Property for sale in Greece
In the past few years, the country has faced economic difficulties that have affected its real estate market. Property values have dropped considerably since the 2008 financial crisis, leading to challenges for many homeowners trying to meet mortgage payments.
Despite these challenges, there are indications of improvement in recent times, with some areas seeing stabilization or even growth in housing cost. The real estate market in Greece remains volatile, so it’s significant to attentively research and consult experts before making any investments.
This article will help you to deal with all details of acquiring property for sale in Greece.
The benefits of getting real estate in Greece
Investing in real estate for sale in Greece can offer some advantages. Firstly, prices are competitive due to the economic crisis, making it an affordable option compared to other European countries. Additionally, the country’s attractive locations with rich cultural heritage and beautiful landscapes make properties appealing to buyers and renters. The thriving tourism industry in Greece can provide a steady rental income stream for property owners. Moreover, the Golden Visa program offers residency permits to non-EU citizens who invest in Greek real estate, providing an added incentive for investors. Lastly, there is potential for capital appreciation as the economy continues to recover. However, investors should be aware of risks such as market volatility, currency fluctuations, and legal challenges. Conducting thorough research and finding specialist advice are integral steps before making any real estate investment.
Real estate market
The Bank of Greece has introduced comprehensive indices that provide in-depth analyses of residential and commercial property prices. These indices, known for their official status and modern methodology, offer a reliable and consistent assessment of market activity. This systematic approach enables investors to make informed decisions confidently.
An attractive aspect of the market is the increasing focus on investments with higher value-added potential. The emphasis on sectors such as agri-food, transport, logistics, and software services reflects a strategic shift towards diversification and sustainable growth. With a growing emphasis on high-quality investment projects, the Greek real estate market is evolving into a hub for innovation and value creation, not just a capital destination.
Can foreigners buy property in Greece?
Certainly! Non-Greeks are allowed to purchase property in Greece. The country actively encourages foreign investment in real estate and has streamlined the process for foreigners to buy property there.
Foreigners from outside the EU must first secure approval from the Greek Ministry of Defense to purchase property in certain restricted areas, like near military bases or border regions. This step is typically handled by a notary public and is usually uncomplicated.
Additionally, foreigners must obtain a local tax identification number before buying property, which can be acquired at any tax office in the country. While the process may at times be intricate, seeking professional guidance before making substantial investments is advisable.
Is it cheap to buy properties for sale in Greece?
The cost of property in Greece can vary based on factors like whereabouts and kind of housing. Generally, the country is known for having relatively affordable housing prices compared to other European countries, especially in rural areas or smaller cities.
Nevertheless, popular tourist destinations and major cities like Athens and Thessaloniki may have higher housing prices due to high demand. The recent economic crisis in Greece has also impacted property values in some areas.
Eventually, whether a country is considered cheap for property based on various factors and can differ based on the particular location and kind of housing. It’s advisable to conduct in-depth research and find guidance from a local real estate agent before making any decisions regarding acquiring property in Greece for sale.
How much does a house cost in a state?
During the first quarter of 2024, the highest asking price for houses for sale was in the south suburbs of Athens at 3664€ per square meter, while the lowest was in Kastoria at 566€ per square meter. Piraeus saw the largest increase in prices compared to last year at +27.30%, while Kastoria experienced the largest decrease at -15.10%. In terms of rentals, the lowest price was in Kilkis at 3.57€ per square meter, and the highest was in i at 32.31€ per square meter.
Which is the best Greek island to buy property?
Popular islands such as Santorini, Mykonos, Corfu, Rhodes, and Crete are attractive for property investment due to their natural beauty, historical significance, and tourism appeal. However, properties on these islands may come with a higher price due to their desirability.
Before purchasing real estate in Greece for sale, it is crucial to seek advice from local specialists or legal experts well-versed in Greek property laws. Researching current market conditions, property values, and potential risks is also recommended to make an informed investment decision.
Which website will be useful when buying real estate in Greece?
Purchasing real estate is a very responsible step. And in order not to be disappointed, the best choice of website for purchasing real estate is EliDeal, where you will find hundreds of real estates in Greece for sale.
How to buy real estate in Greece?
Acquiring properties in Greece for sale involves several key steps:
- You need to locate a property that meets your requirements through different channels such as real estate agents or online listings.
- It is advisable to engage a lawyer who can assist with legal matters, including conducting a title search and reviewing contracts.
- After finding a suitable property, you can make an offer to the seller and proceed to sign a preliminary agreement upon acceptance, accompanied by a deposit.
- You have to obtain a tax number from the local tax office.
- Then you transfer the purchase funds to a country’s bank account.
- The final contract signing takes place in the presence of a notary public, who ensures all parties’ identities are verified, reviews the contract, and registers the property in your name.
- Transfer taxes, calculated based on the property value (ranging from 3% to 24%), must be paid.
- Lastly, the housing is registered with the local land registry to complete the acquisition process.
Some tips that may help you to invest in real estate in Greece:
- Establish a realistic budget to guide your investment decisions.
- Select properties in high-demand areas with growth potential, such as tourist destinations or major cities.
- Explore financing options like mortgages to expand your investment capacity.
- Prior to finalizing any transaction, perform due diligence by inspecting properties and reviewing all legal documentation.
These steps and advice have to assist you to avoid difficulties and buy housing without any problems.
How to sell real estate?
To sell real estate in Greece, it is preferable to first find a reliable real estate agent or lawyer who is well-versed in the local market and can help with legal and financial aspects. Prepare your housing by ensuring it is in good condition. Consider getting a property appraisal to determine its fair market value. List your property through various channels such as real estate agents, online portals, newspapers, or classifieds. Respond promptly to inquiries from interested purchasers and provide them with all necessary details. Agree the terms of the sale with potential buyers and seek advice from professionals if needed. Once an offer is accepted, finalize the sale by signing a contract and transferring ownership following all legal requirements in Greece.
Is Greece cheap to live in?
The cost of living in Greece can differ based on the region and personal preferences. In general, Greece offers a lower cost of living compared to many other European countries. However, living expenses in major cities like Athens and Thessaloniki may be higher than in smaller towns or rural areas.
Housing, utilities, and groceries are reasonably priced in Greece. Public transportation is also affordable, but owning a car can be costly due to high fuel costs and taxes.
Overall, Greece is known for its relatively affordable living standards, but the actual cost of living can differ based on individual choices and circumstances.
Which Greek island has the cheapest property?
Property prices on Greek islands can vary. Generally, the Aegean islands tend to have higher prices compared to those in the Ionian Sea.
Some Greek islands with more affordable prices include Lesvos, known for its beaches and villages, Chios with its medieval architecture, Kythira for its peaceful atmosphere, and Ikaria with natural hot springs and a relaxed lifestyle.
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