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The procedure for buying a property in Greece


If you have decided to buy a property in Greece, as an investor you should take into consideration several factors and go through these ten stages. Basically, in comparison with other European countries, the procedure of buying a property in Greece is quite fast and transparent.

STEP 1 Property selection

During the first stage the company monitors the market and a selection of property units is made according to the investor’s preferences, regarding terms and conditions and characteristics of property being sought;

STEP 2 Arranging a visit

The next step involves arranging a visit to Greece in order to view the properties. This will include an arrival meeting and a property viewing itinerary;  

STEP 3 Drawing of a Power of Attorney

When the investor has decided which property to by it is necessary to draw a power of attorney. Usually it is done in the presence of an accredited translator. This procedure gives the lawyer, whose name is stated in the document to act on the foreigner’s (investor’s) behalf, so the buyer doesn’t have to deal with long and complicated legal formalities and procedures;

STEP 4 Opening a bank account and property reservation

The lawyer registers the buyer as a tax payer in Greece and opens a bank account in Greek bank. The buyer has to pay deposit of 1-3% of the total property price. This will secure a reservation. Execution of the reservation agreement then follows. At this stage the copy of the buyer’s passport is required;

STEP 5 Checking property 

The lawyer checks the state Property registry for the history and other necessary details, which could be existing or previous mortgages, encumbrances or other charges, existing and previous contracts and agreements concerning the property, etc. After that is done, the layer draws a report and sends it to the buyer; 

STEP 6 Title Transition Tax statement and tax payment 

The authorized lawyer draws a Title Transition Tax statement and submits it to the local tax body. The tax rate amounts to 3,09%, if the property Construction permission was issued prior to 01.01.2006, and to 23%, if it was issued after this date;

STEP 7 Contract Execution

The buyer and the seller sign the purchase agreement in the presence of a notary and translator. After that, the lawyer registers the property in the State Property Registry. The buyer receives the full package of documents (notarized and translated to Russian). 

In order to buy property in Greece, the following documents are required: 

  • Valid passport;
  • Valid Greek or Shengen visa;
  • Document confirming permanent residence address;
  • Statement of employment, i.e. a document confirming main occupation of the prospective buyer;
  • Copy of Tax declaration.

Taxes and maintenance check list 

A Lawyer’s fee

1,5% of the property amount

A Notary’s fee

1,5% of the property amount

Title transition tax

3,09% of the property amoun

Mortgage registry fee

0.5% of the property amount

Estate agent’s fee

2% of the property amount

 


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