- Do I need a lawyer ?

Absolutely, yes. Lawyers perform all the necessary checks on the property titles and make sure the property is free of any burdens, claims or legal encumbrances. Furthermore, your lawyer will assist you in the contract signing process.

- Do I need a civil engineer ?

In certain cases, the advice of a civil engineer is crucial for the evaluation of real estate. The engineer can asses the condition of a structure and may also offer valuable insight on the potential for further development of a property in general.

- Do I need a special permit in order to purchase property in Greece ?

There is no major obstacle for EU citizens buying property anywhere in Greece. For non-EU nationals though, there are certain parts of Greece called “borderline areas” which do require a special permit. This is issued by the Greek Ministry of Defense.

- What is a property’s Assessed Value ?

The Assessed Value of a property in Greece is an estimated monetary value issued by the Greek Tax authorities. Generally this value is far lower than the actual market value of the property.

- What are the additional costs when buying a property ?

It is estimated that including all the fees and taxes, the additional cost for buying a property can be as high as 15% on top of the purchase price.

- Will I have to pay annual tax on my property ?

Since 01.01.2008, a single tax of 0,1% on a property’s assessed value (also called nominal or objective price) is levied on all real estate owned by natural entities in Greece.

- What is the Buying Process in Greece ?

• As soon as you select your desired property, you should hire a lawyer and a notary public.
• Request a Tax Registry Number “AFM” from the Greek Tax Authorities (your lawyer can do this on your behalf using a power of attorney).
• Open an account with a Greek Bank (to acquire the “pink slip” which proves the funds are wired from abroad and cannot be characterized as income and therefore are not taxable), usually this can also be completed by your lawyer using a power of attorney.
• Your lawyer drafts a preliminary agreement with the terms of the sale and payment.
• Pay a deposit against the property (this amount is best kept by the lawyer until the completion of the final contract).
• Final Contract is signed after four to six weeks, at the public notary’s offices. Your lawyer is present at this procedure

 Note: all ownership transfer taxes must be paid in full prior to the final contract.