Why buy a property in Greece?
There are very few countries in Europe that offer so much for your dollar, pound or euro, as much as Greece does. While the recent economic crisis in Greece has been a serious setback for the people there, what it has also done is to make the cost of Greek properties for sale, ridiculously cheap. It is now possible to buy a luxurious villa in Greece, in one of the most fashionable locations in the country for the cost of a one room apartment in London – that’s how cheap Greece is today.
But why would you buy property in Greece? Well, in spite of the severe economic recession in Greece, and the austerity measures taken by the government, the country still has a very reasonable, European standard infrastructure and first world amenities. Greece has a distinct rural ambience about it, and people are still as close knit as they have always been. Festivals such as the Easter are celebrated with full gusto by entire villages and towns.
The food is great, the weather is terrific, the views and the natural scenery simply outstanding. If you are looking to buy a lovely beach side villa, then you can buy one for very little in Greece. It’s a terrific place to buy a second house.
Are You Eligible to Buy Property in Greece?
If your country is part of the European Union, your rights over property in Greece is, for all practical purposes, same as any local citizen. However, there could be restrictions if you belong to a non-EU country. But non-EU nationals would be interested in the new Greek government policy called the “Golden Visa” according to which they will be granted residence permits on buying property in Greece that costs a minimum of 250,000 Euros. The Golden Visa has to be renewed every 5 years, but the renewal is really quite easy. Those who possess a Golden Visa enjoy the same rights in Greece as the citizens of the country.
Buying a Property in Greece – The Essentials
How to Find a Property in Greece?
There are a plenty of real estate portals online where you may look for Greek properties for sale. Also, you may want to contact major property developers or real estate agents by email as well.
How much does it Cost to Buy a Property in Greece?
With Greece being in such a precarious economic situation, it’s no wonder that property purchase in Greece is heavily taxed by the government. The Greek government has no choice but to look for new sources of revenue and the popularity of Greek properties fir offers a great opportunity to earn valuable foreign exchange. Let’s discuss what this means for you, and tell you about the taxes you will have to pay, in addition to the purchase price of the property.
Till recently, we had a Purchase of Transfer Tax, amounting to 3% of the price of the property in Greece, but this is no longer applicable with the introduction of the new Value Added Tax or VAT. VAT is charged at a rate of 23% of the price of the property.
Apart from this, you will have to shell out an additional 1% of the purchase price on solicitor fees, 1 to 2% on the Notary fees, around 0.5% on the Land registry fees, and 0.5 to 1% on the Union fees.
In addition, there is the real estate agent’s commission, which works out to around 5% of the purchase price. But you may choose to split this up with the property seller.
# Importance of Hiring a Real Estate Agency
It is important to hire multiple real estate agencies with the hope that one would click, and would offer you a terrific property in the bargain. While the real estate commission of 5% may appear to be excessive, it would be well worth it if you get the home of your dreams in a terrific location. A real estate agent in Greece is very aware of the current market trends, local property prices and the best houses put for sale, and he can be a valuable partner in your quest for a Greece property. Worldwide Group can find you a property to suit your budget and requirements contact us today.
# Importance of Hiring a Solicitor
Hiring a trustworthy English speaking solicitor is very important as he represents you in a property transaction and ensures that your interests are well protected. A good solicitor is worth his weight in gold as you can’t ever be too careful in Greece, as there are far too many fraudulent property transactions in which foreign buyers have lost far too much for comfort. Look for a solicitor based on references offered by friends or trusted acquaintances.
# Importance of Hiring a Translator
A translator is important as he reads out the documents and contracts, translates every word, which ensures that you don’t get taken for a ride. He helps you out in talks with property owners, government officials and estate agents, tells you exactly what’s happening in a negotiation with several parties involved.