Buying real estate in Greece: the most important things

Real estate in Greece is very attractive to purchase among businessmen, investors and those who want access to Schengen and the sea. Greece boasts stunning natural vistas, a deep history and very convenient conditions for foreigners. In our material we will discuss the important aspects that should be considered when buying real estate in this country to make your transaction as easy and safe as possible.

Greece

Greece is a country with a rich historical heritage, which is considered the cradle of Western civilization. Here you can enjoy beautiful natural landscapes, from picturesque beaches on the Aegean and Ionian seas to majestic mountain ranges. Some of the most famous sights include the Acropolis of Athens, the ancient theater at Epidaurus, and the mysterious Meteora monasteries perched on high cliffs. Greece is famous for its traditional cuisine, warmth of the locals and comfortable climate, making it a great place to vacation and live.

Greek residence permit for real estate

Greece has a very interesting program for obtaining a residence permit, the condition for which is the purchase of real estate. The program “Golden Visa” allows investors who have invested in real estate from 250 000 euros, get a residence permit, which opens access to visa-free travel to Schengen countries. The residence permit is granted for a period of 5 years with the possibility of extension, and at the same time the ownership of real estate does not require permanent residence in the country. This is a great opportunity for those who want to invest in real estate and take advantage of the benefits that Europe offers.

Restrictions on buying real estate

The purchase of real estate in Greece by foreign nationals is generally available, but there are some restrictions. For example, border areas or some islands require special permission from the Ministry of Defense to purchase. This is due to national security issues. In addition, special conditions may apply to the purchase of commercial real estate or building plots of land depending on the type of land and its purpose. It is important to take these points into account and consult a lawyer before buying to avoid possible complications.

How to buy real estate - 3 steps

Stage I: Selection - Reservation - Inspection

The first step is to select a suitable property. After that, it is necessary to obtain a tax number to be able to participate in the transaction. To reserve the selected property, a deposit is usually paid into a special bank account, which is approximately 1% of the total value of the property. A government lawyer supervises the transaction, ensuring that it is legally clean.

Next, a thorough legal check of the object is carried out. If the results of the inspection are positive, the buyer pays the title transfer tax. It is important to remember that you have 7 days to cancel the transaction and return the deposit in full. If the decision is not made within this time frame, the deposit goes to the seller's account.

Stage II: Preliminary Agreement

At this stage, after signing the preliminary contract, the buyer can start using the property, although he/she does not own it yet. The contract is in two languages, one in Greek and one in your native language. At this stage you are required to deposit 40-60% of the value of the property into a special bank account. Once the deposit is received, you receive the keys and can start using the property.

Stage III: the main contract

A notary and a lawyer will be required to sign the main contract. The main document is in Greek, but a translation into your native language is possible. Once the contract is notarized by the notary, the transaction must be registered at the cadastral registry and land registry. From this moment you become the full owner of the property and can apply for a residence permit.

Additional costs include lawyer and notary fees, registration of the transaction and tax on the transfer of ownership. On average, these costs amount to 10-12% of the value of the property.

Real Estate Costs

The cost of real estate in Greece can vary significantly depending on the region, type of object and its proximity to the sea. The highest prices are observed in popular tourist destinations such as Athens, Mykonos and Santorini, where the cost per square meter can reach several thousand euros. In lesser known regions and on the mainland, prices are much more affordable. For example, in the northern part of Greece or in rural areas, real estate can be purchased at a lower price. On average, prices for apartments and houses range from 1,500 to 5,000 euros per square meter, depending on the condition and location of the property.

Example of villa prices

Prices for villas in Greece vary considerably, but remain more affordable than similar properties in other European countries. Villas on islands with sea views are particularly popular. For example, a villa on the island of Thassos with an area of about 280 square meters. m will cost 900-950 thousand euros. Villa on Kerkyra (Corfu) with an area of 340-350 square meters. m can be purchased at a price of 650-700 thousand euros.

What tax

Property tax in Greece is paid annually and consists of the main and additional parts. Its size depends on the location of the object. In coastal areas, the tax per square meter is an average of 10-12 euros per year. For objects worth more than 300 thousand euros, there is an additional tax of 0.5-1%.

In addition, there are municipal taxes, which amount to 0.025-0.035% of the cadastral value of the property. These taxes are usually included in the electricity bill, so they do not need to be paid separately.

Advantages of buying real estate in Greece

Purchasing real estate in Greece offers many advantages, making this country very attractive to investors and those looking for a vacation spot. Firstly, Greece is known for its mild Mediterranean climate, allowing you to enjoy warm weather for most of the year. Secondly, housing prices here are often lower than in other popular European countries, making investments more affordable.

In addition, the purchase of real estate provides an opportunity to obtain a residence permit through the Golden Visa program, which opens the door to the Schengen zone. The unique cultural and historical heritage of Greece, as well as its magnificent natural landscapes create ideal conditions for comfortable living and active recreation against the backdrop of picturesque landscapes.