The Buying Process of real estate
The Buying Process
A step-by-step completion of your real estate purchase.
When all the necessary documents have been obtained from the buyer and seller and all necessary checks have been completed, the notarized purchase contract is drafted, containing a detailed description of the object of purchase, purchase price and purchase price due, right of revocation, penalty in case of default and settlement modalities for the transfer of ownership. Without notarization, the purchase contract is void.
After signing the purchase contract, the purchase price is usually paid. Following this, the change of ownership is carried out by an entry at the Land Registry, using the notarial deed and completing the payment of the land transfer tax. The registration is usually performed by a lawyer and should be better completed timely to the signing to the purchase contract.
Although there is no longer a legal requirement for the notarial recording of purchase contracts since January 2014, the buyer (s) should consult a lawyer for both the land register search and the sales contract.
Below, we have created an overview for a step-by-step completion of your real estate purchase. It lists what you need to do as a prospective buyer, contact persons and involved parties / specialists:
Usefull information for bying properties in Greece
The time has never been better than now to buy an affordable and beautiful property in Greece.
- Lowest prices in comparison to all other European countries
- High return
- Low purchase costs. Low real estate transfer tax
- Vacation property
Unique quality of life, all year round. The currently low real estate prices in Greece bring your dream holiday home within reach. Holiday homes in a beautiful landscape, away from the hustle and bustle of summer, are still easy to find in Greece.
- Real estate for investment
When buying real estate in Greece, the focus is usually on private use as a holiday property or year-round residence. But Greece is also a very good location for capital investments. In addition to the returns on the classic residential and commercial space rentals, there are excellent conditions for tourism rentals. All buyers can expect good returns from rentals and a large increase in the value of their property in the next few years.
- Real estate for retirement
Many people in northern European countries are looking to retire to a place with better living conditions, in terms of climate and landscape. Greece offers an ideal place for retirement, with its mild climate all year long, the above-average number of sunny days (more than 300 per year) and the healthy diet options.
The safest way to buy property in Greece is via a local legal representative. In this case, a lawyer or a civil engineer is usually not only advisable, but definitely recommended. Our strategic cooperation with the German-Greek Chamber of Industry and Commerce (AHK) enables us to provide you with professional advice in German and with relevant experience in Greek real estate law.
Popular locations for a holiday home in Greece include the Mediterranean islands of Crete, the Cyclades (Paros, Mykonos, Santorini), the Ionian Islands (Corfu, Kefallonia) and the Dodecanese (Rhodes, Kos). Hot, dry summers, sandy beaches, historic cities and sights, low prices and the famous Greek cuisine combine with enjoyment of nature, quality of life and culture in a perfect way.
The mainland is also very attractive. The peninsulas of Peloponnese, Pelion and Chalkidiki, with miles of sandy beaches and undeveloped coastlines, seas of flowers and romantic cities like Nauplio, are ideal locations for a house by the sea.
For those looking to buy a town house or apartment in Greece, Athens, Thessaloniki, Heraklion and Volos are recommended. Find everything a city has to offer, without missing out on the typical Greek old town charm.
The ancillary purchase costs are at a very low level compared to other European countries (ancillary costs around 7%).
Ancillary purchase costs & taxes when purchasing a property in Greece are the following:
- Real estate transfer tax: 3.09% of the purchase price.
- Notarization costs or notarial costs: approx. 1.5% of the property value.
- Land registry costs: approx. 1% of the property value.
- Legal fees are freely negotiated. Other costs such as the legal review of ownership (amounting to at least € 150) must also be taken into account.
- Costs for the broker: starting at 2% of the purchase price (depending on the property, region, broker, etc.)
The following taxes and fees apply after purchasing real estate:
Uniform Real Estate Tax (ENFIA):
The Uniform Real Estate Tax (ENFIA.) is levied on any type of property without any tax exemptions, regardless of whether or not a property generates (real or fictitious) income for the owner.
The assessment basis is the value of the property, as in effect on January 1st of each taxable year.
Property, garbage disposal and street lighting fees:
These charges are included in the electricity bill and paid to the respective municipality. The size of the property determines the amount of these fees.
For property acquisition, buyers will need the following:
- A valid passport
- A Greek tax number (AFM)
- A certificate from the responsible tax office on the payment of the real estate transfer tax
A step-by-step completion of your real estate purchase.
13 simple steps for your dream property:
- Search and find the ideal property
- Agree on the price
- Apply in the Land Register/Cadaster office, examination & clarification of ownership and burdens on the property, etc.
- Inspection of building law issues, aspects, etc.
- Purchase contract draft
- Apply for Greek tax identification code & open a bank account in Greece
- Pay the land transfer tax
- Sign the purchase contract and certify
- Pay the purchase price
- Possibly cancel any mortgages
- Entry in the Land Registry / Cadaster
- Handover of the keys to the buyer
- The property is yours!
Villas in Greece: A typical villa in Greece is found in a beautiful location, with very large plots. An airy style, arches, large decks, a private pool, and natural stone features are common. Holiday home in Greece: These are mostly single-story, with less than 100 square meters of living space and simply furnished. Semi-finished properties: A special feature of the Greek real estate market includes half-finished buildings that are for sale. Both single-family houses and villas can be purchased at low prices and built according to your own ideas of a dream house.
The beautiful weather and low prices make Greece very interesting for investors worldwide. However, one question remains: what is the optimal location for buying a house or apartment? Surely, many investors are attracted by one of the country’s many beautiful islands, but the surrounding areas and vibrant cities also have their own appeal. Our guide includes descriptions to the most important Greek regions.