Greece Guide: Property

Buying a house is time-consuming, difficult and very expensive - especially if something goes wrong! Get your house search off to a good start with our property guide. Make sure you find out about the property market and understand how the system of buying a home works as it might be very different from your home country.

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  Introduction

  An introduction to buying property in Greece

  Greece – land of the Gods and the ancient cradle of modern civilisation – is a country rich in culture, history and tradition.

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  Advantages & Disadvantages

  What to take into account

  There are both advantages and disadvantages to buying a home in Greece, although for most people the benefits far outweigh any drawbacks.

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  Buying for investment

  What you should know

  In recent years, Greek property has been an excellent investment, particularly on popular islands such as Crete, Corfu and Rhodes, and in the Peloponnese.

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  Estate Agents

  All you need to know to deal with estate agents

  There are thousands of estate agents in Greece (over 2,500 in Athens alone) and many property sales in Greece, particularly those in resort areas and in towns, are handled by estate agents or developers’ agents, especially those involving overseas buyers.

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  Cost of Property

  Can you afford to buy property in Greece?

  One of the major considerations (or the major consideration) for anyone contemplating buying a home in Greece is whether you can afford to buy a home there and if so, what kind of home can you afford and where?

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  Property Prices

  How much does property cost in Greece?

  Greece has a fairly lively property market, although until the last decade or so it attracted few foreign buyers, mainly because of restrictions on foreign ownership.

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  Fees

  Extra costs when buying property in Greece

  A variety of fees are payable when you buy a property in Greece, which usually adds between 10 and 15 per cent to the price, which is higher than in many other countries.

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  Inspections & Surveys

  What you need to know

  When you have found a property that you like, you should make a close inspection of its condition.

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  Buying Off Plan

  How to buy property off plan

  When buying an uncompleted property off plan, i.e. a property yet to be built or partly built, payment is made in stages.

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  Conveyance

  What is it and what does it entail

  Conveyancing (or conveyance) is the legal term for processing the paperwork involved in buying and selling a property and transferring the deeds of ownership.

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  The purchase procedure

  Buying a house step by step

  The first stage in buying a property in Greece is usually the signing of a preliminary contract drawn up by agreement between both parties, usually in consultation with their lawyers.

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  Completion

  The final step

  Completion (or closing) is the name for the signing of the final purchase contract (deed), the date of which is usually one or two months after signing the preliminary contract, as stated in the contract (although it may be ‘moveable’).

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  Letting

  An introduction to letting your home in Greece

  Many people planning to buy a holiday home in Greece are interested in owning a property that will provide them with an income, e.g. from letting, to cover the running costs and help with mortgage payments.

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  Rules & Regulations

  How to obtain a letting licence

  If you let a property in Greece, you’re required by law to obtain a licence from the Greek National Tourist Organisation (EOT), which has offices in the main towns and on most islands as well as in the UK (Tel. 210-8707000, www.gnto.gr).

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  Contracts & Taxation

  What you need to know about contracts and tax

  Most people who do holiday letting in Greece have a simple agreement form that includes a property description, the names of the clients, and the dates of arrival and departure.

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  Letting Rates

  Rental rates and how to increase your rental income

  Rental rates vary considerably depending on the season, the region, and the size and quality of a property.

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  Using an agent

  All you need to know about letting agents

  If you’re letting a second home, the most important decision is whether to let it yourself or use a letting agent (or agents).

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  Doing your own letting

  All you need to know to do it yourself

  Some owners prefer to let a property to family, friends, colleagues and acquaintances, which allows them more control and with any luck the property will also be better looked after.

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