Greece Real Estate Buying Process

Greece Real Estate
Oia town on Santorini island, Greece. Famous windmills on cliff over the Caldera, Aegean sea. Focus on waving Greek flag

Greece offers several real estate options including villas and apartments in the city center or near the sea. Alternatively, the Greek islands are another choice for potential buyers. 

Greece is preferred by many especially because of its beautiful coastline and cuisine as well as business opportunities. 

An important advantage of buying property in Greece is its offer to grant Greek residence permits. This means that the country welcomes foreign buyers as well.

In this article, you can find details about the purchase process and the benefits of buying real estate in Greece. 

Benefits of Buying Real Estate in Greece

As noted above, there are many reasons to choose Greece for buying property. Let’s look at them in more detail below.

Low Cost of Living and Peaceful Lifestyle

Among many European countries, Greece is a relatively affordable country to live in. 

Residents of Greece also find peace here because of the lifestyle. Also, people here value families and traditions as well. 

People in Greece Love Foreigners

Residents in Greece are quite friendly to the expats coming from all around the world. It’s already a country that has attracted a considerable amount of the international community. 

Low Taxes for Foreigners

Greece has double taxation treaties with around 60 countries. If your native country has a tax treaty with Greece, you don’t have to pay double taxes. So, your income from abroad will be tax-free in Greece. Your income from Greek properties is taxable only in Greece. 

You need to pay an annual property tax in Greece. However, VAT on real estate properties is suspended. 

Transportation and Travel is Easy Both Within and From Greece 

Transportation in Greece is quite affordable and useful. The system connects each town with others.

Furthermore, the geographical position of Greece also allows easy connection with the rest of the world. 

It’s Easy To Get Residency by Investment 

Greece offers a Golden Visa program for non-EU/EEA/Swiss citizens. 

After you make a qualifying investment in Greece, you can apply for the program. The minimum investment requirement is to buy real estate worth at least €250,000. 

The program grants you visa-free access to Schengen countries and a residence permit in Greece. It also allows your family members to be included in the program.

How To Buy Property in Greece

Greece real estate market does not entail any restriction on purchases by foreigners. Still, it’s best to get legal assistance in this process.

Required Documents While Buying Property in Greece

  • A tax registry number (AFM)
  • A valid passport
  • A valid visa to enter Greece for non-EU citizens
  • Proof of residence
  • Copy of tax returns
  • Government-issued ID proofs

Step 1: Decide on the Type of Property

There are many property options to choose from. Village homes, villas, and apartments are all available in Greece. Newspapers and online websites publish such advertisements for buyers. Real estate agents are also available for consultation.

Step 2: Visiting the Property

Visiting the property is advantageous because you’ll have an idea about the surroundings of the house. At this step, a local guide may render the process easier. Then, you can choose the best property for you.

Step 3: Quote and Negotiate the Price

It’s advisable to quote the amount. It’s also advisable to check the VAT, mortgage availability, and exchange rates.

Step 4: Pay a Certain Amount To Reserve the Property 

You can deposit a little amount of money to reserve the property. It’s usually 10 percent of the total price. It’s also important to hire a lawyer for a smooth process. 

Then, your lawyer will examine the taxes, debts, and related regulations.

Step 5: Draft the Final Deed

You’ll now receive a copy of the contract from the seller. You’ll go to the notary for the final draft. Then, you’ll sign the final deed at the notary for public record. 

The seller will also provide a tax certificate to prove he has a clean record in the past.

Step 6: Obtain Your Tax Number

You can go to the nearest tax office to get your Greek Tax Registry Number (AFM). No appointment is necessary for this transaction. You can receive the tax number after you receive your residence permit or full registration card. 

Finally, you’ll submit the certificates and contract paper to the  Registry of Mortgages.

Certain Issues To Consider Before Buying Property in Greece

It’d be useful to consider the following issues before your property purchase:

  • It’s advisable to consider your family size. Choosing a villa can be a better option for big families
  • The location of the property is another critical issue. You can calculate its distance from your work or your children’s school