Buyers Guide - Greece
Why Buy in Greece?
Since 2004 Olympic games in Athens Greece has gained more recognition by the rest of the world, especially with regard to tourism. Because of this, Greece is an up-and-coming choice for thousand of brits every year. The cluster of islands in the Aegean and Ionian seas boast sandy beaches, plenty of natural sights and old picturesque villages making them amongst the most attractive property places in the world.
There are many daily flights available all year round to Athens. There are also plenty of charter flights available during the summer months to the more populare destinations of Crete, Zante and Corfu. If travelling in winter connecting flights are ferries would be necessary via Athens or Thessaloniki.
Fees and taxes
- The value of transfe tax payable is extremely complicated to calculate and it is advisable to get a lawyer to do the numbers. As a rough guide expect to pay between 7 - 11%
- Legal fees are approx. 1%.
- Agents fees tend to bepaid by the buyer and range beteen 2 - 4%
- The full amount of transfer tax must be paid before signing the final contract.
- Notary fees can vary greatly, but expect to pay in the region of 1%
- Where applicable, only in specific cases VAT of 18% will apply. Consult your lawyer for advice on this.
The Buying Process
If buying a property in Greece, you will need to obtain a tax number (AFM) from the local authorities and this can take a couple of days.
The buyer and the seller will then draw up a preliminary contract. This should be carefully checked by your lawyer to make sure that any necessary conditions are included (eg clear title etc...). At this point the deposit of between 5 and 10% is paid by the buyer
Property in Greece is always sold in the condition of which it appears on the date of completion, so make sure you or someone acting on your behalf gives the property a thorough checking out prior to signing.
The deeds should then be sent to the land registry to officially regiser the transfer of ownership.
Buying off-plan is usually carried out in stage payments and these are usually dictated by the developer.
An important consideration is that it is normal for homes in Greece to have many different owners. Before any deal can take place all of the owners must be found and give permission to sell.
Health
Realtive to the rest of Europe Greece is lagging behind with regard to healthcare. It is massively under-funded and heavily over-used. Any EU citizen in possession of a valid passport and and EHIC will receive free treatment. For peice of mind, for anyone considering living here, private medical insurance is a must have.
Property Costs
1 Bed Apartment - £70,000
2 Bed Apartment - £105,000
3 Bed Villa - £160,000
4 Bed Villa - £200,000
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