Buying a property abroad can seem daunting, but buying in Greece is relatively straightforward. The information below should cover most concerns, but please don't hesitate to contact us if you require further information.
Citizens of the European Union are able to purchase property in Greece. In certain circumstances it is possible for nationals of other countries to buy property. To establish what the regulations are in these cases you would need to contact the Greek Consulate or Embassy in your home country.
A lawyer registered to practice in Greece is required for all property transactions. You can appoint a lawyer of your choice or we will be pleased to recommend a local lawyer familiar with property purchase.
Having found the property you wish to buy an Agreement to Purchase form is completed stipulating the agreed property price as well as estimates for the property transfer tax and legal fees. In addition, a deposit amount is specified and agreed.
As specified in the Agreement to Purchase, a deposit of 10% of the agreed selling price is required to commence contract preparation. Once the deposit is paid both parties are bound to complete the sale.
You will need to open a local bank account in order to transfer the funds for the property purchase. This takes no more than 15 minutes and we can recommend a bank with great experience of handling foreign customers. All you need is your passport and it is not necessary to deposit funds immediately. Your original passports (or copies) are required. We can help with this.
When buying in Greece, unless you live in an EU country, you will need to purchase Euros to complete the transaction.
We recommend using a foreign exchange broker such as Foreign Currency Direct plc (freephone 0800 328 5884) to save money on your purchase of Euros.
They can save you up to 4% compared to high street banks and will ensure a smooth and efficient transfer process.
We have negotiated a five star service and rates with our dedicated dealer, James Lovick, so please ask for James directly when making contact, and mention Dreams of Greece when you call.
The purchaser is not required to be present when the contract is signed. If you are unable to attend you will need to prepare a Power of Attorney to enable signing of the contract in your absence. Depending on the seller's situation as well as the location of the land, the time from your decision to purchase to the actual signing of the contract can take anywhere from five days to over a month. If you are not in Greece, your Power of Attorney enables the lawyer of your choice here in Greece to sign the land contract on your behalf.
In addition to the property purchase price there will be Property Transfer Tax and Legal Expenses which will be in the region of 10% of the purchase price. Estate agents generally charge a commission of 2% of the contract value of the property.
Since 2007 VAT at 19% must be paid when purchasing a new property, rather than the old transfer tax.
If you own property in Greece an annual tax declaration must be filed, and you'll need to appoint an accountant to file your declaration for you.
We can put you in touch with local construction teams who will be pleased to assist in the preparation of designs for the completion of your home or restoration project, and to obtain all necessary building permissions. They will be able to undertake any building or restoration work required.
On average it takes about four weeks from signing the property purchase agreement to completion.
If you are visiting the region we will be happy to assist with making hotel reservations, booking hire cars etc, although you may find it easiest to make arrangements via the internet these days!
You will need to obtain a license if you want to rent your property. For many people buying a home in Greece, being able to rent it when they are not resident is important. In order to do this the property must have a valid license issued by the Greek National Tourist Organization called an EOT license. For a license to be granted specific conditions and standards must be met. The requirement for you to hold a license applies however you plan to rent your home, be it to friends, clients you have found yourself or through a third party (Agent, Tour Operator etc). If you are receiving an income from the rental of your house, under Greek law, you are required to have a license. This benefits you, the property owner, by ensuring that your house, and swimming pool if you have one, conforms to good safety standards. We will be pleased to discuss the EOT application process with you.