Many are interested in the possibility of buying property in Greece, but the complexity of foreign legislation, the language barrier and not knowing who to turn to for help prevent this. We will shed some light on these questions.
About real estate in Greece
Favorable prices, prospects for investment, no obstacles for foreign citizens to buy – that’s what attracts in Greek real estate. It is profitable to own real estate of any purpose and type here, but before buying, you need to familiarize yourself with the intricacies of concluding transactions, learn about the features of paying taxes and other subtleties.
Speaking of residential properties, it is worth mentioning that the purchase of such will bring not only the opportunity to relax in Greece, but also provide sufficient profit if you correctly approach the issue of capital investment and property management.
Often they buy plots of land with the aim of developing a farming business – growing sheep, olive trees, grapes, citrus orchards.
Before buying, you need to carefully consider the purpose and estimate the budget that you can count on. Having solved these questions for yourself, you can turn to specialists for help. We, the Nomos Travel team, are always ready to help with the choice of a location, a suitable object and advise on paperwork.
About the stages of the transaction
All transactions related to real estate, it is better to carry out with the participation of a lawyer. In Greece, it is obligatory to accompany the transaction by a lawyer on the part of the seller, but it is not forbidden, even welcomed, the participation of a lawyer representing the interests of the buyer.
Real estate purchase transactions take place in the following order:
- The buyer pays a deposit (about 2-5 thousand euros) to the property owner with whom he intends to conclude a deal. It is a guarantee of the seriousness of the buyer’s intentions and allows the seller to withdraw the offer from the market. If the transaction fails due to the fault of the seller, the deposit is returned.
- A contract of sale is drawn up. At this stage, you can entrust everything to a lawyer by writing a power of attorney to him. This will save time and effort, because the issues are mainly of a legal nature.
- When buying a plot, it is necessary to carry out geological, geodetic and topographic surveys in order to assess the compliance of the object with the data specified in the building plan and other standards.
- After agreeing on all the nuances, the documents on the purchase / sale are signed. At the same time, a notary is required to certify the transaction in accordance with the procedure established by Greek law.
- The new owner pays a tax in the amount of 3% to 24% of the assessed value of the object.
- A package of documents, as well as a receipt for payment of tax on the change of ownership, are submitted to the Register of Rights to Real Estate. After making the appropriate entries in the register, the ownership of the property passes to the new owner and all tax obligations associated with the property are assigned to him.
Buying property with Nomos Travel
We, a team of experienced specialists from Nomos Travel (lawyers, notaries, managers, accountants), offer assistance to foreigners in the selection, purchase and registration of real estate.
Without knowing the intricacies of Greek law, you can get confused with documents, miss important details and receive high fines from the tax office. To ensure that owning property in Greece does not become a burden, but brings joy and profit, we are pleased to offer our services also in the management of residential / commercial real estate.
For individual information, please contact the number indicated in the “Contacts” section, or leave applications with questions of interest in the feedback form.