EU nationals can buy Greek Real Estate properties freely. Other country nationals may find some limited restrictions near military bases or near national boarders.
The following steps are needed to complete the purchase of a Greek property.
Appointment of lawyer
Always appoint a lawyer to buy a Greek property. This is the most important person during the transaction process.. He will check titles of the property and draw up the deed which will protect your interests. Â If a Greek property is not included in the Land Registry system the buyers lawyer must conduct a factual search at the Registry of Morgages and ensure that the seller holds a title.
The lawyer must also check that the Greek property is free of burdens like mortgagesn or prenotations of mortgage and free of claims ( no injunctions and enforcement measures or actions pending. Â Fee is 1-2 %.
Appointment of Notary
The purchase of your Greek property is only completed when signing a notary deed which is a public document, As a public document the notary deed assures the accuracy and validity of the agreement between seller and buyer. Do NOT sign private documents as these are null and void. Fees of 1-2% should be estimated.
An extra fee of 0.5% is demandedÂ by the registry of Mortgages.
Taxation of Greek Properties
When buying property inGreeceyou are subject to taxation. The tax is calculated on the contract value and is obligatory to be paid by the purchaser prior to the signing of the notary deed (contract). It is 11%.
Tax Value vs.Â Market value
This is often a queryÂ from foreign buyers as most of the times they donâ€™t coincide.Â Tax value is lower usually especially for off plan. Please call for a representative to explain this point.
Tax Registration Number (AFM)
Foreign buyersÂ must apply for a tax registration number prior to the acquisition.
Can I conclude the transaction from my country?
Yes you can. The Greek consulate in your countryÂ can carry out legal actions in your country. You can also grant autority of representation by signing a power of attorney to a friend, relative or even your lawyer who will finalize the transaction.
Once the transfer is concluded it must be registered with the land registry.