It's not far-fetched to say that Greece is the best place to have a home. Whether it's your main residence or vacation home, having a place here is pretty good. The weather is great, the food is delicious, and the beaches are phenomenal! Who won't want to own property here? It'll probably be the best investment you'll ever make in your life! So you really ought to consider buying a property in Greece
. Don't worry! Though it will be a long and arduous process, this real estate guide can help you every step of the way!
Can a Non-Resident Buy A Property in Greece?
The first thing you ought to know is if you're actually allowed to buy a property in Greece. Will your residency status matter in this endeavor? The answer is no, it will not. As of this writing, there are no Greek laws that prohibit non-residents from buying real estate in Greece. But according to Wise
, however, non-EU residents may need to prove two things to the country's Ministry of National Defense before they can buy a property. They include your connections to the country (if applicable) and your intent for buying real estate here.
What Should You Look For in a Property?
Admittedly, it's easy to get carried away and just buy any property that's available here in Greece. Be it an apartment or villa, any property in this country is prime real estate. But you still need to be considerate about what you'll spend your money on. There's a lot you need to look for
in a property before deciding to buy it. Of course, location is one of them. Is the place in a good neighborhood? What about the nearby facilities? Will they make your stay here comfortable? There's also the security of the property too. Is it too open that anyone can easily get inside? How secure will you and your belongings be here?
What Are The Costs of Buying Property?
Purchasing real estate in Greece comes with a lot of costs. If you thought that the only thing you'll be paying is the property price, think again. This process comes with a few charges, fees, and even some taxes too
. Don't worry! More often than not, they'll be taken from the final property price. But it's still important that you know what they are! The common costs that come with buying a property in Greece include the 10% deposit, public registration fees, notary fees, your real estate agent's commission, and the transfer tax. You'll need to pay all of these to become the new legal owner of the property.
How Do You Make an Offer to Buy Property in Greece?
As the buyer, you have a right to negotiate the final price of the property. But there are a few things you should know about first! One of them is about the seller's initial set price. Don't think that they just thought it up just willy-nilly. The price that they set is a result of a valuation done of their property. Simply put, it's the true value of the place you're interested in buying. So when you make an offer, make sure it's not too far off from the initial set price.
How Do You Get a Mortgage in Greece?
Let's say you want to move to Athens
and you're looking to buy a new home here. You ought to know now that properties in the Greek capital are expensive. So much so that you will need to get a mortgage loan to help pay for it. But do you know enough about the process? For now, you should know that to get a mortgage in Greece
, you have to meet certain conditions. You need to at least be 25 years old and you should be able to repay the loan in full by age 58. It's also better if you opened a local bank account
How Do You Set Up the Sale & Purchase Contract?
Once you've decided on a certain property in Greece, you'd do well to sign the preliminary contract ASAP. This will serve as your protection throughout the entire process. The preliminary contract is a legally binding document that basically starts the purchasing process. Once you sign it, you will be legally required to see the purchase through to the end. Though in some cases, you may get a grace period for you to think hard about your final decision. In any case, once the seller has signed the preliminary contract, they'll also be beholden to sell the property to you and no one else.
What Are The Different Types of Ownership Structures in Greece?
Here in Greece, there are three ownership structures when it comes to properties. There's full ownership, bare ownership, and usufruct ownership. Full ownership, as the name says, gives sole ownership to the names of individual/s or entities named on the deed. They have full power over the property. Bare ownership, on the other hand, grants individuals/ or entities ownership but not possession. In short, even though they're named the owner of the property, they're not allowed to use or occupy it. And usufruct ownership is when gives other individual/s or entities the right to use and occupy the property even when it belongs to another owner.
What Are The Legal Issues in Buying Properties in Greece?
As you might expect, buying a property in Greece comes with a few legal issues
. One of them is your due diligence. Once you've decided on a place you want to purchase, it's your due diligence to investigate it before you spend any money. It's your right to conduct surveys on the property, making sure that's worth your time and money. You'll also have to deal with the land registry too. First, to ensure that the seller is, in fact, the owner listed on the title deed. And second, to replace you as the new owner of the property upon completion of the purchase.
How Long is The Process of Buying Property in Greece?
By now, you're probably wondering how long it will take for you to purchase a property in Greece. Give or take, it will be around two to three months, possibly even half a year! This, of course, depends on a lot of things. But mostly on how you and the seller are prepared at the start of the process. More often than not, what prolongs this process is getting all the needed documents. It'd be great if you already have the requirements on hand before you sign the preliminary contract. Even more so if the seller is just as prepared since they'll most likely need to show more documents than you.
How Do You Search Properties For Sale in Greece?
Now that you know a little bit more about buying real estate in Greece, it's high time you look for one! But what if you're not in Greece right now? How will you be able to find the right place for you then? Go to a popular property listing website
, of course! In fact, this has become the most common way to find any property in Greece for sale. Since all you have to do is go online, you can easily find your next home in Greece from wherever you are. Especially if you go on Spitogatos
, or Xe
, among many others.
What are The Best Tips for Buying Property in Greece?
Let's end this real estate guide with a few tips on buying property in Greece
. For one thing, it may be best to hire a real estate agent
. If you're not all too familiar with Greece and especially if you can't speak the language, your best is to hire a local agent to help you every step of the way. And no matter what, always insist on seeing the property (and the seller!) in person. Only if you've seen the place yourself can you accurately decide that it's worth your time and money!
Buying property in Greece will likely be the best investment you'll make in your life. But to ensure that it won't cause a problem later on, it's best to do the process properly! This will help you avoid legal trouble and enjoy the property to the fullest.