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Greece – Buying Property

Legal Restrictions on Ownership or Sale of Property by Foreign Nationals in Greece

Foreign nationals are able to purchase property in Greece without any legal restrictions, provided that they have the necessary funds and meet the criteria of the local authorities. However, there are certain areas within Greece where property ownership is restricted to Greek citizens, such as military zones or protected archaeological sites.

Average Property Prices in Greece

The average property price in Greece varies depending on location, type of property and the region. Property prices can range from ‚50,000 to 5,000,000 euros. Prices in the more popular tourist areas such as the islands of Mykonos, Santorini and Crete tend to be higher than in other areas of Greece.

Popular Locations to Buy Property in Greece

The most popular locations to buy property in Greece are the islands of Mykonos, Santorini, and Crete. These areas offer a mix of traditional houses and modern apartments, as well as easy access to amenities such as beaches, restaurants, and nightlife. The mainland cities of Athens and Thessaloniki are also popular for buying properties.


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Upcoming Areas in Greece

There are currently no new upcoming areas in Greece that are attractive options when considering buying property. However, the government is currently working on development plans to increase the housing stock and create new residential areas in the future.

Trends in the Property Market in Greece

The property market in Greece has seen steady growth in recent years, with prices continuing to rise. The demand for property in Greece is driven by a mix of local buyers and foreign investors, particularly those from the UK, Germany, and Russia.

Is Buying Property a Good Investment in Greece?

Buying property in Greece can be a good investment due to the steady growth in property prices and the strong demand for property in the area. Additionally, Greece offers a stable political and economic environment, making it a safe and secure place to invest in property.

Most Common Property Types in Greece

The most common property types in Greece are apartments, townhouses, and detached houses. There are also a small number of villas and rural properties available, as well as land for development. Traditional stone houses and beachfront properties are also popular.

Typical House Buying Procedure in Greece

Step 1: Hire a Lawyer

Once you’ve found a property you like in Greece, the first step is usually to hire a lawyer to guide you through the legalities of buying.

Step 2: Conduct Surveys/Inspections

A surveyor or engineer will need to inspect the property for structural issues, legal compliance, and ensure that all building permits are in order. This step helps in identifying any underlying problems that might affect the property’s value or legality.

Step 3: Obtain a Tax Number (AFM)

You’ll need to obtain a Greek tax number (AFM), essential for financial transactions in Greece, including property buying.

Step 4: Make an Offer

Once you’ve done due diligence, you make a formal offer on the property through your lawyer. This step usually involves a preliminary agreement and a deposit (often 10% of the purchase price).

Step 5: Engage a Notary

A notary public in Greece is needed to draw up the final contract. They ensure that the sale complies with all Greek laws and regulations.

Step 6: Exchange Contracts

The final step involves the exchange of contracts, with the notary public present. Once the contract is signed, the notary registers it with the local Land Registry, and the property’s ownership is officially transferred.

Finding a Reputable Lawyer in Greece

Hiring the Lawyer

Finding a reputable lawyer is crucial in Greece. The lawyer must be a member of the local Bar Association in the area where they practice.

Charges

Legal fees can vary but usually range from 1% to 2% of the property’s purchase price.

Professional Organization

The full contact details for the Athens Bar Association (as an example) are as follows:

Pitfalls or Problems in the House Buying Process in Greece

Expats often encounter several problems in the Greek property buying process, such as:

  • Legal Complexities: Greece’s property laws can be intricate, leading to confusion and delays.
  • Bureaucracy: The process might be slowed down by bureaucratic red tape.
  • Hidden Costs: Unexpected costs like additional taxes or fees can arise.
  • Property Issues: Undiscovered legal or structural issues with the property that were not identified during surveys or inspections.

Purchasing Property Through a Company in Greece

Buying property through a company in Greece might be an attractive option for some, especially for tax reasons or legal benefits.

Examples

  • Commercial Investors: A foreign company investing in commercial real estate might choose to buy through a Greek subsidiary to avail of specific tax benefits.
  • Property Development: Developers often purchase land or property through a company structure to manage liabilities and taxation more efficiently.

However, purchasing through a company can add complexity to the buying process, and professional legal and financial advice should be sought to understand the implications fully.


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