Questions about real estate investments in Greece :
Who can buy a property in Greece?
Greece does not apply any restrictions on the purchase of Real Estate for foreigners. Any foreigner can buy real estate in Greece. Moreover, if you are a national of a country outside the European Union, you can even benefit from the Golden Visa for a real estate investment of an amount at least equal to €250,000.
Is it safe to buy a property in Greece?
Greece is a modern democracy where the rights of owners are framed by well-defined and fair laws. As in any country, it is necessary to find out about the legislation in force and the legal procedures. Real Estate investments in Greece are made through notaries who guarantee the compliance of the procedure.
Is it a good time to buy property In Greece?
Following the economic crisis of 2008 which strongly affected the Greek economy, the average price of real estate fell by almost 40% between 2008 and the end of 2017 almost everywhere in the country. Today real estate prices are still undervalued by around 28% on average compared to their pre-crisis value (source Bank of Greece: here). So yes it's still a good time to buy real estate in Greece.
What is the process to buy a property in Greece?
The steps are usually as follows:
- Identification of the region and the type of property according to your project and your budget.
- Choice of a lawyer (not mandatory but strongly recommended) to do checks on privileges, mortgages, title deeds, etc.
- Mandatory obtaining, and before the transaction, a Greek tax identification number (AFM).
- Realization of the technical study of the property (not mandatory, but strongly advised) to check that the property is in conformity with its description (surface in particular).
- Payment of transfer duties (3,09% of the amount of the transaction).
- Signature of the contract before a notary and obtaining of the title deed,
- Registration of the title deed in the land register
- Registration of the property by the tax authorities. An accountant can do that.
Where to buy a house in Greece?
Greece offers multiple choices when it comes to real estate. Your decision will depend on your criteria and your budget. Do you prefer the city, the countryside or the seaside? Would you like to buy an apartment, a house or a villa? Is it to live there all year round? Are you looking for a holiday home? Do you want to generate additional income by renting out? Is this your retirement destination? Do you prefer to buy an existing property or do you want to build one? Talk to your real estate service provider who will help you determine the best option for you and advise you at every stage of your project.
Is there a cadaster in Greece?
Yes. The Hellenic Cadastral Project (Ktimatologio) was launched in 1994 by the Ministry of Environment and started in 1995. Not all parts of the country have been mapped yet but it is in progress. This is why before buying a property or land in Greece it is strongly advised to hire a lawyer to check the title deeds and all legal documents.
What is a real estate services provider?
A Real Estate Services Provider is an independent and impartial agent who works for you and advises you on your investment to save you time and money. Thanks to his knowledge of the market and his partnerships with real estate professionals, he will inform you about all the pitfalls to avoid.
How long does It take to buy a property In Greece?
This can take between a few weeks and a few months depending on the complexity of your project. If you invest in an existing property with easy-to-verify title deeds and paying cash, it can go quite quickly (2 months on average). If you buy a property belonging to several people who live in the four corners of the world and with a bank loan, it will take significantly longer.
What are the pitfalls to avoid when buying a property in Greece?
As with any real estate purchase and whatever the country, in Greece precautions are essential, such as:
- Check (or have a lawyer check) the title deed as well as the mortgage status of the property.
- Visit and inspect the property with a professional.
- If you buy land, check its total area and its buildable area. Also check if it is not classified as a forest (not buildable).
- Be assisted by a translator if you do not speak the Greek language.
How to obtain the Greek tax identification number (AFM)?
You must go to the local Greek tax office (Eforia) closest to your home to apply for AFM.
You must produce proof of identity, proof of address and proof of residence permit if you are a national of a country outside the EU.
Normally the AFM number is delivered to you within a few days.
This tax number will be useful for opening a bank account in Greece and for declaring and paying your taxes online.
These steps can be carried out by a third party to whom you have given a power of attorney.
Is a lawyer compulsory to buy a property in Greece?
No, it is not mandatory but we strongly advise you to have one, especially to:
- Perform cadastral research.
- Write the sales contract.
- Make sure your rights are guaranteed during the transaction.
Do I need a bank account in Greece to buy a property in Greece?
It is not mandatory but be aware that it is useful to have a bank account in Greece for your payment of fees and taxes relating to your investment such as water bills, electricity bills, etc.
How much are the real estate agent fees Greece?
Between 2% and 2.5% of the amount of the transaction is paid by the buyer and the same percentages by the seller.
How much are property transfer taxes In Greece?
- Transfer tax: 3.09% of the “objective” value of the property.
- Notary fees: between 1% and 2% plus VAT (24%).
- Registration fees: 0.5% to 0.7% plus stamp duty.
- Lawyer fees: 1% to 1.5% plus VAT (24%).
How much are the property ownership taxes in Greece?
Property tax in Greece, introduced in 2014 and called called ENFIA, is between €2 and €13 per m2 per year.
It is progressive and takes into account the surface, the year of construction, the value per m2 in the area , etc.
For more details see here
How much are the property income taxes in Greece?
Taxation is progressive according to income:
- Between €0 and €12,000: 15%
- Between €12,001 and €35,000: 25%
- Above €35,000: 35%.
How much are the construction costs in Greece?
This will depend on the type of property to be built (house, villa, with or without a swimming pool, etc.), its location, its design, its living area, its building materials, its level of finish, etc.
The range varies from €1000 to €5000 and more per m2.
Each project is unique and Milestone Invest is there to support you with complete peace of mind.
Contact us here.
How much costs the building permit in Greece?
The cost of the building permit is between €80 and €120 per m2 and is determined by the technical chamber of commerce.
What is the Greek Golden Visa?
This highly popular residency-by-investment visa is issued to non-EU citizens who make a significant contribution to the Greek economy by purchasing land/real estate worth at least € 250 000. The Greek Golden Visa offers you and your immediate family members five-year residency (renewable indefinitely as long as you maintain the investment) as well as free travel in the Schengen Zone.
After seven years of residency, it is possible to apply for Greek citizenship with consequent access to the EU free market and visa-free travel to more than a hundred countries. You can live, work, and invest in Greece.
Official portal of the Greek Government here.
Where to find an English/Italian/French speaking real estate advisor in Greece?
Where to find buildable land in Greece?
Buildable land plots can be found almost everywhere in Greece. Your choice will depend on where you want to build your home. Remember to check if the land is located in the urban area or outside because the rules and construction coefficients are different. Also remember to check the possible connections to the water, electricity and sewer networks to calculate the construction costs as accurately as possible.
Where is the best place to retire In Greece?
It all depends on the life you want to have when you retire.
Are you more city or seaside? Mainland Greece, Peloponnese, Crete, Ionian Islands, Cyclades, Sporades, Dodecanese?
You have a very wide choice. One thing is certain, Greece will offer you a serene and healthy way of life in a mild climate.
Statistically, Crete is the favorite place for retired expatriates in Greece.
Where is the best place to live In Greece?
It all depends on your professional activity and the life you want to have.
Athens will offer you culture and city life but also the countryside and the seaside nearby.
Favorite cities for expats are; Athens, Thessaloniki, Corfu, Patras, Rhodes, and Chania (in Crete).
If you want more information on the standard of living in Greece you can consult the website of the Greek Statistical Institute here.
Where is it most profitable to buy in Greece to rent?
Regarding the type of rental there are 2 basic possibilities:
- Rent year-round to permanent residents so less daily income but all year round.
- Put in short term rental (by the day, week, month) so more daily income but during the tourist season only.
Regarding where to invest, it will be necessary to take into account real estate prices but also the economic, social, climatic environment, etc. which are specific to each Greek city, region or island.
It is therefore necessary to study the project in detail before deciding where to invest and we are here to help you.