Greece offers a good choice of properties for sale even in the more populated
areas such as Athens (the cheapest properties are to be found in the rural areas
of the mainland). Generally it’s best to work through an estate agent.
Once you’ve decided on a property a deposit of 10% (sometimes more) will be
required from you and a sales agreement will be signed setting out price details
and a due completion date, which varies but can be done in under a month. The
balance of the purchase price is payable on signing the purchase deed before
a Greek notary. The notary will make legal checks on the property which will
cost you around 1-2% of the property value to do this. The assistance of a lawyer
will make your life much easier: they will act on your behalf in payment of
any local taxes (about 0.25% of the property's declared value annually) and
register the property with the Land Registry (Land registry fees should be about
0.3% of the assessed value plus a small sum for stamp duties and certificates).
Lawyers’ fees usually amount to 1% of the property value. Tax is charged on
property purchase by the Greek government at a rate of 11-13%. Real Estate agent's
fees are usually paid by the vendor.
Note that interest rates in Greece are very high on mortgages and in any case
you will probably find it more advantageous to arrange a mortgage outside of
Greece. Local mortgages usually provide up to 90% of the property value and
are repayable between 5 and 30 years.
Generally locals react well to foreign property buyers and there is none of
resentment that can be felt in other parts of the world.
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