What is the right way to buy real estate in Greece?


EU citizens are free to buy real estate in Greece, but there are some restrictions for non-EU citizens (notary fees, registration fees, etc.) that are transferred to the account. To acquire land, especially in the border areas near Turkey and on some islands, special permission from the city authorities is required. This permit is not granted to citizens of third countries. The import of funds for the purchase of real estate must be documented and subject to approval by the Bank of Greece; a new apartment for sale in Kalymniotika, Greece is an attractive option for many people. An important step to buying real estate in Greece is hiring the services of a lawyer and a real estate agent, who is responsible for completing all the formalities and fully protecting the interests of the buyer. After you have decided on a property, make an offer to the seller. In case of agreement, the lawyer draws up a fixed-term sales contract. A prepayment of 10%, signed by both parties, is required to reserve accommodation. If the real estate complies with state planning regulations and all relevant taxes have been paid, a legal agreement is drawn up for the purchase of a real estate in Greece. It usually takes 4-6 weeks to complete the deal. The buyer is responsible for drawing up the legal contract, ensuring that the contract is properly drawn up, and appointing a notary public to oversee the final purchase decision. Both parties must sign the contract in the presence of a notary, who will approve the agreement and register it in the state archives. This requires a valid passport, tax identification number, and (if available) a special purchase permit. The seller must also provide a relevant certificate confirming the records at the Hellenic Fiscus (Inland Revenue Service). The final step is to change the title to the new owner's name by submitting a copy of the title deed and transferring the document to the registry.


White house with blue doors and blue shutters


Steps to a successful purchase of the desired property in Greece

The legal basis for apartments for sale in Kalymniotika, Greece is the painstaking registration of ownership documents, this process in Greece is completely transparent and verified, which is subject to compliance with the official legislation of both Greece and the rest of the EU countries. Conditions for buying real estate in Greece for non-citizens of Greece: execution of a general power of attorney by a Greek notary, which requires the presence of an interpreter. Under this power of attorney, the broker is authorized to take all the necessary actions for the successful conclusion of a real estate sale contract. Therefore, the client does not support any bureaucratic procedures. The lawyer, who acts on behalf of and represents the client's interests, carries out procedures for assigning the client the right to property and opening a bank account in Greece. Both parties sign the main legal contract of sale in the presence of a notary and a translator. The lawyer enters the purchased property in the land register. This is the final stage of the contract of sale of real estate by a foreigner and is an integral and mandatory part.


Do you want to buy real estate at a good price in Greece? Check out the four stages of a successful buying process!

If you want to buy properties in Greece, read the four steps for a safe purchase. If you are planning to buy a house, apartment, or land in Greece, you should be aware of your costs and responsibilities as a buyer. The internet is full of horror stories about failed purchases, but the key steps will help you feel more confident.


Point 1: Inspect the building and surrounding area

Do you want a sea view? Be aware that the road leading to your home or property may be difficult to access. Photos and locations can be deceiving, the best way to find out is to go there yourself.

Walk around and find nearby objects and more. You may be pleasantly surprised to find a good supermarket nearby.

Check your residency status. Be aware that houses built before 1970 often have poor thermal insulation, inadequate water supply, and heating systems. What is the reason? Previous building codes did not have modern requirements.

Need training? How old is the building and in what condition is it? Are the electrical and plumbing current or in need of replacement?

It is up to you to research all of this thoroughly. The starting point is the sale of the house or apartment as it is, the seller is not responsible for errors discovered after the purchase. Carefully inspect the floor, walls, facades, and roofs for any damage. The climate is humid, and most houses have central heating, but you're not sure if it's being used enough, so make sure it's not damaged or moldy.


Point 2: Open a bank account in a Greek bank

Once you are sure of your purchase, you will need to provide your Greek Tax Identification Number (AFIM), which is available to all Greek owners. It is also recommended to open a Greek bank account for acquisition costs and expenses after obtaining a Greek tax identification number. These accounts are free in Greece, sometimes your real estate agent can help you open these accounts for a small fee. If you choose to work with a qualified real estate agent, they will guide you through all of these processes.


Point 3: Secure the property of your dreams with everything you need

Several buyers rarely wish to purchase the same property in Greece. As a result, you can often bid less than the seller's bid (usually 5-20% less than the asking price). After choosing a property, make a deposit. Usually, it is about 10-12% of the purchase price. The Greek tax authorities want to know where the money is coming from, so make sure the money is withdrawn from a Greek bank. Never pay cash on the spot


Point 4: Hire an experienced lawyer

Lawyers effectively assist in the preparation of documents related to the purchase and sale of real estate and the conclusion of all necessary contracts. Purchases are subject to regulatory approval and are intended to protect the buyer. A lawyer will conduct a thorough legal review of the purchase, including confirming that the property is free of debt, that the property restrictions are correct, and that the seller has the right to buy it.


Formalities that should be considered when buying real estate in Greece

Buying real estate abroad involves many formalities. Additional problems may arise due to ignorance of current legal norms. Therefore, it is worth using the services of a company or a professional intermediary. Although this entails additional costs, it allows for more efficient and accurate completion of the property purchase transaction in Greece. With so many real estate options to choose from, it can be overwhelming, so it's worth researching specific areas of the country before settling on a specific location. Of course, prices also vary by location. This must be taken into account when making a decision.

Once you've found your dream home or apartment and enlisted the help of an agent, the next step is to find legal counsel to represent your interests as a buyer. To draw up a contract, you also need to find a notary public who performs the functions of assisting in the correct drawing up of all important real estate documents. Even though he is an official and does not represent any party, real estate sales contracts must be valid in his presence. The notary will also record the change of ownership of the property in the land and mortgage registers so that the buyer can obtain a document confirming ownership.

Before the purchase, the buyer has the right to request from the seller documents confirming ownership of the property, land plot, and mortgage registration number. It is he who is responsible for checking information about real estate. The notary checks whether the seller is the sole owner of the property; whether the property being sold does not infringe the rights of third parties; whether all real estate taxes have been paid; whether the construction of the property does not violate the scope of the construction permit. Do not sign a legal contract of sale without first inspecting the property. The next step is to apply for obtaining an identification tax number, which is necessary when concluding a contract for the sale of real estate. This number is assigned by the Greek tax authorities. You must also pay a transfer fee. This must be paid to the local tax inspectorate before the contract is concluded.

After completing the above steps, you can sign the sales contract by making an appointment with a notary. After signing the document and making changes to the Land and Mortgage Registry, make sure that the ownership of this house or apartment is correctly transferred to the buyer in the received documents and that the name is listed in the Land and Mortgage Registry now. When you buy a plot of land, you must also report the change of ownership to the land registry. To make changes to the land cadastre, it is necessary to provide a copy of the document together with an extract from the land register. Land registers are not regulated in all regions of Greece, therefore, in the absence of a land register, ownership is confirmed by extracts from mortgage registers. In general, a person purchasing property in Greece must bear the costs associated with Hiring legal counsel if the buyer chooses to appoint a representative. This is 1-2% of the sale price plus any additional fees for consultations or unplanned research. Notary fees are 1-3%, depending on the value of the real estate. Property transfer tax, 3% local tax payable to local government, land registration fee of 0.45% of property value. In case the buyer chooses to use the services of a qualified real estate agent in Greece, the agent's fee can be between 2% and 5% of the property value, depending on the agent and the location of the house, apartment, or land being purchased.