Property Transfer Fees are based on a sliding scale as follows:
- 3% – on the first € 85,430
- 5% – on the next € 85,430
- 8% – on the remainder amount
Property Transfer Fees are usually calculated on the market value of the property at the date of its purchase. However, in the situations where the contract of sale is not deposited with the District Office of Lands and Surveys, the property transfer fees will be calculated on the assessed value of the property on the date the transfer takes place. It is noted that the market value may not be the same as the actual purchase price of the property since the officials of the District Office of Lands and Surveys have discretion to assess the purchase price as reasonable or not.
As per newly introduced amendments to the legislation, the transfer fees for properties transferred until 31 December 2016 will be discounted by 50%. Furthermore, during this period, transfer fees will be imposed on transfers of immovable property from parents to children.