A Savvy 2021 Guide for Buying Property in Greece
Our country is a place of timeless natural wonders, culture, rich history, and tradition. It is no wonder why so many people from around the world consider buying property in Greece. Who has not dreamt of relaxing on pristine, sun-kissed beaches of turquoise waters and white sand? Haven’t you pictured yourself standing in awe at the top of the Sacred Rock of the Acropolis, looking at this 2,500-year old architectural marvel? Wouldn’t you rather spend your summer months, or even the rest of your life for that matter, strolling around the narrow cobblestone streets of old Corfu Town, which is steeped into Venetian heritage, European influences, and Ionian uniqueness? No matter what your dream is, you just have to name it. Greece ticks all the boxes.
The Advantages of Buying a Property in Greece
Affordable Pricing and Cost of Living
Real estate is affordable and very competitive compared to the rest of the Mediterranean and European destinations. There are many great opportunities for high-quality investments at reasonable prices and with guidance by seasoned and specialized professionals such as our agency, it is a perfect time for buying property in Greece. Plus, if you plan to invest in real estate for rental purposes, this could bring particularly high yields, especially in tourist areas. Overall, property options can cover all tastes and budgets.
The cost of living is relatively low compared to other countries. But even in Greece’s major cities, like Athens and Thessaloniki, the overall cost is considerably lower compared to living in Paris or Rome for instance. Especially in juxtaposition with the UK, it is 20% lower.
A Fascinating, Easily Accessible, and Safe Destination
Without any doubt, Greece is one of the most beautiful countries in the world. It is a place of unparalleled natural beauty boasting a 15,000-km coastline, gorgeous islands, lush forests, and beautiful mountains. Add to that the centuries-old culture, delightful fresh food, and year-round exciting outdoor activities, and you are in for a treat.
Geographically, buying property in Greece does not come with inconveniences. Being located at the crossroads of three continents, the country is easily and directly accessible from most parts of the world. Once landed, you can get around without any hassle, as the local transportation system (airplanes, boats, trains, and buses) is modern and cost-effective.
Plus, it is a very safe place to live in since it has one of the lowest crime rates in Europe.
Steps for Buying Property in Greece
Buying property in Greece is open to all foreigners, both EU and non-EU nationals.
A good first step would be to carefully choose your professional real estate agent. With modern technology, you can certainly do research yourself, but a knowledgeable real estate agent with extensive experience in the area you are interested in will be your most powerful asset in the quest of finding your second home.
Our agency, RoulaRouva Real Estate, can be your valuable ally if you are looking to buy property in Corfu or Paxos, and we will be happy to help you with the second, equally important step, which is employing the services of a lawyer specialized in real estate.
Your lawyer will be the professional who will be looking after your best interests during the property investment transaction. They will perform all due diligence, which is crucial for a successful purchase.
You will need to secure a Non-Resident Tax Identification Number (AFM) at a Greek tax office and open an account at a Greek bank. The AFM is a prerequisite for all parties involved in buying and selling property in Greece.
After you have selected your property, and as soon as the deal has been closed, a pre-contract is signed and a deposit is paid in order to secure the property and take it off the market. The deposit is usually 10%.
Title search follows. Through this process, which takes place at the Land Registry, your lawyer will make sure that the property in question indeed belongs to the seller and that it is free of any encumbrances (such as mortgages, liens, foreclosures, etc.).
Having secured everything, you can proceed to the last step, which is the signing of the final contract. This takes place in the presence of a notary public. Upon completion of the acquisition, the buyer gets the title deed, while the notary verifies the transaction and registers it in public records.
This is it! By that point, you have full ownership of your dream property.
Get in touch with us
Investing in property in Greece is always a great idea. Get in touch with our agency and our qualified team will inform you on everything you need to know.