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Greek House Price Calculator

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Greek House Price Calculator

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Message posted by Skorpidi on 23�March�2005 at 12:43pm - IP Logged Legal Disclaimer

Skorpidi

Corfu

Morning all,

I have recently made an inquiry about a small property in Corfu. the prices initially look very reasonable, BUT there are so many additional costs to pay. VAT, Estate Agents, Notary, Transfer Tax (Stamp Duty) etc.

Now I could be wrong and I hope that I am but I calculated that a small place costing 44,000 Euros would actually cost out at over 61,000 Euros. thats a staggering 39% extra. Tell me its no so.

If anyone is interested I have built a small Excel spreadsheet so that all you have to do is put in the additional charge percentages and exchange and it works out the final price for you. Reality check time.

How do I do attachments in here?

Skorpidi

Message posted by Sailor on 23�March�2005 at 1:06pm - IP Logged Legal Disclaimer

Sailor

Your figures are very interesting, but not knowing the full extras on purchasing a property in Corfu, I could say if they are correct. No doubt someone will check this out for you in due course.

Unfortunately, unless it is on a web address, you cannot attach your Excel work to your post. May I suggest, that if anyone is interested, then ask for their email address and send the attachment via this means. Make sure they forward their email addresses via a PM.

Cheers.

Message posted by ecotrails on 23�March�2005 at 1:10pm - IP Logged Legal Disclaimer

ecotrails

Corfu

Hi Skorpidi

That will be an interesting and compicated spread sheet since each property you consider would probably have different levels of taxes applied.

For instance usually both the buyer and the seller can come to an agreement as to the percieved value (not the purchase price) of the property and then approach the public notary, who on a good day might tend to agree and veer towards a reduced value.

I paid almost 10% for all the procedure including agent fees, lawyer fees, taxes, stamps and a building permit, which I thought was pretty good, but of course that depends upon the initial value that you put on the land/property you are considering buying and the skills of your lawyer.

Ian

Message posted by Skorpidi on 23�March�2005 at 1:24pm - IP Logged Legal Disclaimer

Skorpidi

Corfu

Hi Eco,

the form is not that complicated, but you are correct - the one thing that is awkward is the fact the sell price for the house and the valuation for tax can be different. I could make it account for that, but then it would get a tad more difficult for people to use.

I was told that you pay VAT on houses in Greece - is this correct?

Skorpidi

Message posted by Graham T-A on 23�March�2005 at 1:31pm - IP Logged Legal Disclaimer

Graham T-A

Corfu

Remember that the tax is paid on the official value of the property and not the actual price paid. This is normally much less than the actual price but also can be much more. If the property has a lot of land within town planning then the tax will be very high. If the house is over 50 years old then there is a reduction in the tax. If the house is close to the sea there is an increase in tax. The tax rates are set by the local coucils each year so it depends where your house is. There are so many things.

I would have thought that that was a lot though and is much more than we paid on a property cost much more. I will look up the figures and PM you later.

Message posted by Debbi on 23�March�2005 at 1:52pm - IP Logged Legal Disclaimer

Debbi

Corfu

Hi Skorpidi,

I have been quoted 12-15% extras on top of the purchase price, from 2 different estate agents.

Debbi

Message posted by Terry and Julia on 23�March�2005 at 2:38pm - IP Logged Legal Disclaimer

Terry and Julia

Corfu

I too was told to budget between 11 and 15% of the purchase price. Greece is quite expensive on this issue but I would be horrified to find it had soared to the levels you suggest. I'm not sure there is VAT payable on house purchases, not yet anyway.

Julia

Message posted by Dave and Kerry on 23�March�2005 at 2:45pm - IP Logged Legal Disclaimer

Dave and Kerry

Corfu

Hi there,

when we enquired as to costs etc we were told to expect upto 17% in total, as Graham has said the older the house the decrease in the tax payable....a case of look into everthing and consider everything, it seems the worst case scenario`s are either near the sea or lots of land in town planning!

Dave.

Message posted by Skorpidi on 23�March�2005 at 3:13pm - IP Logged Legal Disclaimer

Skorpidi

Corfu

Hi all,

I was told that the figures in BLUE were typical percentages - this is the spreadsheet I built based on what I was given. I must admit that 12 - 15% would be more like it - checked my figures and found a couple of errors - had to be some in there somewhere.

So if you ignore VAT the extras will come out at around 15%, this figure depends as Graham rightly said upon the taxable value set for the property. Which has many variables. If VAT is applied to the sale at 18% of the price paid then you are looking at a total of 33% (give or take a bit) more than the advertised price.

Property Purchase Costs

House Price 44000

Transfer Tax 1 (first 14.700) 1059.87 7.21% 14700

Transfer Tax 2 (remainder) 2716.11 9.27%

Notary Public fees 990.00 2.25%

Your Lawyer�s fees 550.00 1.25%

Estate Agent Fee 1320.00 3.00%

VAT 7920.00 18.00%

Total Cost of Purchase 58555.98

Additional Costs 14555.98

Percentage Uplift 33%

Exc Rate

Price in Pounds, Dollars etc 37004.51 0.631951

So who knows if VAT is applied for certain? Get rid of the VAT and the figures stack up, I was told it is applied but the wording of the email is a little ambigous as to exactly where!

Skorpidi

Message posted by Debbi on 23�March�2005 at 3:18pm - IP Logged Legal Disclaimer

Debbi

Corfu

Hi Skorpidi,

That exchange rate looks a bit optimistic! If you know somewhere that gives that rate then please do let me know

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