How to buy a property in Greece
Greece is one of the countries that suffered the most from the economic crisis of 2008. It has been subject to various economic stimulus measures. One of the sectors that has suffered the most from this crisis is real estate, with prices falling by over 50%. Since 2018, however, real estate has seen a resurgence in interest with the price per square foot increasing by 20%. Compared to other European coastal countries, the price of real estate is particularly attractive, which explains why more and more foreigners are buying real estate. The process of buying a property in Greece is more complex than it seems, but with a little patience and by keeping yourself well-informed, you will be able to do it without any problems. What are the steps to buy a house in Greece? I’m Lisbob, the expat assistant, and I am going to tell you everything about buying a property in Greece.
Prerequisites
First of all, it is important to know that Greece does not prohibit the acquisition of real estate by foreigners. On the contrary, some measures such as the new tax regime would rather encourage foreigners to make investments in the country.
However, if you are a non-European resident, it will be a little more time consuming and complex. You will need a special visa called the Golden Visa. This document will be required if the amount of your future real estate investment is equal or superior to 250 000 euros. This visa is valid for 5 years and extends to your family members. The Golden Visa is renewable and you can apply for a Greek passport if you can prove 7 years of residence in the country.
In order to carry out the administrative procedures related to the purchase of a house in Greece, it is necessary to be accompanied by legal and real estate professionals in order to ensure a purchase free of any irregularity. This is the case whether you are an expatriate or not.
You will knkow everything to buy a property in Greece
Use of a lawyer
The use of a lawyer is essential to buy a property safely, especially in Greece where irregular real estate situations are not uncommon. In Greece there are few new buildings, except in some cities like Athens, so there are many old properties that are no longer up to standard.
We advise you to choose a lawyer who is also a real estate specialist in order to better assist you. The latter will therefore verify the authenticity of the documents of the property, namely :
The constructibility of the land
The property titles
The building permit
The boundaries
In addition to a lawyer, you can be assisted by an accountant, a surveyor or a notary. The use of an accountant is very common in Greece, even for minor operations such as tax management. The importance of these court officers and other real estate professionals is to assure you of the authenticity, but also of the conformity to the laws in force in the country of your procedure and of the information that is transmitted to you.
The fact that you don't speak the language makes you a little more vulnerable; knowing that you can't necessarily verify the information in all the documents you are given. These aids are therefore essential for you. These professional assistances are not free of charge but fortunately will not be very expensive since you are in Greece.
Acquisition of the property
The acquisition is done in two steps. First a promise to sell and then the finalization of the transaction. The promise to sell concludes with the payment of a deposit and the setting of a deadline during which you must pay the remaining amount to finalize the transaction.
It should be noted, however, that the deposit only guarantees the purchase if the owner provides documentation including, among other things:
The energy performance diagnosis
The tax certificate
The finalization of the transaction is done before a notary, in the presence of the lawyer in charge of the acquisition and an interpreter. The presence of the latter is mandatory for the deed of acquisition to be valid. Once this step is completed, your lawyer will need to help you file the declaration of acquisition within thirty days of the purchase.
If you purchase a property in Greece but continue to reside in your country of origin, you will need to check the tax treaty signed between the two countries to see if you are subject to double taxation. However, the income you obtain from your property will be taxable in Greece.