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Guide to Selling Property in Greece


Guide to Selling Property in Greece

Property in Greece can be freely sold to EU nationals while there exist a few restrictions for selling to non-EU buyers. Mainly for security reasons, property transfers near military bases, national borders - especially those that are located close to Turkey - and some of the islands require  a special permission from the local council. Non-EU buyers are not granted such a permission.
 
If you are selling to cash rich foreign buyers, you should also know that they (the buyers) will require a permission from the Bank of Greece in order to import the funds into Greece which they can pay you. Buyers will also need to obtain a Tax Registry Number from the Internal Revenue Service.
 
If you wish to sell your Greek property but don't have a buyer, you can hire the services of a reputed, expert estate agent/broker such as the Worldwide group and also of a real estate attorney who will be responsible for performing due diligence on the buyer and also for ensuring that your interest in the transaction is protected.
 
Usually there is a series of step-by-step actions that needs to be followed in order to ensure that your property sale transaction is concluded in a manner that is fully in compliance with all the legal requirements and also to the full satisfaction of yourself as well as the buyer. Between themselves, your agent and attorney can take care of all this for you. Generally speaking, the buyers will have an agent and an attorney representing their side of the transaction who will interact with their counterparts on your side to coordinate everything for completing the transaction.
 
As a seller, you will also need to produce a B'Tax certificate proving that you have a clean record with the Hellenic Fiscus (the tax office).
 
The property market and prices in Greece which had hit the rock-bottom following the debt crisis have started showing signs of recovery for the first time in the last 6 years.
 
According to 2015 Emerging Trends in Real Estate – a survey-based report released by PriceWaterHouseCooper in association with the Urban Land Institute, Athens has been found to be the 5th most attractive city in Europe for property investors.
 
In 2014, Athens was ranked at 28th position and the 23-places upward jump within just one year that it recorded is the largest improvement amongst all European cities.
 
Some of the factors responsible for the recovery in the Greek property markets can be listed as follows:
 
·        Reduction in property purchase tax (from 10 to 3%)
·        Reduction in (public) debt owing to the government's austerity measures
·        Rise in GDP (0.6 to 0.7%)
·        Rise in bond prices
·        Flourishing tourism in some of the islands
·        End of speculations about Greece’s exit from the Eurozone
·        Recovery of the UK economy (that has encouraged many second-home owners to think again about buying property in Greece)
 
In light of what's mentioned above, many consider this to be a good time to sell property in Greece. If you wish to place your Greek property for sale, you can start by contacting an expert estate agent like the Worldwide group.
 
If you need to sell a property in Greece contact the Experts today.




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