Maintaince in Greece costs about 700-1800 € per year for apartments and 1500-15000 € per year for villa in Greek islands. Most of the costs are tax and utility bills. Also you have to pay for insurance.
All owners of property in Greek have to pay annual tax every year. It consist of main part and extra part.
Main part size is 0.001-13 euro/m2. The exact amount depends on the area of the object, the notional value, which is adopted by one or another municipality. In addition, the date of construction of the building and several other parameters affect the size of the payment. Therefore, for each individual object, the tax inspectorate calculates the individual amount of the main part of the tax.
As for the additional part, it is different for individuals and legal entities. Individuals are required to pay it only if their property is worth more than 200,000 €. In this case, the tax rate is 0.1-1.15%.
And for legal entities, the following size of the additional part is provided: if the object is leased – 0.55% of the cadastral value; if the object is occupied by the owner company – 0.1%.
This is also a mandatory cost item for owners, which is 0.025-0.035% (depending on the location of the building). For example, villas in the coastal zone have a market value higher than the cadastral. And budget objects in the central regions of big cities – on the contrary.
This is a payment for owners who are legal entities. The rate is 15% of the cadastral value of the property. But such a tax is not levied in all cases. For example, if a company receives more income from active activity than from passive activity or reveals the names of its beneficiaries, then it is exempt from special payment.
If the owner, who is an individual, rents out housing, then he is required to pay a tax of 15-45%. The minimum rate applies for income of 12,000 € or less. When overcoming this threshold, increased rates are used, but to that part of the income that is higher than 12,000 €. The procedure for calculating payments is as follows:
|Annual income, euro||Tax, %|
|less than 12 000||15|
|12 001-35 000||35|
|35 001 and more||45|
The tax base for this type of payment can be reduced by the cost of energy, functional improvements or increase the aesthetics of the structure. But the law sets a limit of 40% of costs and no more than 16,000 €. Deductions are made in equal installments over four years.
The application of this rule applies to expenses incurred in 2020-2022. They must be confirmed according to tax requirements and paid online. The application of this deduction does not affect the right to automatically reduce rental income by 5%, which relates to the cost of repairs or maintenance services for the facility.
As for legal entities that receive rental income, they are required to pay a tax of 24%.
This fee is charged on income from immovable property before income tax. It applies to foreign property owners. It is calculated as follows:
|0,00-12 000,00 euro||0%|
|12 000,01-20 000,00 euro||2,2%|
|20 000,01 – 30 000,00 euro||5,0%|
|30 000,01 – 40 000,00 euro||6,5%|
|40 000,01 – 65 000,00 euro||7,5%|
|65 000,01 – 220 000,00 euro||9,0%|
|more than 220 000,01 euro||10,0%|
Receipts for payment of electricity come every two months, the meter must be taken every 4 months. Cost of 1 kWh: 0.1 €. Average monthly electricity charge: 25-30 € in the summer and about 70-100 € in the winter.
Receipts for payment of water supply in different areas come in different ways: once a year, three months or a month. On average, water costs for a family of 3 people are 60-250 € / year. For houses and apartments on the islands, the cost of water supply is more expensive than on the mainland.
Gas is supplied only in large cities: Athens and Thessaloniki. On average, the payment of gas is 140-400 € / year.
Phone And Internet
Greek telephone and internet service providers are priced at 180-600 € / year. The amount depends on the package of services.
The owner of the villa spends 800-4500 € / year to take care of the garden and the cleanliness of the pool. The owners of apartments have a common house plot, the maintenance costs of which they cover together.
Costs include such items as lighting services, cleaning, elevator, processing of green spaces, security, repairs, etc. On average, the amount is 200-400 € / year:
|Electricity||300 – 500 euro|
|Water service||60 – 250 euro|
|Gas||140 – 400 euro|
|Phone and internet||180 – 600 euro|
|Maintenance garden and pool (for villas)||800 – 4500 euro|
|Maintenance common area (for apartments)||200 – 400 euro|
When renting a house for short-term rental, the owners pay for the services of the management company at a rate of 20-25% of the monthly rental income. Utility bills are not included here.
Property insurance is optional. And since Greece is calm and the crime rate is quite low, many homeowners save on these costs.
The price of insurance is affected by the type of object, its price, area, number of floors, year of construction of the building, as well as the package of services provided. For example, the cost of full apartment insurance: 500 € / year. If you additionally include furniture and equipment insurance, the price will increase. The cost of villa insurance starts from 1500 € / year.