To buy a house in Greece is the dream of many people, and rightly so: its heritage, landscapes, culture, climate and varied property offers make the country a top destination. This guide aims to give you a detailed overview of the entire home-buying process, from defining your requirements to settling in.

Before you buy a home in Greece: the planning stage

1. Define your requirements

In Greece, as elsewhere, buying property starts with defining your requirements. These may vary depending on how you intend to use your property. Is it a rental investment, a second home or a primary residence as part of an expatriation? Likewise, if you plan to live in your home in Greece all year round or spend your holidays there, consider the living environment you want to find. Do you want easy access to transport and shops? Are you looking for tranquillity? Do you want to be close to the sea? Going through your criteria will help you determine the type of property you could buy and its location.

2. Select the right real estate agent

The Greek property market can quickly prove confusing, especially if you don't speak the language or live in Greece. A local real estate agent will be invaluable throughout the buying process. These professionals deeply understand market trends, property values and legal intricacies. Select a duly accredited agent who ideally speaks your language. They will help you refine your search and your budget while making you benefit from their network and expertise.

3. Get acquainted with the legal procedures

Greek property law is based on the civil law system. Without becoming an expert, you should familiarise yourself with the laws governing property transactions in Greece and learn the basic principles. Just as working with a local estate agent is important to ensure a successful transaction, hiring a  lawyer specialising in Greek property law guarantees that the transaction is perfectly legal.

4. Appoint a lawyer specialising in property law

The services of a property lawyer are a must if you want your transaction to be seamless and legally sound. Your lawyer will conduct due diligence on the prospective property, check the title deeds and ensure compliance with Greek property law. They will act as your legal representative throughout the process and protect your interests.

5. Run through a checklist before making an offer

Before making a property offer, check with your lawyer that all the critical points have been verified. In particular, you should be sure that the property is appropriately owned, that there are no encumbrances or mortgages and that unpaid taxes or debts do not burden the property.

Finalising the property transaction: The purchase stage 

1. Submit an offer

With the help of your estate agent, prepare a formal offer that takes into account your budget and priorities. Negotiation is a regular part of the process, and your agent will be able to advise you throughout this phase. Be prepared to adjust your offer according to market conditions and the seller's expectations.

2. Complete the financial, tax and administrative formalities

Getting a Greek tax number is an essential administrative task for international buyers. Your lawyer can help you apply for this number. Your lawyer or agent will also be able to explain all the costs involved in the transaction, including the purchase price, fees and applicable taxes. You will need to open a local bank account or an account with a bank with representation in Greece to facilitate financial transactions.

3. Sign the purchase proposal

The preliminary agreement requires the involvement of a notary, a legal professional responsible for guaranteeing the legality and authenticity of the transaction. The notaire plays a crucial role in drafting and supervising the signing of the preliminary agreement. At this stage, you will pay a deposit, and your lawyer will ensure all the conditions are transparent and fair. If you don't speak Greek, you will need to use the services of a certified translator. You can find all certified translators here.

After the purchase: transitioning to your new home

1. The steps after signing

Once the preliminary contract has been signed, several steps are involved in finalising the transaction. The property must be registered with the Hellenic Land Registry, and you will have to pay the property transfer tax. Your lawyer will ensure that all legal aspects are taken into account so that you can sign the final contract, marking the completion of the property acquisition process.

2. Some post-purchase considerations

As you settle into your new property, practical considerations will come into play. You'll need to arrange a contract with an electricity and water supplier, as well as an internet service provider. If you don't intend to live on your property all year round, consider making a property maintenance and management plan. 

Good to know: home insurance is not compulsory in Greece. It is, however, an insurance worth considering, depending on the location of your property and how you intend to use it - particularly if you plan to rent it out on a seasonal basis.

3. Your liability for property tax

When you buy a house in Greece, you become liable to pay property tax. With certain exceptions, all property owners must pay this tax every year. The amount is calculated based on the estimated value of the property. Your lawyer will be able to help you understand the tax rates. You can also get an accountant to complete your tax return and submit it to the relevant authorities.

 

Are you interested in buying a house in Greece to live in, spend your holidays in or as an investment property?

Contact us to discuss your project!