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December 21, 2023

Navigating the Greek Real Estate Market

Greece holds a special place among Europe's most sought-after property destinations, offering a unique blend of ancient civilization and modern real estate options. Whether you're a first-time international buyer, a seasoned investor, or someone seeking residency, Greece stands out as a sound choice. The Greek real estate market is distinct, offering affordability even in the luxury segment. With a vibrant rental market experiencing historic demand, a rising economy, and options for immediate returns on investment, Greece caters to various lifestyles.

Legal Process for Buying Greek Property

            Understanding the Greek legal system is crucial. Greece operates under the ancient Roman Civil Law system, which differs significantly from the British Common Law system. Two forms of property ownership exist: freehold and leasehold.

            The three steps to buying Greek property include property search, a pre-contract agreement, and the final purchase agreement. Legal documents, such as the certificate of ownership, building permit, energy performance certification, tax clearance certificate, and others, play a vital role.

Taxes and Fees

            Various taxes impact property purchase and ownership, including property transfer tax, annual property tax, Value Added Tax (VAT), and wealth tax (ENFIA). Legal fees, notary fees, land registry fees, and agent fees are additional costs. Non-EU citizens must be aware of residency requirements and associated fees.

Finance Options

            Several financing options are available, including Greek mortgages, private financial institutions, equity release, seller financing, and leaseback arrangements. Each option comes with its own set of requirements and considerations.

            Investing in Greek real estate offers not only a tangible asset but also a gateway to the country's rich heritage, diverse landscapes, and potential for residency and citizenship. However, thorough research, expert guidance, and compliance with legal and financial requirements are essential for a successful investment journey in Greece.

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