Real Estate/ Purchasing facts (Greece/Greek/Crete/Creta/Kriti):

GENERAL INFORMATION REGARDING BUYING PROPERTY IN GREECE
 
Are you longing to live or retire in Greece?
DO you dream of owning a home in Greece but have concernes about the investment, the bureaucracy, and the language?
 
Many issues concerning the purchase of real estate in Greece may seem strange and complicated to buyers from abroad. We assist our clients through local expertise, i.e. lawyer, notary, in accomplishing a secure and safe purchase of property in Greece.
Below is general information regarding buying real estate in Greece as well as a short description of the expenses and charges you will have to pay in addition to the purchase price.

What does it cost to buy property in Greece?

The prices of property in Greece vary a good deal. Market price, as we know it from abroad, does not always exist in rural parts of Greece. The asking price of a piece of real estate depends much on a personal assessment, and may often not follow the general pattern of real estate prices in that specific area. There are however, some guidelines that can indicate the price level of a property and these are:

- Distance from the sea and view of the sea 
- Distance from a town or village with essential facilities
- Whether or not the property is located within or outside the village or town limit and how 
  many square meters can be built on it
- The general condition of the property

Taxes:

There is a property transfer tax of between 7-11% of the assessed valued of the property on all transfers of ownership. The assessed value varies from area to area, and is determined by the local authorities. The size of the plot, the house, the area, view of the sea, and distance to the sea all affect the assessed value.

As a property owner in Greece you are obliged to submit an annual Greek tax return.  There is no annual property tax in Greece with the exception of properties of very high-assessed value. Normally this applies to properties with an assessed value of more than Euro 705.000.

Taxes on rental income in Greece are quite low. The tax rate will depend on the size of the income. Greece has an agreement with all European Union members that prevents double taxation on income. We can recommend an accountant to help you with this.

The purchasing process:

Greek law dictates that both seller and buyer engage a lawyer to complete a transfer of ownership of real estate. Your lawyer will check for liabilities and mortgages against the property, that all other tax liens have been paid, and that other claims including electricity, water, etc. have been paid. The lawyer will also verify that all documents presented by the seller are in accordance with what the law requires.

The Notary Public produces the necessary documents needed to complete the transaction, and arranges the new title and deed of ownership in accordance with the Greek law.

The buyer opens a bank account in his own name in a Greek bank. All transfers of money will go to this account. If you are not here yourself to sign the necessary documents and make the payment, your lawyer through a power of attorney, will carry out all payments to the seller, and will also pay on your behalf the transfer tax fees and official registration fees. Estimated time for the entire process is 3-4 weeks.

Buying a projected property:

PLEASE NOTE!  When purchasing a projected house or apartment transfer tax is paid on the tax-assessed value of the plot only, which means you can save a considerable amount of money. Normally the total costs will not exceed 7% of the purchase price.

Useful considerations associated with investing in property in Greece:

A basic rule applies to this, as in most others cases; “you get what you pay for”, but it is possible to make a good or a bad investment.
The “right” price for a property is always the price that the market is willing to pay; and you are the market. A good investment has two sides; one financial and one based on the utility value. In other words, this investment for you and your family should be evaluated equally based on the quality of life and utility value you gain from living here, as well as the property’s expected rise in value in the years to come. 

Where is the best place to buy property in Greece? 

Greece is made up of so many different varieties of landscapes and scenery; high mountains and deep valleys, a coastline of thousands of kilometres with fiords and peninsulas, hundreds of islands, beautiful village communities with friendly and hospitable people.  Yet, there are some important factors to consider:

a) Climate
b) Accessibility all year
c) Having a “living” local community all year round.
d) Possibilities for recreational activities, trips, culture, and entertainment.
e) Services in general and the availability of healthcare in particular.

CRETE

The largest island of Greece, Crete is considered the bridge between Europe and Africa, the crossroad of three continents. A place with high mountains, fertile valleys, green forests, deep gorges and fantastic beaches, it has all that nature can offer.
With 325 days of sunshine per year and an average temperature over 20oC, it is no surprise that the wonderful weather of Crete has traditionally been the primary attraction for most visitors. However in recent years, more  and more people are choosing to live here permanently or for larger parts of the year.

GOOD COMMUNICATIONS AND INFRASTRUCTURE

Crete is linked to mainland Greece by ferries both to Piraeus and via the island of Kithira, to the Peloponnes. In addition, there are ferries sailing to the Cyclades, northern Greece, Rhodes and Karpathos on a regular basis. Further improvements to the new and upgraded international airports in Hania and Iraklion make flights to Athens a mere 35 minutes. Both airports are serviced by three independent airlines with almost hourly flights every day. Charter flights and scheduled flights are now available from several European cities all year.

Law Offices of Savvas Zannetos

Igumenu Gavriil 103-105

74100 Rethimno, Crete

Greece

Tel: (30) 28310-26-258

Fax: (30) 28310-52-263

Please Contact Us today via-

Email: zannetos@creteattorney.com