Buy a house in Greece as a foreigner guide 2024
The process to buy a house in Greece
Considering to buy a house in Greece?
Undoubtedly, investing in buying a property in Greece is going to be the best decision you will make so far. However, there are some risks with the procedures and legal system during the whole process of selecting and buying it. So, the most crucial thing to do before starting off is to do an In-depth research and find the best real estate specialized lawyer to assist you through the whole transaction procedure, otherwise, you too might fall prey to dangers like failing to protect yourself legally, currency risk, and many more. If you are not currently residing here then it is usual to set up a Power of Attorney (POA) for your lawyer. This is usually done at a Greek Embassy – and can be done ‘by post’, this gives the lawyer the authority to act on your instructions in your absence.
How long does it take to complete the transaction of buying a house in Greece?
The entire process at the present time is taking approx 5-6 months but can be quicker/slower depending on the time taken to obtain all the paperwork required from the various authorities.
The approximate expenses over and above the agreed selling price are 2.0% agent’s fees plus 3% purchase taxes and lawyers, notary and land registry fees which total around 5-6%
So allow approx. 10-11% in total on top of the asking price.
There are a number of costs involved in buying property in Greece, including property taxes, legal fees and certain additional fees. You will also need to consider the impact that currency exchange rates will have on the overall cost of buying in Greece.
The following is a breakdown of some of the main costs involved in buying property in Greece, so you can have a better idea of what to expect when purchasing a Greek property.
Taxes for buying Greek property
Transfer tax of 3% of the purchase price (or value of the property as calculated by the Tax Authorities, whichever is higher), save for the case where VAT applies, as mentioned below.
Notarial fees for buying property in Greece
Notarial fees of approximately 1% of the purchase price (or the value of the property as calculated by the Tax Authorities, whichever is higher) plus VAT at 24%.
Civil engineer’s fees
Civil engineer’s fees for certifying the building’s compliance with respective building permits and eventual construction restrictions etc (depending on the property, plus VAT at 24%).
Please note that the seller could possibly bear this cost, depending on the parties arrangements.
How exchange rates affect the cost of buying property in Greece?
When you are converting from one currency to another the difference between one exchange rate and another can literally make a difference of thousands of pounds on your purchase. We know people who have sold properties and have made more money on the exchange rate difference than they have on the sale of their property.
Currency dealers have increasingly sophisticated products. You can agree rates for the future. You can get them advising you when to buy or agreeing to buy for you when the rate hits a certain level. You can even agree a fixed rate for longer periods of time if you make regular payments abroad (for example for a mortgage or moving your pension money).
We work with various currency brokers who can give you a good exchange rate for your purchase.
Need help buying property in Greece?
Seek assistance from the best property and real estate lawyers in Greece, highly experienced in helping clients to buy a house and sell property in Greece, as well as handling a whole range of related issues, such as advice on Wills and inheritance.
With a thorough understanding of both Us UK and Greek law, we can provide clear, reliable legal guidance in plain English, giving you the confidence to deal effectively with property in Greece.
Contact Economou & Economou real estate and property law office in Greece to assist you in buying a house in Greece
Give us a call at : (+30) 2103603824
Send us an email at : email@example.com