For a long time, Greece has been a great destination to visit, retire, and invest. The country’s gorgeous islands, sunny weather, and rich cultural past attract thousands of people who want to live there, not just go on holiday. Buying property in Greece could be a good investment and a way to live your life, especially since the country’s real estate market has become more enticing in recent years. Foreigners can do it if they know how the law works and how much money they need to spend.
Why you should buy a house in Greece
There are several reasons why people wish to purchase property in Greece. First, housing expenses are still rather affordable compared to other Mediterranean nations like Italy, Spain, or France. This means that you can often buy a traditional village house or an apartment with a view of the sea for far less money than you would in other areas of Europe. Second, Greece offers the well-known Golden Visa program, which permits those from outside the EU who invest at least €250,000 in real estate reside there. Because of this, Greece is currently one of the easiest countries to join the EU. Finally, the mild winters, constant sunshine, and near proximity to some of the most beautiful beaches in the world make it a wonderful long-term choice.
Legal framework for foreign buyers
People from other nations, including those from the EU, may frequently purchase real estate in Greece. Persons inside the EU don’t have to fulfil any additional requirements. But persons from outside the EU may have to if they are buying near sensitive border areas, although they often get clearance.
There are a number of restrictions around buying and selling to protect everyone. After you choose a property, the first thing you need to do is hire a lawyer and notary in your area. These professionals are highly essential because they ensure sure the transaction is legal in Greece. They search for any debts or legal claims on the property, and draw out the papers that need to be signed. It is also a good idea to hire an independent surveyor to look at the property’s condition and boundaries.
How to purchase real estate
When buying property in Greece, there are typically clear steps to follow:
Get a Greek tax number (AFM)
Every buyer, even if they don’t reside in Greece, needs a Greek tax ID number. This is needed to sign contracts, pay taxes, and register the property.
Open a bank account near you
You need a Greek bank account to pay for things like the deposit, the property’s price, and any fees that come with it.
Preliminary agreement and deposit
Generally, you and the seller sign a preliminary contract and pay a deposit, which is generally 10% of the entire value. At the same time, your lawyer will look up the title to the property to make sure there are no liens or other concerns.
Final contract signing
The official sale agreement is signed by a notary public. The buyer and seller, or their attorneys, must both be present. The contract is kept on file by the local land registration or cadastral office once it is signed.
Transfer of ownership
The buyer is now the legal owner of the property once it has been registered.
Costs and taxes
In addition to the cost of the property, buyers should put aside money for processing fees. These expenses are normally between 7% and 10% of the property’s value. These are:
- Transfer tax (usually 3%)
- Costs for notaries
- Lawyer fees
- Costs for registering land
- Agent’s fee (if there is one)
If you buy a flat or house in a shared building, you could have to pay for things like property taxes, electricity bills and maintenance fees every year.
Benefits of owning property
Aside from the financial investment, buying property in Greece provides a distinct lifestyle. People who own property in Greece have a decent quality of life, a moderate climate, and a lively cultural environment. They may choose between a property on the beach in Crete, a whitewashed house on Santorini, or an apartment in Athens. The Golden Visa program also benefits family members of persons who wish to reside in the Schengen zone. It makes it easier for them to travel inside the zone.
You can also view these posts:
Greece through the eyes of investors
Traveling to Greece: Visa requirements
Getting Greece passport
