by European Realestate
Greece offers stunning landscapes, rich history, and beautiful coastal areas, making it a desirable destination for property buyers. Navigating the Greek property market requires careful planning. This guide provides essential steps to ensure a successful purchase.
1. Research the Property Market
- Location: Identify your preferred area, whether it’s a picturesque island, historic city, or serene countryside. Popular regions include Athens, Thessaloniki, the Cyclades, and the Peloponnese.
- Budget: Familiarize yourself with property prices and account for additional costs such as taxes, legal fees, and property registration, typically around 10–15% of the property’s price.
2. Obtain a Greek Tax Identification Number (AFM)
- The AFM is required for property transactions and tax purposes in Greece.
- Apply for an AFM at a local tax office or with the assistance of a legal representative.
3. Hire a Legal Advisor
- Engage an independent solicitor who specializes in Greek property law to guide you through the legal process and conduct due diligence.
- Ensure the lawyer is not affiliated with the seller to avoid conflicts of interest.
4. Open a Greek Bank Account
- Necessary for managing transactions, including property payments, taxes, and utility bills.
5. Search for Properties
- Use reputable property websites and consult local real estate agents.
- Attend property viewings to evaluate the property’s condition and suitability.
Recommended Real Estate Websites in Greece
- Spitogatos – One of Greece’s leading property portals.
- Xe.gr – Comprehensive property listings.
- Tospitimou.gr – Property marketplace with diverse offerings.
- European.RealEstate – Extensive European property listings, including Greece.
- HomeGreekHome – Popular site for Greek properties.
6. Make an Offer
- Submit your offer to the seller or through the real estate agent.
- Be prepared for negotiations.
7. Sign the Preliminary Agreement
- Once the offer is accepted, sign a preliminary agreement and pay a deposit to secure the property.
8. Conduct Due Diligence
- Your legal advisor will verify property ownership, check for outstanding debts, and ensure compliance with local regulations.
- Review all documentation, including building permits and energy efficiency certificates.
9. Sign the Final Contract (Symfonia Agoras-Poleisis)
- This legally binding contract outlines the purchase terms and conditions.
- Pay a further deposit, typically around 10% of the property’s price.
10. Finalize the Sale (Symvolaio)
- Sign the final deed at a notary’s office in the presence of the notary, seller, and your legal representative.
- Pay the remaining balance, after which the notary will register the property in your name.
11. Pay Taxes and Fees
- Be prepared for various taxes and fees, including:
- Property Transfer Tax: Typically 3% of the property price.
- Notary Fees: Approximately 1–2% of the property price.
- Land Registry Fees: Around 0.5–1% of the property price.
- Legal Fees: Typically 1–2% of the property price.
12. Register the Property
- Ensure the property is registered in your name at the Land Registry (Ypothikofylakio) to confirm legal ownership.
Additional Considerations:
- Financing: If you require a mortgage, consult with Greek banks to understand the terms available to non-residents.
- Currency Exchange: Fluctuations in exchange rates can impact the final cost. Consider using a currency exchange service to secure favorable rates.
- Home Insurance: It’s advisable to arrange insurance to protect your investment against unforeseen events.
By following these steps and seeking professional advice when necessary, you can navigate the Greek property purchasing process with confidence and secure your ideal home or investment.
