Property for sale in Greece

The vacation property market in Greece is very hot. Demand for holiday homes in this idyllic country has risen year on year. The country boasts extraordinary resorts, landscape and coastal beaches

Investment or holiday home Greece

An ever growing number of foreign nationals are buying property in Greece for two reasons.

Greece is a very popular tourist destination with affordable international access. For this reason people are buying for their own personal use which can be extended out to family and friends.

Others are purchasing property as an investment. As holiday makers influx the destination demand for private villas is ever high thus making a potential investor very happy on their returns.

What is the buying process?

As a general rule anyone buying from the EU can easily purchase property in Greece. If you are not an EU member you must obtain a prefecture - a local agent can easily help you obtain one.

Before buying a property you must obtain a tax role number or an AFM. This is easy to get and can be obtained from any tax office. You will need your ID card or passport to obtain this.

It is important to clearly show where you have gained the money to purchase the property. For this you will need to obtain a pink slip for wire transfers. If you cannot demonstrate where the money has come from then you will be taxed on this. The money must also come from a Grecian bank account so it is advisable to open an account whilst you are there.

A public notary, who is an independent official, oversees the real estate purchase process. Once an offer is made on the property, a preliminary contract is drafted. A deposit of up to about 10% is placed on the property at the time this agreement is executed. (The deposit is not refundable unless the seller somehow disrupts or ends the sales process or unless clear title to the real estate cannot be had in the time allotted under the preliminary contract.) After the buyer obtains his or her financing, and the seller satisfies his or her own obligations under the preliminary agreement, a final contract is signed between the parties.

With the execution of the final contract, the ownership of the property will be conveyed legally to the buyer. The final contract is signed before the public notary. In addition, according to Greek law, the real estate agent or agents who have been involved in effecting the sale must be present for the signing of the final contract.

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