Since 2008, Greece has significantly changed. The entire country and economy began its active growth after the protracted crisis. As Greek real estate appreciates, the market presents lucrative opportunities for investors.
Owning a property in a foreign country is a dream for many of us. We try our best to acquire it through various key ways and various key, effective methods. We are all excited about buying property in Europe. Because who would not want to have a house in a European country? With that being said, it can be difficult to decide where to base yourself. Especially with so many available properties listed. This can make it difficult to find the property that meets all of your criteria.
Buying real estate in Greece
Greece is one of the most popular places in Europe for real estate. In recent years, a large number of foreigners have bought houses and apartments in this paradise country. So why don’t you buy property here? The process of investing in Greek real estate is probably the best solution. So the most important thing is to do some thorough research before you start. Full investigation! Otherwise, you will not be able to legally protect yourself from various risks, including the risk of losing valuable investments invested in real estate. It is important to buy the perfect house in Greece, allowing yourself to enjoy the buying process, not turning the process into an expensive nightmare.
Real estate in Greece is relatively cheap compared to other European countries. Because of this phenomenon and the great potential, we recommend you buy property in Greece right now! The extremely rapid recovery of the country’s real estate market is also supported by the incredible performance of tourism, which is another engine of the recovery of property values that are available in the real estate market. A key condition for buying real estate in Greece is to be a taxpayer. You can register your tax number when you open a bank account. Next, the buyer’s lawyer carefully checks the ownership of the property and prepares the necessary important documents for signing the agreement with the seller of the property. Next, there is a successful conclusion of the contract on the transfer of ownership, which can be signed only if the buyer is ready to pay for the entire property.
Is buying property in Athens a good investment?
Thanks to tourism and the real estate sector, the Greek economy quickly recovered from the 2008 financial crisis, and the country continues to heal and outperform every quarter. The crisis dealt a heavy blow to the Greek real estate market, which lost almost 40% of its value. But with the country’s tourism industry continuing to perform surprisingly well, interest in Greek real estate has returned, and prices are starting to rise again.
For potential investors, it is the most profitable idea to invest in real estate and reap the benefits later. Additional fees and taxes must be paid during real estate transactions. The commission includes taxes, attorneys’ fees, real estate agent’s fees, notary, and registration fees. Greece is a civilization that is thousands of years old, and its stunning historical architecture comes at a price. Many properties in Greece require maintenance. Therefore, we recommend that you visit the property in advance and check whether everything is in order.
Buying real estate in Greece is no different than anywhere else depending on the effort of the buyer. If the property has been carefully selected with the help of a professional, and all important legal documents have been drawn up by a qualified lawyer, you will not have to worry about paying additional costs. After the notarization of the agreement, the buyer must register the real estate in the local land registry. After completing the last step, the buyer officially becomes the owner of the Greek property.
Why you should buy real estate in Greece?
Call Greece your second home! What else can a person dream of? Refined culture, coastline, delicious Greek cuisine with a large number of different dishes, impressive landscapes, mountains, huge opportunities for active development of your own business, and many other key advantages of Greece are enough to buy real estate in this country. Also check out the apartments for sale in Pylaia, Greece key benefits of buying a property are below. We’re sure this will encourage you to speed up your decision-making process.
Low tax rate
Greece has a lot to offer foreigners investing in the country. If your country has a tax treaty with Greece, you should not pay double taxation. Furthermore, income from Greek assets is only taxed in Greece, while income from abroad is not. However, property tax must be paid annually.
The country has a rich history, breathtaking landscapes, and a treasure trove of Greek treasures. In addition, Greece offers an affordable lifestyle for everyone. From small towns to big technological cities, the lifestyle is calm and proud. Buying real estate in Greece is easy because this country offers a better lifestyle compared to other European countries. Greece is also well connected to the rest of the world, so you can travel without any inconvenience. No one will have any difficulty getting to any place in Greece. Once you reach the countryside, you will find that the local transport there is also very convenient and connected to all the cities.
Greece is friendly to strangers
Being a hospitable country, the Greeks treat foreigners as if they were their own. Who wouldn’t want to move to Greece with so much luxury? Greece has a “golden visa” program, which gives the right to stay in the country in exchange for investments. If the value of the house you want to buy is €250,000 or more, you are eligible for a Greek Golden Visa. The program offers visa-free access to Schengen countries and many other important benefits.
How to successfully buy real estate in Greece
Welcome to the most anticipated moment. Whether or not you’re interested in a new apartment for sale in Pylaia, Greece, here is a step-by-step guide to successfully buying a bargain property in Greece.
Check your eligibility
Any foreigner can buy the desired housing in Greece. The country does not set restrictions on purchases. However, it is important to seek legal help promptly to control yourself during this difficult process. Required documents: valid passport, AFM (tax number), valid visa to enter Greece (for non-EU countries), valid proof of residence, copy of tax return, and government-issued ID. Take the time to do your due diligence: The first thing to do is to decide what type of property you want to buy. There are many affordable options to choose from such as apartments, villas, townhouses, or commercial properties that you can purchase by putting your investment into it. So if you know what you want, do some research in this area.
Conduct your research
Keep up to date with online and offline resources such as newspapers (check the relevant real estate newspaper section). You can also subscribe to an online real estate classifieds site. The services of qualified real estate agents are also very useful. Visit the property you want to buy for a full appraisal: this will ensure you get a real idea of what you are buying. So as soon as you see a property for sale that you want to buy, head over there to view it.
Also, check the environment and amenities you are looking for in your home. Not to mention, having a local real estate agent will make the process easier for you and save you valuable time. Select a property to buy: After looking at all the shortlisted properties, it’s finally time to select a property. If you need an additional guarantee, please contact a qualified real estate agent for assistance. It would be great if you could hire an experienced lawyer to handle all the legal aspects of buying real estate. Evaluate and negotiate property prices: Consider your budget and estimate how much you can afford to spend.
However, do not offer an unreasonable amount. Consider exchange rates, mortgage availability, and interest rates. After negotiations and agreement on the final price, you will be able to buy real estate in Greece. It is always worth considering the various additional fees that will be added to the price of your property. Reserve the property by making a small deposit to the seller to confirm your purchase. This deposit is usually 10% of the total amount. You may be asked to sign certain documents, so do not make any payments without consulting an attorney. Draft Final Agreement: After the attorney goes over all regulations, taxes, and related obligations, you will receive a copy of the seller’s agreement. In addition, you need to contact a notary for the final draft.
Close the deal
After signing the title document in the presence of a notary, the process is officially registered. Sellers are asked to provide tax certificates to prove that they have a clean record of the property being sold. Applying for a tax identification number: To obtain the Greek tax identification number that you have been issued, you must contact the tax office nearest to your place of residence. The Greek tax identification number is called an AFM and is issued after receiving a full registration card or residence permit in Greece. After completing the above procedures, submit the title deed and contract to the Mortgage Registry.
Key things to consider before buying property in Greece
Now that you are ready to dive into your new lifestyle buying property in Greece, there are a few key things to consider that are extremely important to know when buying property in Greece. The type of home you are currently looking for depends on many factors such as family size, amenities, and surroundings. If you are single or if you need a one or two-bedroom apartment, it is important to look for available options on the real estate market that meet your search criteria.
Wherever you buy property in Greece, you need to make sure that the property offers everything you need. In addition, if you have children, you should choose a property near an educational institution. There should also be a playground near the property you are buying. Greece offers completely different affordable real estate options for any budget. Knowing your budget, you can easily find affordable housing. Depending on your budget, you can live in any city or town that has the property you need. Don’t miss out on things like this because this could be the perfect home for you and your family.
Is it easy to buy the desired property in Greece?
Buying real estate in Greece is not a complicated process. Once you’ve settled on a property, hiring an experienced attorney who can handle the paperwork efficiently and quickly can speed up the process significantly. In addition, according to the Greek constitution, all customers must be taxpayers. This means that the buyer must obtain a tax identification number, which he can receive within 24 hours. Upon completion of these transactions, the buyer may pay a stamp duty of approximately 3% of the transaction value. Finally, the purchase must be notarized and registered in the local land registry.
Can foreigners buy real estate in Greece?
Yes, you can buy property. There are no restrictions on who can buy property in Greece, but EU citizens or residents have a significant advantage in the process: non-EU residents must prove their Greek connections and ownership intentions.