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Greece facts sheet on real estate property
BUYING PROPERTY IN GREECE
Greek laws allow foreigners to own properties in most areas of Greece. Restrictions apply for Non European Union citizens who wish to buy in border areas (East Aegean, Dodecanese islands, regions of Northern Greece, Crete, Rhodes). Non European Union citizens who wish to purchase real estate property or rent it for a period over six years in border areas, should apply to the relevant authority which can grant authorisation for the transaction.
Looking for property
The internet and international or greek newspapers are full of advertisments of real estate propery sold in Greece.
There are also many real estate agencies in every region of Greece, acting on behalf of the seller or the purchaser, or sometimes both. In the capital you can find agencies that operate all over the country. You can find them throught the internet search engines. The best way to locate the property you want to buy, is of course to go there and look around yourself!
Property Cost Factors
Coastal properties around popular holiday areas are usually more expensive. Try moving inland a little where you will get a lot more for your money but still may be able to take advantage of living near to a resort. The mainland can be more expensive especially in the capital, Athens. The most expensive regions of Athens are the historic area near Acropolis and the commercial centre.
Financing the purchase
Greek Banks today are offering a very interesting variety of different mortgage products. You can deal directly with a bank or through your real estate agent. The interest rates in Greece vary between 3-5%. The mortgage is surcharged by some fees and expenses.
For a list of the banks of Greece please click here
Lawyer
The participation of a lawyer is obligatory by Greek Law for any contract of property transfer. seller as well as the purchaser must hire different lawyers. A modern Land Registration System is under construction in Greece today, but so far, only approx. 10% of the country's area has been registered into it. So the lawyer must investigate thoroughly if the property being purchased, is free and clear of legal problems (lien, mortgages, garnishments, expropriation, inheritance taxes etc.) at the local mortgage office of the area where the property is. For more information please click here
When the purchased property is a plot in or off the city plan, the hiring of a local civil engineer, who knows the area and its restrictions, is absolutely necessary, in order to check with the local authority office for city-planning for current building provisions etc.
Notary Public - Registration
The purchase contract is written by a Public Notary and checked by both lawyers of the seller and the purchaser, who are present during the signing. The Notary is selected by the purchaser, who also pays his fee. After the signing, the contract must be transcribed to the local mortgage office.
Contract Formalities
On signing a property-purchase contract, both the buyer and the seller must provide:
- A valid passport (or a legal identity card for EU citizens only).
- A Greek fiscal number which is obtainable by non Greek citizens, within 5 working days by the Greek Tax Authorities.
Moreover the seller must provide a ?clean? tax certificate issued by the competent Tax Authority, proving that he has no outstanding debts towards the State.
Transfer Taxation
Concerning taxation for property acquisition, there is a positive evolution going on in Greece today. The transfer tax which was formerly 11-13% is now down to 9-11% and is gradually being replaced by a transaction duty of only 1%, when purchasing land or used buildings recently transferred, and a capital gains tax while selling, upon the difference of the tax prices. The tax rate is 20% when the land or building is sold within 5 years, which aims to tax heavily the clear speculators, goes down to 10% when sold between 5-15 years, down to 5% when selling between 15-25 years, and there is no capital gains tax when selling after 25 years of possession.
VAT 19% is being gradually introduced upon the purchase of newly built houses, but this does not seem to affect market prices, since building companies will be able to deduct the VAT they have paid to their subcontractors, which was not possible before.
Commissions and Fees
Real Estate agent: The exact amount of his commission is a matter of agreement between the real estate agent and his client but the fee does never exceed 2% of the agreed purchase price (+VAT 19%) and it is paid by whoever hires the agent.
Lawyer: 1-2% of the agreed price, depending on the difficulty of his research.
Notary public. The fee is approx. 1,5% of the contract priceplus a small sum for other duties and certificates.
Mortgage office: The fee is approx. 0,5% on the contract price, plus a small sum for other duties and certificates.
Land Registration fee. It is 1 o/oo of the tax value, with a minimum of 35 euros for every property right.
After the purchase
Only huge properties are subject to annual capital taxation in Greece. Small and medium size properties, belonging to families are not practically affected.
Local rates generally low, apply to all houses and premises, which are collected through the electricity bill.
Greek laws allow foreigners to own properties in most areas of Greece. Restrictions apply for Non European Union citizens who wish to buy in border areas (East Aegean, Dodecanese islands, regions of Northern Greece, Crete, Rhodes). Non European Union citizens who wish to purchase real estate property or rent it for a period over six years in border areas, should apply to the relevant authority which can grant authorisation for the transaction.
Looking for property
The internet and international or greek newspapers are full of advertisments of real estate propery sold in Greece.
There are also many real estate agencies in every region of Greece, acting on behalf of the seller or the purchaser, or sometimes both. In the capital you can find agencies that operate all over the country. You can find them throught the internet search engines. The best way to locate the property you want to buy, is of course to go there and look around yourself!
Property Cost Factors
Coastal properties around popular holiday areas are usually more expensive. Try moving inland a little where you will get a lot more for your money but still may be able to take advantage of living near to a resort. The mainland can be more expensive especially in the capital, Athens. The most expensive regions of Athens are the historic area near Acropolis and the commercial centre.
Financing the purchase
Greek Banks today are offering a very interesting variety of different mortgage products. You can deal directly with a bank or through your real estate agent. The interest rates in Greece vary between 3-5%. The mortgage is surcharged by some fees and expenses.
For a list of the banks of Greece please click here
Lawyer
The participation of a lawyer is obligatory by Greek Law for any contract of property transfer. seller as well as the purchaser must hire different lawyers. A modern Land Registration System is under construction in Greece today, but so far, only approx. 10% of the country's area has been registered into it. So the lawyer must investigate thoroughly if the property being purchased, is free and clear of legal problems (lien, mortgages, garnishments, expropriation, inheritance taxes etc.) at the local mortgage office of the area where the property is. For more information please click here
When the purchased property is a plot in or off the city plan, the hiring of a local civil engineer, who knows the area and its restrictions, is absolutely necessary, in order to check with the local authority office for city-planning for current building provisions etc.
Notary Public - Registration
The purchase contract is written by a Public Notary and checked by both lawyers of the seller and the purchaser, who are present during the signing. The Notary is selected by the purchaser, who also pays his fee. After the signing, the contract must be transcribed to the local mortgage office.
Contract Formalities
On signing a property-purchase contract, both the buyer and the seller must provide:
- A valid passport (or a legal identity card for EU citizens only).
- A Greek fiscal number which is obtainable by non Greek citizens, within 5 working days by the Greek Tax Authorities.
Moreover the seller must provide a ?clean? tax certificate issued by the competent Tax Authority, proving that he has no outstanding debts towards the State.
Transfer Taxation
Concerning taxation for property acquisition, there is a positive evolution going on in Greece today. The transfer tax which was formerly 11-13% is now down to 9-11% and is gradually being replaced by a transaction duty of only 1%, when purchasing land or used buildings recently transferred, and a capital gains tax while selling, upon the difference of the tax prices. The tax rate is 20% when the land or building is sold within 5 years, which aims to tax heavily the clear speculators, goes down to 10% when sold between 5-15 years, down to 5% when selling between 15-25 years, and there is no capital gains tax when selling after 25 years of possession.
VAT 19% is being gradually introduced upon the purchase of newly built houses, but this does not seem to affect market prices, since building companies will be able to deduct the VAT they have paid to their subcontractors, which was not possible before.
Commissions and Fees
Real Estate agent: The exact amount of his commission is a matter of agreement between the real estate agent and his client but the fee does never exceed 2% of the agreed purchase price (+VAT 19%) and it is paid by whoever hires the agent.
Lawyer: 1-2% of the agreed price, depending on the difficulty of his research.
Notary public. The fee is approx. 1,5% of the contract priceplus a small sum for other duties and certificates.
Mortgage office: The fee is approx. 0,5% on the contract price, plus a small sum for other duties and certificates.
Land Registration fee. It is 1 o/oo of the tax value, with a minimum of 35 euros for every property right.
After the purchase
Only huge properties are subject to annual capital taxation in Greece. Small and medium size properties, belonging to families are not practically affected.
Local rates generally low, apply to all houses and premises, which are collected through the electricity bill.
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