Guide to Buying a House in Greece

Guide to Buying a House in Greece

Is it easy to buy a house in Greece?

Buying real estate in Greece is not hard, provided that the buyer does their homework. After choosing the property, appointing a competent lawyer who can do the documenting efficiently and quickly can considerably shorten the process. Also, every buyer according to the Greek constitution has to be a taxpayer. It means that the buyer must obtain a tax number which can be obtained within one day. After these processes are dealt with, the buyer can pay the stamp duty which is around 3 percent of the value of the transaction. Finally, the acquisition has to be completed before a notary and registered at the local Land Registry.

Can foreigners buy property in Greece? 

Yes, they can. There are no restrictions as to who can purchase property in Greece, yet EU citizens or residents are considerably more advantageous in the process. EU residents/citizens often run into no problems whatsoever during the process of transaction, but non-EU individuals have to prove their connections to Greece and their intent for the real estate. Their application goes through the Ministry of Defence which evaluates the submitted proof of intent and connection.

How can I buy a house in Greece? 

The first requirement of buying a property in Greece is becoming a taxpayer. After opening an account at a bank, one can register for a tax number. Then, the lawyer of the buyer checks the property titles and produces the necessary documents for the transaction. The next step is signing the title transition contract which can only be signed if the buyer is ready to pay the full price of the property. Then all the documents are submitted for registry and the Land Registry issues a certificate for the property title. Only additional steps to these are choosing the property and negotiating the price with the seller. 

Is Greece a good place to buy property?

After the period of the global economic crisis of 2008, Greece went through a major transformation. Not only its economy but also its cities went through comprehensive gentrification processes that pulled the real estate market back up from the hole it had fallen because of the crisis. Now that the Greek property is regaining its value, the market provides investors with nice opportunities. Still lower than their pre-crisis peak, Greek real estate is relatively cheaper when compared to other European countries. This quality and its big potential make buying Greek property now is a good idea. Country’s recovering market is also aided by its amazing performance of tourism which is another driving factor for the comeback of the real estate market values. Now is a great time to take advantage of Greek properties.

Is buying property in Athens a good investment?

Greece’s economy – thanks to its tourism and real estate sectors – rapidly recovered its wounds from the 2008 financial crisis. The country continues to heal its wounds and performs better each quarter. The crisis of a decade ago was a big blow for Greece’s property market that lost almost 40 percent of its value in the process. However, as the country’s tourism continues to perform amazingly, interest in Greek property came back and prices started to rise back up. Although this trend is already usual, property prices are still lower than the pre-crisis period, and Athens, the capital of Greece, is especially a good example of this trend. Now that Greece is back on its track, investing in Athens property and reaping the harvest later is a great idea for potential investors. 

How much money do I need to deposit to buy property in Greece?

The transaction of a down payment can be performed through online accounts using platforms like TransferWise which allows customers to see the exchange rates and international money transfer charges. The usual amount of deposit in Greek properties is 10 percent of the total price of the real estate.

Are there property taxes in Greece? How much are property taxes in Greece? 

Yes, there are property taxes in Greece. They are numerous and they might differ according to the specific case, but here is an overall rundown:

  • Agency / Agent fees: 1.5 – 2.5%
  • Lawyer fees: 0.40 – 1% + VAT (23%)
  • Notary fees: 0.65 – 1% + VAT (23%)
  • Registration charges: 0.5% + VAT (23%)

Another thing to keep in mind is the exchange rates which might differ in every institution. Choosing an advantageous bank might cut the costs considerably. 

What are the costs of buying a property in Greece? 

The initial cost of buying a property in Greece is of course the value of the real estate. Most probably, there will be a 10 percent down payment for the property before the legal transaction. There are further charges and taxes to be paid during the process. Taxation expenses are agent fees, lawyer fees, notary and registry charges.

How do I choose the right property?

The first condition of choosing the right property is knowing what one wants. Since there is no type of real estate that cannot be found in Greece, one should decide on the desired form of the property beforehand. Sticking to the most popular choices might be a safe bet, but some other options (apartments) which are under the radar of many investors offer great benefits, too. The second aspect to be worried about is the condition of the building itself. Greece is a civilization that dates back thousands of years with breath-taking historical architecture which may come at a cost sometimes. There are many properties in Greece in need of maintenance. Thus, it is always a good idea to inspect the real estate beforehand and make sure everything is okay.

How to buy property in Greece?

Buying property in Greece is not drastically different than other places depending on the efforts of the buyer. If the property is chosen carefully with the assistance of professionals and the paperwork is done by a competent lawyer, there should be nothing to worry about. After the real estate is chosen and paperwork is completed, the buyer has to pay several additional fees like the notary fee, a stamp duty, and the registration fee. Upon approving the transaction at the notary, the buyer must register the property in the local Land Registry. After this final step is concluded, the buyer becomes officially a property owner in Greece.

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