Things To Know About Buying Property in Greece!

by Glenn Maxwell

The Greek real estate market provides affordable and qualified properties for buyers. There’s a considerable number of foreigners who get properties in Greece as well. Usually, they buy a house in Greece to get a Greek residency permit. There are also additional benefits for foreign buyers such as conducting business in Greece.

According to Enterprise Greece, there are more than 9,500 foreign investors who have obtained Greek residency through buying property.

Below, you can find the process of buying property in Greece. Let’s start with the advantages.

Advantages of Buying a Home in Greece

If you want to get properties, rest assured that it’ll come with many benefits in Greece. If you want to stay in Greece after your purchase, you’ll enjoy great advantages. For example, Greece has a developed and affordable transportation system. Public transportation covers the whole country. In addition, you can easily fly to other cities in Europe thanks to its location.

Living in Greece is quite a delight considering the friendly people, great tradition, and delicious food. It might make you want to buy a house in Greece.

You can find other advantages of buying property in Greece below.

Affordable Prices and Low Taxes

Between the periods of 2008 and 2019, Greek property prices came down sharply. After 2019, prices in the urban areas started to increase gradually. This is why the real estate prices are still quite affordable in Greece.

There are also some tax benefits you can enjoy after buying property in Greece. One of them is being exempt from double taxation on the same income. You can benefit from this right if Greece has signed a double taxation agreement with your home country.

There has also been a suspension on VAT for real estate properties in Greece. Yet, when you get properties in the country, you still have to pay annual property tax. So, you can make use of this opportunity while these amendments are still in effect.

You Can Apply For Greece Golden Visa for Residency

Greece is one of the Golden Visa countries that provide European residency for its applicants. One of the options to get this residency is buying property in Greece. The minimum value of the Greek property must be €250,000. Only non-EU/EEA/Swiss nationals are accepted to this residency program. The residency rights apply to the applicant’s dependent family as well. The Golden Visa program also enables you to travel to Schengen countries without getting an additional visa.

Renting Your Property is Another Option

If you don’t plan to stay in the property you buy, renting it is a profitable option. If you rent your property, especially in bigger cities like Athens, your profit will be higher.

Process of Buying a House in Greece

Buying a home in Greece requires certain steps to follow. The necessary steps are as follows:

  • Decide on the property: You can choose an apartment, house, or a villa to buy and stay in. Real estate agents or related websites can help you in this
  • Seeing the property by yourself: Visiting the property is a good idea to know if there’s any problem with the property
  • Agreeing on the price: When you negotiate the property price, you can pay a deposit. This is usually done for the reservation of the real estate. Following this, regulations and necessary taxes are checked by the lawyer
  • Drafting the final deed: After everything’s checked about taxes and other fees, you visit the notary to prepare and sign the final deed
  • Obtaining a Greek tax number (AFM): You’ll get your tax number from any tax office.

What To Know Before Buying Property in Greece

Before you get properties in Greece, make sure about the location of the property. Real estates in monumental areas, coastline, or borders need special permission to buy.

Another aspect of buying property in Greece is understanding the rights of the seller. When you buy the property, the seller in a way transfers his rights to you.

It’s also important to know that getting a property in Greece is possible in two ways. One is by contract and the other is by auction. Signing a contract entails going to a notary. Public auction, on the other hand, happens online.

All in all, buying a home in Greece is a great experience even if you stay there or not. Get properties in Greece today and have access to all the benefits.

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