- 1 Buying a property in Greece
- 2 Greece, a member of the European Union
- 3 Step 1 : Defining your plans to buy property in Greece
- 4 Step 2 : Signing of the promise to sell
- 5 Step 3 : Negotiation and preliminary audit
- 6 Step 4 : Buying property in Greece: Payment of transfer duty tax
- 7 Step 5 : Payment of your property and signature of the authentic deed of sale
Buying a property in Greece
The prospect of buying a property in Greece is a dream come true. It is like investing in a country renowned for its landscapes, rich culture and relaxed lifestyle. The dynamic real estate market makes it easy to make such a project a reality, but there are a few steps to follow, which are explained in this article. I contacted the local real estate agency Mobilia, to help me with my real estate project in Greece and the next steps.
Greece, a member of the European Union
The 300 days of sunshine that Greece enjoys each year contribute to its attractiveness. The dry summers and mild winters that characterise the typical Mediterranean climate attract large numbers of tourists and property investors. With culinary specialities that will delight the most discerning palate, an exceptionally hospitable population, and the many financial advantages of buying a property here, Greece has everything to please. Choose a house with a sea view in Mykonos or a property in a historic part of Athens and you are sure to find what you need.
Step 1 : Defining your plans to buy property in Greece
It is a matter of establishing the guidelines of your real estate project. You need to ask yourself the right questions: What type of property are you looking for? What budget do you have? What size and configuration are you looking for? Do you have any preferences in terms of location? The more precise your project is, the easier it will be to make it happen.
Step 2 : Signing of the promise to sell
As in France, it is customary to sign a promise to sell once you have chosen the property you wish to purchase. However, the procedures are somewhat different in Greece. The private agreement includes the deadline by which the deed of sale must be signed. It is accompanied by the payment of a symbolic sum which is not, however, a deposit. The promise to sell is therefore a commitment by both parties.
Step 3 : Negotiation and preliminary audit
This is a crucial phase for the rest of the process as it involves a full audit by your lawyer. The title deeds are carefully checked, bearing in mind that any recourse is impossible for those registered more than 10 years ago. The mortgage situation of the house or flat you are interested in is also subject to a rigorous check. It should be noted that only lawyers are authorised to consult the paper registers of the Mortgage Registry.
The audit also covers the legality of the acquisition process, the conformity of the physical boundaries with the topographical plan that must be provided by the seller…On the basis of these elements, it is possible to establish the tax value of the property, which determines the amount of taxes, but also to negotiate a fair price.
Step 4 : Buying property in Greece: Payment of transfer duty tax
Lawyers and notaries make the declarations to the tax authorities so that the purchasers can pay the transfer duties. The proof of payment is sent to the notary so that he can draw up the deed of sale which must be signed in his presence.
Step 5 : Payment of your property and signature of the authentic deed of sale
The choice of notary is up to the buyer (you) but the signing of the deed of sale requires the presence of both parties, accompanied by their respective lawyers. However, you can also choose to be represented by your lawyer. The notary will check all the documents and information in the file one last time. He will then read the contract out loud. Lawyers make sure that there are no mistakes before the document is signed. Payment of the agreed sale price is made at this stage.
Step 6 : Register the Deed of Sale of your property
The signing of the deed makes you the proud owner of a property in Greece. However, there are still some formalities to be completed. In particular, your lawyer will have to register the deed with the Mortgage Registry.
Step 7 : Reporting requirements for your property purchase in Greece
You will have to fill in the E9 declaration relating to real estate via your account on the TAXISnet platform. This is the Greek tax system. You can delegate the task to your accountant, especially if you do not plan to establish your main residence in Greece. In this way, it is the accountant who will monitor your tax situation and payment of taxes. It is of course essential to have a Greek tax registration number and it is strongly recommended that you open a Greek bank account to simplify the transaction.
The process of becoming a homeowner is simple. Just make sure you choose carefully the professionals (real estate agency, lawyer and notary) who will accompany you until the end of your project.