Guide to bying property in Greece

  • 3 years ago
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Property ownership in Greece is incredibly common, with over 75% of residents owning their homes thanks to a strong culture of family and inherited property. But don’t worry – there are still plenty of properties on the market, so you can snap up a little piece of Greek paradise as your own. While EU residents will run into almost no restrictions on purchasing property in Greece, non-EU residents may need to prove both their connections to the country and their intent for property use.

One of the main attractions of buying property in Greece is its Golden Visa benefit. This grants a renewable five-year residency permit to foreigners investing in property in the country provided that you spend at least € 250,000 on your home. The holder of a Golden Visa and their immediate family members can legally live and work in Greece. However, you aren’t actually required to live there and you can choose to rent out your purchased property if you like.

  1. At first, you need to appoint a Real Estate Advisory Firm that will guide and support you throughout the whole process, from identifying the property that suits to your needs to the moment of the signing of the final contract.
  2. You will also need to hire a lawyer for a property transaction that will represent you before the relevant authorities, notaries and banks and make sure that the property is crystal clear as well as that all transfer formalitiesrelated with the Land Registry Office or Cadastre Office are complied with. The lawyer, in cooperation with the Real Estate Agency, will also guide you through the preliminary contract and downpayment process, in order to secure the property till the final acquisition contract is signed.
  3. Before signing the final contract, the buyer has to get a Greek Tax Identification Number and to open a bank account in a Greek bank, as well as to comply with certain tax formalities including the deposit of the Title Deed Transfer tax (approx. 3%).
  4. The signing of the final contract takes place before a notary, after collection of all necessary documents which is usually carried out by both the real estate agent and the possibly appointed lawyer. The estimated time for the completion of the whole process usually ranges from 20 days to three months after the deal is closed. Once the contract is signed, in order to be valid it must be registered at the Land Registry Office or the Cadastre Office of the region of the property.

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