Below you may find some relevant questions and answers frequently asked when buying a property on a Greek island. Of course as a real estate agency we would be more than happy to answer to your inquiries and assist you buying a house in Greece.
As in every country, when buying a property in Greece, there are some additional expenses to calculate for the acquisition. These are: the notary’s fee, the lawyer’s fee, the commission of the agency, the transaction taxation (FMA), as well as the land registry fee. The final acquisition price of the property is determined by the total expenses which should be in the range of 11%. A detailed list analysis for this cause will be handed over to you.
If you are building a house on a piece of land, you will need to allow approximately 18 months after obtaining the building permit for the house to be completed and to be occupied. On the other hand, you can determine the ideal location of your home by buying a plot of land where you like it best. The buying process of a finished house is quicker and easier. However, renovation and alteration works are often not to be taken into account, so that the house fits entirely to your taste. A third option is to buy a new construction project, that means a plot of land having a building permit and for which a concrete planning and a budget for the house to be built, already exist.
Over the last years, many foreign investors have decided to buy a property in Greece. Greece is considered to be an upcoming market, in the European real estate. As being a secure EU-country with one of the best climate in Europe, Greece has been always a touristic paradise. The accessibility of Greece from any other European country has been facilitated. The economic and political situation has been stabilized and the economic growth of the country makes it a safe place for investments. Of course, the unique beauty of all the Greek islands and specific the Cyclades, have attracted already many investors. Not only Santorini and Mykonos, but also islands like Paros, Antiparos, Milos and others, face already a very high demand in secondary residences.
Everyone with no exception can buy a property in Greece. The buying procedure just as in other EU countries very well defined by the Greek legislation. In order to find the best possible match between your needs and the existing offers, it is strongly recommended to cooperate with a professional real estate agency, preferably speaking your language. This agency needs to be able to assist you throughout the buying process of the property. In order to buy a house in Greece, you will also need to assign a lawyer established in Greece, to take care of all legal steps of the buying act.
Greece has many beautiful places. Of course, some Greek islands are more famous, due to their frequent touristic influx. Many Greek islands have attracted investors and are considered to be well established real estate markets. The unique landscape and the traditional architecture have attracted many investors over the last years. Typical islands to invest are considered to be Mykonos, Paros, Tinos and more other. If you search for a more quiet islands, away for the touristic masses, a smaller island like Antiparos, Milos, Kimolos, Koufonisi, could be a good alternative.
It is highly advisable that you contact a professional real estate agency that is based in Greece and has the capacity to advise you in your native language. Make sure that the agency is registered and holds a broker's license. Be careful to sign only mandates with real estate agencies that expressly state the final brokerage fees.
The buying process of a property in Greece differs only slightly from that in other EU countries. One of the main differences is that buyers (either Greeks or foreigners) are required to appoint a lawyer in Greece who will represent them throughout the buying process. The lawyer is in alignment with the notary a public who draws up the text of the purchase contract. Professional real estate agencies can recommend lawyers who speak your language and who can explain the individual steps up to the signing of the sales contract.
The taxation of real estate property in Greece takes place once a year. The real estate tax is called abbreviated ENFIA in Greek (means common tax on real estate fortune). The level of taxation is based on so-called objective values, which are determined by the state for each property. They are identical for foreigners and for Greek citizens. Similar to other EU countries, real estate in urban areas is taxed more heavily than real estate in rural areas. Most properties (secondary residences) on Greek islands are located in so-called agricultural zones and taxation is rather low compared to the purchase value of that house/plot. If you decide to buy a property in Greece you have the right to know through the real estate agency the last real estate tax paid on the property you wish to buy.