utility bills.

Taxes

The annual real estate tax has two components. The main part ranges from €0.001/m² to €13/m². The precise amount is determined by a number of factors: area, property value, building date, and so on. There is an additional levy for properties of at least €200,000 in cadastral value at rates from 0.10% to 1.15%, depending on the property price, which individuals have to pay. For legal entities, the additional levy is fixed at 0.55% of the property's cadastral value.

There is also an annual municipal tax, which ranges from 0.025% to 0.035%, depending on the location of the property.

Individuals pay a rental income tax of 15% to 45%, depending on how much they receive. Property maintenance costs are deducted from the tax base.

Annual income, € Tax rate, %
Under 12,000 15
12,001 to 35,000 35
35,001 and over 45

Companies pay rental income tax at the corporate tax rate of 29%.

Utility bills

Electricity, water and waste removal for a 85 sq. m. apartment in Greece costs €150 on average per month. Electricity bills are drawn up once every two months and water is invoiced twice a year.

Utility bills

Water €0.5–1.2/m³
Gas €0.0793/(m³/h)
Electricity €0.1718/kW•h
Landline about €10 a month

Electricity and water for a 200 sq. m. house with 500 sq. m. of land will cost €40 and €30 per month each. Overall utility bills for flats can reach €200–350 per year and there are additional charges of €50–200 for the maintenance of common areas in apartment buildings.

Insurance

Home insurance is not compulsory in Greece and costs vary by location, value, surface area, number of floors, age and type of insurance coverage.

Property maintenance costs, €/sq. m. per year

Apartment 3–5
House 6–10
Prime properties 8–30
 
 
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Alexandru-Viorel Hincu
Property Advisor
+44 20 3608 1267
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