Buying a House In Greece

By Alex Calothis at Dreams of Greece,

If any renovation is required Property Line will be more than happy to put you in touch with reliable local suppliers, and help to gain any permissions that may be required if you are extending your property. We can also help you to find local accommodation whilst you are going through the property buying process, if required.

If you are a European Citizen

If you are a European Citizen, then you can buy property in Greece. People who live further afield can establish whether they are legible by contacting their local Greek consulate or embassy. You are required, however to appoint a lawyer if you want to buy a property - as in most countries. Finding a suitable lawyer should not be a problem - Property Line could help you out with this if you are struggling to find someone suitable.

Found a property to buy in Greece?

One you have found a property to buy in Greece it is necessary to complete an 'Agreement to Purchase' form which states that agreed sale price and also includes estimated property taxes and legal fees as well as the agreed deposit for the property. A deposit of ten percent is normally made before any contracts can be prepared. Paying this deposit means that both parties must then complete the sale.

A local bank account must be opened

A local bank account must be opened in order to transfer monies for the purchase of the property. In most cases this can be carried out very quickly - sometime in less than just fifteen minutes. Your passport (not a copy) is required for this process - again, Property Line can assist you with this if needed. The transaction must also be done in Euros - using a foreign exchange broker can save you money here - often up to 4% of the price of the property. As the buyer of the property it is not essential that you attend the signing of the contract, however a Power of Attorney would have to be arranged if you cannot attend. Once the decision has been taken to buy the property, it can take anything from five days to several weeks for the signing to occur - so it can be useful to have a Power of Attorney arranged.

Other expenses will be incurred

As well as the cost of the property, other expenses will be incurred. Property transfer tax and legal expenses normally fall within around 10% of the price of the property - and as well as this estate agents in Greece normally charge around 2% of the price of the property. In 2007 new legislation was passed meaning that 19% VAT has to be paid when purchasing a property, replacing the transfer tax previously mentioned. Owning a property in Greece also requires that an annual tax declaration must be submitted - something any accountant can do for you.

Planning on letting your property out?

If you are planning on letting your property out, it is important that you have a licence from the Greek National Tourist Organization. The licence is called an EOT and is straightforward to obtain and must be obtained - even if you are only planning to rent the property to friends, for example. The licence ensures that your house meets basic safety standards and helps to protect you from any legal actions caused as a result of your rental activity. Again, Property Line can assist you with this application.