Island Realestate
More about the cost of investing in Symi

Many people fall in love with Symi at first sight and dream of making a holiday or a permanent home here. Some have already made their dream a reality. For those who would like to do the same, we are providing this brochure as a rough guide to setting up a house on the island.

Your choices in buying a property are between:
- a new house
- an existing old house which either is completely restored, or will need some repairs
- a ruin with some remaining walls but without a roof,
- a completely bare plot of land.

An existing old house with old elements like wall paintings, wooden decorations, stone pavements etc., may be hard to find. It is much easier to take one of the two other options.

More about the cost:
Plots of land average between 80 and 200 m², the smaller ones being usually found in Horio and on the north wing of the harbor (called Mavrovouni and Mouragio).
The larger ones are usually found by the sea front, and in the south wing (called Pitini and Kali Strata). Some larger plots up to 1500 m² exist at the edge of the town.

Bare land prices depend on the size, view, and location, and range between 50.000 and 150.000 Euro. For example the average price of a plot of bare land, with guaranteed good view to the bay of Symi port, will be around 1000 Euro per m². However if you buy a relatively substantial ruin with maybe part of the walls usable, then it will cost you more to buy initially but will reduce the cost of building.

As to costs of building you must remember that Symi is an island with a tradition of building skills and it is easy to find specialists and contractors. However materials are very expensive because they have to be transported from the main land.
For the cost of building a completely new house to western standards e.g. a bathroom next to each bedroom, first class material, every modern electric convenience, central heating, etc., the building rate will be approx. 1500 Euros per square meter. A cheaper house with lesser comforts will cost (new) a minimum of 1000 Euros per square meter.

Additional costs come in the shape of:
- final building permission (approx. 10.000 to 30.000 Euro depending on the size).
- a tax of approx. 10% on the property price on buying (It was recently announced that on January 1st 2013, this "transaction tax" will be reduced to 3%)
- a cost of approx. 2,5% for the completion of the contract (like lawyers, registry etc.)

Please note that the town of Symi has been declared as a national monument and any new building must comply with the prescribed style and construction regulations of the ministry of Culture. Local architects not only know how to comply with these, but they will suggest ways in which you can make your new house look like the old ones.

" D O M A  Real Estate  S Y M I "
If you would like to use us, in our capacity as real estate agents, to advise you in order to find the right property, the commission charged will be 3 % . This commission includes the coordination and follow-up of all actions taken till the signature of the final purchase contract.

Annual taxes in Greece
The annual tax that owners have to pay a new annual tax which will be announced before the end of 2013.This tax is estimated to be of approx. 0,1 to 0,3% on the property's value. The valuation is carried out by the government, who gives published values for every property.



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Property Promotion
Property for Sale Promotion
A newly built, free standing home, with private garden and a veranda with extensive view to the bay of Symi port. Direct access by car in the back of the house via a low traffic street. View this property

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