The Greek economy has been in a slump for the past few years. However, there are some bright spots, including the real estate market. Greece is a popular tourist destination, and many people are looking to buy property here as a second home or as an investment.
Are you looking for a summer home in Greece? Or maybe you’re ready to make a permanent move to this sunny Mediterranean country. Greece has a lot to offer – from stunning beaches and islands to a rich history and culture. And, of course, let’s not forget the delicious food! If you’re thinking of buying a home in Greece, here are a few things you need to know.
1. The process is different from what you’re used to The process of buying a property in Greece is different from what you may be used to in your home country. For example, there is no multiple listing service (MLS) in Greece. This means that you can’t search for properties online. Instead, you’ll need to work with a local real estate agent. They will be able to show you a selection of properties that match your budget and requirements.
2. You’ll need to get a permit If you’re not a Greek citizen, you’ll need to get a permit to buy a property in Greece. This is called a “golden visa” and it allows you to live in the country for up to five years. To get a golden visa, you’ll need to invest at least €250,000 in a property in Greece. Once you have your permit, you’ll be able to apply for a residence permit.
3. The market is hot right now The Greek property market is currently very hot. This is because there is a lot of interest from foreign buyers, especially from those looking for a second home. As a result, prices are rising and properties are selling fast. So, if you’re thinking of buying a property in Greece, it’s important to act quickly. It is also important to do your research and be aware of the market value of properties in Greece before making an offer.
4. You’ll need to pay taxes When you buy a property in Greece, you’ll need to pay taxes on the purchase price. The amount of tax you’ll need to pay depends on the value of the property. For example, if the property is worth less than €250,000, you’ll pay a 3% tax. If it’s worth more than €250,000, you’ll pay a 5% tax. The Greek government has implemented a new tax on properties worth more than 300,000 euros. This tax is called the Immovable Property Tax (IPT). It is important to get a good lawyer to help with the purchase process. This is because the contract and legal process can be complicated.
5. There are restrictions on foreigners buying property There are some restrictions on foreigners buying property in Greece. For example, foreigners can only buy one property per person. And, they can only buy property that’s for their personal use – they can’t buy property to rent out. These restrictions are in place to prevent foreigners from buying up all the property in Greece.
If you’re thinking of buying a property in Greece, these are a few things you need to know. The process is different from what you’re used to, but with the help of a local real estate agent, you’ll be able to find the perfect property for you.
Greece is a country with a lot of history and culture. Buying property here is a great way to become a part of that.