Athens’ sister, the famous Thessaloniki, is one of the most beloved Greek cities - and probably cities in general - for anyone who has had the joy of visiting it. A magical combination of a contemporary center with a relaxed and cheerful life attitude that one rarely finds in big cities is only one of the things that make Thessaloniki so pretty special and one of the best places to live!
Worth knowing about Thessaloniki
In the 1,286 km2 of Thessaloniki there are over 14 awarded beaches, 30 museums, more than 50 hospitals and more than 6.000 doctors, all offered to its 1.105 residents, living in an approximate density of 7,100/km2. Thessaloniki has a highly developed transportation network that connects all the areas of the city. The city that is named after the sister of Alexander the Great is also worldwide acknowledged for its 15 UNESCO monuments.
How is the Real Estate Market in Thessaloniki
Apart from the fact that Thessaloniki is a great place to live, another factor that makes it so appealing is its highly approachable property market, since it offers value for money. Big, small and medium apartments, all available at a reasonable price, are one of the reasons why interest towards Thessaloniki’s market has been steadily rising for the past couple of years.
What types of properties can be found in Thessaloniki?
Thessaloniki offers a variety of housing options.
- Newly-built properties
- Small to big apartments
- Maisonettes
Taking into account the fact that Thessaloniki is home to many students around the world, there are also many options targeted to this specific group. With that being said, there are many properties suitable for families or second vacation homes as well.
What are the advantages of buying a property in Thessaloniki?
Thessaloniki is an amazing cultural center, full of life and the beloved Greek spirit that has rendered Greece famous all around the world. A place with worldwide known festivals, such as the Thessaloniki International Film Festival, or the Documentary Festival, Thessaloniki has been the meeting point of art lovers for generations and is still going strong. At the same time, the city is very well-known for knowing how to show its people a good - yet affordable – time.
From taverns to restaurants and clubs, Thessaloniki is the city that never sleeps. It also has a highly developed market for those who love to shop till they drop, in between taking a stroll by the sea or enjoying a mouthwatering brunch in one of the many cute bistros of the area. And while all the above might sound active and adventurous, it is highly important to note that Thessaloniki has the unique ability to offer all that was mentioned while maintaining a very easy-going pace, teaching us all that the prejudice big city = anxiety, can be just that: an outdated, unnecessary point of view that can be replaced with quality of life and peace of mind.
For the purchase of real estate property, the following are required:
- a valid passport
- a Greek tax identification number (AFM*)
- a certificate from the responsible tax office about the payment of the land transfer tax
What are the Costs and Taxes on Property Purchase?
The purchase costs & taxes for the purchase of property in Greece, are the following:
- Land register costs, imposed for the registration of the property at the land registry or cadaster office, amount to 1,0% of the fair value.
- Other costs such as the legal review of ownership (of at least around € 150) must also be considered.
- Real estate property transfer tax, which arises with the acquisition of real estate property or the acquisition of real rights upon property and is paid in principle by the buyer, before the notarial certification of the real estate property purchase. The current rate of land transfer tax is 3.09% of the purchase price.
- Notarization costs or notarial costs, always borne by the buyer, unless there is a different regulation. The basis of assessment used is the purchase price or the so-called unit value. Always apply the higher value. The certification costs are on average 1,5% plus VAT 24% of the underlying value.
More information about properties in Greece here.
