26/11/2024
For buyers and tenants
What are the steps to buying a property in Greece? In this article you will learn more! Read more here!
If you have made the decision to buy a beachfront property in Greece, it would be to your advantage to prepare yourself in advance with the steps that lie ahead. Start by researching the current property market, familiarise yourself with all the trends and pre-purchase processes, study the documents you will need for the purchase as well as the fees you will owe to the institutions in our neighbouring country. Consider and precisely select the locations, for your future property, according to your needs and preferences, and after selecting them, further study the infrastructure, transport facilities, building stock in the areas where you wish to purchase a property. When you have gathered all the information and you are aware of every step of making a future transaction, you will be ready to buy your new property in sunny Greece.
As we said, making an informed choice about location is the first step once you have decided which part of the country to buy real estate in. Different areas in Greece have different atmospheres according to the needs of the buyers. Some of them are quiet and family friendly, with a mostly local population and not so much resort-like, while others have the opposite orientation, mostly designed for entertainment and dynamic daily life, with a large influx of tourists at all hours of the day, which is leading to more noise and limited time for relaxation. The noisier areas, in terms of location, are Mykonos and Santorini, while the more family and peaceful areas are Paros, Crete, Zakynthos, Skiathos. According to property experts, it is advisable to view and visit the destinations beforehand to judge for yourself whether they meet your requirements. If you have specific criteria, do not hesitate to share them with a competent broker as he knows the market in depth and what is currently on offer and will be able to offer you villas, houses or apartments that meet as closely as possible your needs and requirements. It is considered that pre-renting a property for a certain period, in your chosen area, is a proven approach over the years, as this will ensure that the place, the atmosphere it brings and conveys, the people and the infrastructure are really what you are looking for.
The process of buying properties in Greece does not differ significantly from that in Bulgaria. Of course, after choosing the location, comes the time of selecting properties for viewing. Here it is important to clarify that you need to submit as much information and search criteria as possible so that the real estate agent in Greece can be as helpful as possible in making a selection tailored to your requirements. The more you clarify for yourself what you are looking for, what you can compromise on and what you can't, the easier the process of finding suitable properties for you will be.
Do your research beforehand on consultancy agencies in Greece. It would be a good idea to have a few conversations with different agencies so you have a benchmark for supply and demand. As in Bulgaria, opt for agencies with a good image, a rich portfolio and many years of experience in the industry.
Once you choose the agency and start working with a real estate agent, trust them completely. He is the one who will accompany you through the whole buying process, has the most accurate judgment and will give you adequate ideas and advice. Talk to him about all your concerns, considerations and demands. This will only help to ensure good communication between you and a satisfying result from your work together.
The next step is to view the selected properties. You will need to arm yourself with time and patience as the process can be slow in terms of covering your requirements in specific properties. Ask your broker to show you not only the properties but also the nearest towns and areas of interest. This will give you a broader picture, not only of the property you want to buy, but also of its surroundings. In addition, ask your agent for information about your future neighbours, do they have young children, do they entertain noisily, what are their habits. This will help you make a more informed decision if you do end up closing the deal.
If you have clear search criteria, you will need no more than 1-2 days to see all your chosen properties and choose the best option for you.
It is very important, before you make a final decision, to ask the broker to give you detailed information about all the additional costs when buying the property. Sometimes a property may be offered at a lower price, but after calculating the additional costs the price turns out to be higher. So our advice is if you are hesitating between 2-3 properties, ask for a detailed account of the additional costs.
After the steps up to here, if you have chosen your dream property, the next step is to agree with the seller on the selling price, and then a legal check of the property should be made by a lawyer practicing in Greece. This lawyer can be chosen by you, as the buyer, or recommended by the agency you are working with. With the help of the lawyer and your real estate agent, the complete documentation available on the property and specifically on the purchase and sale will be quality checked for inaccuracies, missing documents, encumbrances on the property, etc.
As already mentioned, make a detailed account of upcoming expenses.
We can help you by letting you know the mandatory costs you are expected to have. These amount to around 10% of the agreed sale price. The percentages can be optimized, but this is individual for each transaction. It is important to know that in Greece all the costs listed below are your responsibility, in the person of you the buyer. Also, there is no practice of sharing the transaction costs.
You will have costs under the following headings:
Local property acquisition tax, the value of which is 3%; Notary fees approx. 1.2% + VAT; Lawyer's fees approx. 1.2%, but not less than 1000 € + VAT. Please note that since 2014, the presence of a lawyer is not obligatory for the preparation of the deed and for the notarisation of a property transaction. But it is advisable to use these services. This would only give you peace of mind that everything is done legally.
Continue with the commission expense for the consulting agency if you choose to work with one. It is on average 3% but not less than 1200 €. If the agency is Greek, you will also have to pay 24% VAT.
Next comes the state fee for registering the property with the Registry Office, which is 0.475%. Drawing up an addendum to the contract of sale, if the contract is sub-contingent, the price is depending on the contract. Re-listing the property in the relevant registers if the contract is sub-contingent.
The use of an interpreter during the notarization of the transaction is between 250 and 400 € or negotiable. Please note that it is a mandatory condition that if the buyer does not speak Greek, he/she must be accompanied by an interpreter, as the interpreter's details are entered in the deed and he/she is criminally liable under Greek law if inaccuracies are found in the translation.
Legal verification of the property is between 300 and 400 €, which is in addition to the lawyer's fee for the preparation of the deed and his presence during the notarization.
If you choose to work with an agency and once you have settled on a property, a Stop Deposit is also left with the agency. The Stop Deposit means that you have a serious interest in the property. In addition, most agencies enter into negotiations with property sellers after receiving the Stop Deposit. If the agency that represents you fails to negotiate a final sale price that suits you, you must pay back the Stop Deposit.
Buying a prime property on the Greek seaside can be a long process if you don't have a trusted ally by your side during every stage. Unique Estates consultants are always on hand to help you and will be happy to help you realise another one of your dreams - buying a luxury property in a beautiful and exotic destination. Do not hesitate, contact us!
According to our experts, now is the right time to invest in a property near the sea in Greece!
Greece is an extremely popular tourist destination and there is expected to be a high demand for buying or renting a property on the Greek sea. The tourist season in Greece is more than 5 months- it starts in May, peaks in July/August and ends in October. The culture of the Greeks and their upbringing are geared towards hospitality, to develop tourism in the country. In the summer tourist season restaurants, bars, taverns, cafes are open 24/7.
Investing in a property on the Greek sea is an extremely suitable option for people with good financial capabilities who are looking for the combination of the comfort of their own property and exotic experiences close to nature. Compared to a number of European destinations at a greater distance, Greece has its undisputed competitive advantage for investing in a prime property, namely attractive property prices.
In addition, one of the safest investments, with guaranteed returns and income if properly managed, is also the purchase of a property on the Greek sea, for rental purposes. You can plan a family vacation, renting out your home- apartment, house or villa during the rest of the season. By renting short, medium or long term, your property in Greece can bring you up to 10% return on an annual basis.
Also, according to forecasts, the price per square meter in Greece is expected to increase gradually in the next 3 years by about 35-40%. This is a safe assumption that in 3 years you will be able to sell your property at a much better price.
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