| The Greek government has announced new | | | | As part of the package of measures announced |
| taxes that make various Greek properties | | | | by the Greek government at the end of April, the |
| cheaper to buy and many foreign buyers may | | | | 1% property transaction duty was abolished and |
| benefit from the changes. These new tax laws | | | | the transfer tax for resale property was reduced |
| will also help to boost the real estate market in | | | | from 11% to 10%. Capital gains tax was also |
| 2010. As a result the property market is likely to | | | | eradicated. |
| remain stable. | | | | However, for newly built houses and apartments |
| Purchasing Greek property is generally considered | | | | VAT rose from 19% to 21% which will cancel out |
| to be a good investment. Although with so many | | | | these tax cuts for some buyers. A new annual |
| changes in the law it is prudent to get legal advice | | | | levy on more expensive property will increase |
| and follow the laws provided to safeguard buyers. | | | | costs, adding from 0.1% for property of |
| People who choose to ignore such processes | | | | 400,000 to 2% for property costing 5 |
| frequently do so at a financial cost. | | | | million or more. |