When compared to most European countries, Greece can boast of having relatively low prices in the field of real estate – both residential and resort one. This applies not only to property purchase but also to costs for its subsequent maintenance. Considering that after a lengthy decrease, the real estate market in Greece again experiences significant growth, buying and maintenance of real estate in Greece can turn into a very profitable capital investment for you. The question regarding the cost of purchasing a house in Greece is an interesting topic worth a separate article. Now, let’s have a closer look at the maintenance costs of purchased property in Greece.
Real estate taxes
ENFIA is an annual compulsory tax per real estate property in Greece. In 2014, it appeared to replace a so-called “haratsi,” a special property tax levy. The subjects of taxation are both individuals and legal entities who own any type of real estate in Greece.
The tax amount is calculated based o many parameters, including the square, the year of construction, location characteristics, the type of permitted use, etc. The estimated tax amount will amount to €3-€5 per square meter. If there are several properties in your ownership, the final sum will be calculated based on their total value and specific characteristics.
There is a state-run energy company (ΔΕΗ) in Greece, producing and distributing electricity. If you wish, you can change it to one of the private companies – alternative electricity suppliers, whose prices can be significantly lower. Furthermore, they offer various tariffs, based on which, you can choose the most appropriate one for you. The number of figures in your house maintenance bill depends on energy consumption:
on average, the cost amounts to €1-€3 per 1 square meter.
Electricity bills come either once a month or once every two months. Once a quarter, property owners receive a collective invoice, grounding on the meter readings (εκκαθαριστικό); in the remaining months, they get advance invoices (εnandi), which are issued, based on an approximate amount of the previous εκκαθαριστικό indicators.
When it comes to heating in Greece, it is important to pay attention to the type of heating system when buying a real estate object. It will determine the warmth level of your property in winter and the number of digits in your utility bill. Heating can significantly affect the maintenance cost of an apartment in Greece.
Main types of heating
1. Central heating. It is a single heating system in an apartment building.
The residents buy the fuel (gas, or fuel oil) by themselves and share the total cost among the tenants of the house. The preliminary payment is usually made at the beginning of the heating season, and the final payment is settled at the end of the season. As a rule, there are specific rules regarding the use of the heating system in the houses – for example, a schedule, according to which it is allowed to turn the heating either on or off.
2. Individual heating. It is an autonomous heating system (it can be diesel, gas or solar panels), which is an alternative to central heating. It also has some nuances: for example, the installation of such a system requires obtaining permission from the relevant state authorities, and in the case of an apartment building, the owner should notify the tenants of other apartments about his decision to disconnect from the central system and transition to a new type of heating.
3. Heating appliances. This category includes air conditioners, radiators, and all kinds of autonomous appliances that you can use to heat a living space. Their use will not affect your heating bills but add extra figures to electricity costs. The main disadvantage of this type of heating is its relatively low efficiency: it is difficult to heat a large room to a comfortable temperature using just a radiator. Moreover, right after you turn off the heating device, even the most powerful one, the temperature in the house will drop sharply. The individual heating system has its advantages. The main of them is their independence from the heating season and the possibility to turn it on/off whenever you want it. When it comes to disadvantages, the need for choice and installation of such devices almost always requires high costs.
House and outdoor space
Maintenance of an apartment building or the outdoor space of a complex – the so-called kinochrista – is a separate item of expenses for real estate property maintenance in Greece. It includes cleaning of entrances and outdoor space, light bulbs replacement, reparation, and service of an elevator and other objects that are in the common property of all residents. The Kinochrista is paid monthly. Its amount is usually fixed and ranges from €10 euros, depending on the size of the house, the number of its floors, availability of an elevator, parking area, etc.
This expense item applies to owners of individual villas or cottages/townhouses in the complexes. The determination of the cottage maintenance cost may be a challenging task in Greece due to the availability of outdoor space, which also needs service. The maintenance cost of such a building depends on its size, availability of a pool, parking, playgrounds, courts, etc. The outdoor space maintenance includes cleaning, the services of a gardener and other workers, garbage disposal, provision of water supply for automatic irrigation systems and summer showers, pool maintenance, security services, landscape design services, etc.
As a rule, a telephone and the Internet are provided by the same provider.
The service bills come once a month and amount to €25 and above. The bill will significantly increase if you frequently use the telephone for long-distance calls. There are several large provider companies in Greece.
Thus, you can choose the most suitable option from a variety of services and tariffs.
The specialists of Trustate will help you to purchase and maintain real estate properties in Greece. We provide a full range of services, including all stages of real estate transactions – from the selection of the right property to agreement registration. The company has a special unit specializing in managing your property in Greece, etc. You can choose the most suitable package of services , leaving the care of your home in safe hands.