The main tax which will concern the buyer of property in Greece is transfer tax, the rough equivalent of stamp duty in the UK. The tax situation is made confusing by the fact that the value of the property purchase quoted in the contract is rarely the amount of money that changes hands, but rather a figure known as the Objective Tax Value (it's sometimes simpler to compare this to rateable value). Transfer tax is normally paid on this value.

Transfer tax is calculated in the following manner:
For values on property determined up to €15000 in places where there is a fire station a tax of 9% is raised and where no fire station is present only 7%. For values over the sum of €15000 in places where a fire station exists, 11% tax is applied and where no fire station is present only 9% tax is applied. Once the tax has been calculated a further municipal tax of 3% of the tax that is actually levied is applied. Thus if the Property Transfer Tax is €1000 a further €30 is payable.

The law requires that where the purchase price is greater than the Objective Tax Value, the greater value must be declared and a tax levied on that greater value. However, it is common practice for people simply to declare the Objective Tax Value and for the buyer to save themselves a substantial amount of money in transfer tax. The purchaser of property is obliged to file a declaration of transfer tax and to pay the tax that is due in advance. This declaration is filed in conjunction with the seller and must be signed by both parties. This tax payment is normally made on the day of contract signing.