How to Buy Property in Greece
Investors have a variety of options for buying property in Greece. The following are two main possible ways to buy a property in Greece:
Buy a Property with a Contract
In this method, both the seller and the buyer must be present in the notary public's office. They should sign a document so that the contract can be registered in the local registry office and in the land registry office.
Auction Purchase of Property
In 2017, the Greek government launched e-auctions. It allows Greek and foreign natural and legal persons to apply for and subscribe to the system. This registration method is free for everyone.
Steps to Buying a Property in Greece
Purchasing a property includes several important steps described below.
Select Property
After choosing the type of property, the buyer will appoint a lawyer to conduct all legal investigations.
Research on Property Conditions
At this stage, the investigation is being carried out by the Land Registry Office. The goal is to check whether the property in question actually belongs to the seller or not.
Identify Potential Property Debts
The attorney examines all the property records and determines in order to find out if the property has a loan, mortgage, debt, or insurance.
Check the Location of the Property
The lawyer examines the location of the property. It's important to know if it is located in a restricted area or not and whether it has any restrictions.
Get a Tax Number
According to Greek government regulations, any party (whether real or legal) who trades and sells real estate must get a tax number.
Property Registration Stages in Greece
In the following part of the article, we'll describe the details of the property registration process in Greece.
Technical Inspection of Real Estate
This step isn't mandatory but it is recommended in order to ensure the structural accuracy of the property. It helps to prevent problems such as improper sales or poor quality investment.
Payment of Stamp Duties
Buyers are obliged to pay property transfer tax and repair duties, which are currently 3% of the value of transactions.
Complete the Purchase Contract
Before going to the notary, the contract must be completed. Which is the first step of ownership, receiving the document, and completing the contract.
Register the Purchase Document
The purchase document is registered at the local land office. At this step, absolute ownership is proved.
Online Registration
The property must be registered online with the IRS.
The Final Stage of Property Ownership Registration
Property ownership registration in Greece is subject to an annual tax which is calculated based on the value of the property.
Summary
Buying a property in Greece can be an excellent idea. Yet, it is crucial to know the legal details of purchasing and registering property. In this article, we give you an overview of what to expect when investing in Greek real estate.