Home Property in Greece
How to buy a house in Greece?
Here you will find the detailed information about real estate purchasing in Greece:
- the right way to choose the property and to effect the deal;
- property taxes and duties that should be paid;
- everything about home loans in Greece;
- home property management and renting;
- rental, commercial properties and related investment properties.
Real estate for sale
Most recent offers from house owners in Greece and from real estate agencies. Advertisements with the fixed price and auctions are listed here.
You can leave a comment and give advice to other visitors planning to buy a home in Greece.
Greece is the motherland of ancient culture, astonishingly beautiful nature, and genuine southern hospitality. No wonder that many people dream of visiting this country, or event settling down here. Greek economy has faced a lot of stresses recently. But even this negative factor speaks in favor of purchasing Greek real estate, since Greece is known as one of the cheapest countries to live in the EU. According to Knight Frank LLP commercial property consultancy, Greek real property is underestimated for at least 20 %.
Prices for real estate across Greece are distributed more or less equally. The cheapest and the most expensive regions in terms of real estate are not easily distinguishable. Still, premium property is mostly located in the capital, as well as on the islands. While inexpensive property can be more frequently found in the northern part of the country.
An average apartment in Greece (1–2 rooms, with an area of around 30 sq. m.) costs approximately €25 000–€40 000. A low-priced house in Greece (about 50 sq. m.) can be purchased for €30 000–€60 000. Prices mostly depend on property area, condition, and remoteness from prestigious Greek resorts.
One of the main benefits of purchasing Greek real property is that it’s easy to find an affordable house or apartment next to the coastline, in the capital, or even on one of multiple islands scattered all across the Aegean Sea. Wealthy clients may also prefer premium real estate located in prestigious Athenian districts. Prices for such property vary from €500 000 up to several million Euros per object. However, when acquiring property in Greece, one should keep in mind that local prices are negotiable.
A keen bargainer may purchase real property for a very favorable price, much cheaper than the market value. It should also be noted, that considering a fall in prices, overproduction crisis, and lots of bank offers, it is better to buy Greek real estate for personal use only. Investments in such property may not be rentable due to more stable advancement of other emerging markets across Europe.
Any foreigner is enabled to purchase real estate in Greece. The only exception is borderline territories that require a written permission from the Greek Ministry of Defence in order to purchase real property here. But this doesn’t usually cause any extra difficulties for potential buyers.
It is necessary to point out that the Greek government has recently introduced a law, according to which anyone who purchases Greek real estate for at least €250 000 is granted Greek residence permit.
How to purchase real estate in Greece
Suppose you found an apartment in Greece you’d like to buy. Where do you start? Well, first of all, you need to know that according to law, both notary and lawyer services are required in order to carry out all legalities concerning property purchase here. Fortunately, Greek real estate agencies usually cooperate with law offices, so you won’t need to search for a lawyer by yourself.
A lawyer examines real property for any obstacles, which could undermine the transaction. A notary, on the other hand, guarantees deal legitimacy and handles all calculations between both parties.
The next step for you is to get a tax number (AFM). Lawyers usually assist in this process. The document is mandatory for all real property transactions in Greece. It is necessary to reserve a selected object and pay a deposit of several thousand Euros. The precise amount depends on the object value.
After the deposit has been paid, the seller is assured that you are serious about purchasing this piece of real estate and therefore removes it from the market. The buyer has 7 days after deposit payment to cancel the deal without losing anything. In case the buyer decides to cancel the deal upon 7 days, he or she will lose the whole deposit amount. However, if it’s the seller, who decides to cancel the transaction, he or she will have to pay back the deposit amount at a double rate.
As soon as a lawyer checks real property and approves the deal, a buyer must pay the transfer tax.
A preliminary agreement should be composed on both languages: Greek and buyer’s native language. Upon signing a preliminary agreement, a buyer should pay a 40–60 % deposit. Having paid it, he or she has the right to move into the property.
Sale and purchase agreement
Sale and purchase agreement is to be signed in the presence of both notary and lawyer. It should be composed in Greek, but it may also be translated into buyer’s native language. After the agreement has been signed, it should be certified by a notary.
After certification this document becomes the buyer’s deed of ownership. In addition, a lawyer should perform official registration of transaction. To do so, the deal must be added to the register of properties and the cadastral register.
Real estate acquisition in Greece involves several additional expenses, which are mostly related to taxes and duties.
1. Lawyer’s fee – 1 % of the object value.
2. Notary fee – 1 % of the cadastral value. Notary services as per an agreement preparing may cost additional €500.
3. Transactions on real property, which was built according to a license issued before January 1, 2006, are additionally taxed at 3 % (stamp duty).
4. Transactions on real property, which was built according to a license issued after January 1, 2006, are charged by 23 % VAT instead of stamp duty. archived version