Property for Sale in Greece

Location, climate, and economy

Greece (officially the Hellenic Republic) is located in Southern Europe, on the Balkan Peninsula and numerous islands, bordered by the Aegean Sea in the east, in the west and south by the Mediterranean. The country is a member of the EU, UN, OSCE, Council of Europe, and NATO.

In the interior regions the climate is temperate continental, in the mountainous regions it is alpine, and on the coast it is Mediterranean.

The service sector is the most important and fastest growing sector of the economy, followed by industry (IT technology, construction, textiles, transport equipment, electrical appliances, building materials) and agriculture.

Market and real estate prices in Greece

The market continues to grow, with demand increasing due to overseas buyers considering three popular destinations - Athens, Crete and the Cyclades, where it is more profitable to rent or resell the property. Increased investment interest from abroad contributed to the construction of new residential complexes. Customer reviews confirm that the primary property complies with European building standards. Greek citizens are also willing to invest in new buildings. The choice of secondary real estate is also quite diverse.

Investing in commercial facilities (hotels, guesthouses, office space, cafes) is undoubtedly a profitable investment, since the country is one of the top ten tourist destinations in the world. Investment interest in commercial real estate has resumed, as evidenced by an increase in the number of building permits issued for offices and shops. In the hotel sector, construction activity remains quite high.

 Prices, for example, in Crete (per sq.m.):

•  apartments in a new building - from 1500 USD,
•  elite cottage in the seaside area - from 2300 USD,
•  a house on the secondary market - from 450 USD,
•  townhouse - from 1600 USD,
•  commercial premises - from 900 USD,
•  land plot for construction - from 60 USD.

Forecasting economic development for the coming years, experts reasonably assume that the value of real estate in Greece will increase by 3-4% per year.

The intentions of investors to purchase real estate here are related to the following factors:

•  successful economic indicators,
•  location (many European countries are within driving distance, comfortable stay on the islands),
•  developed infrastructure,
•  tourism growth,
•  excellent natural and climatic conditions.

 Property types for sale

Real estate in the country is divided into:

• houses (traditional one-story buildings with yards),
• villas (multi-storey buildings with balconies, sliding entrance doors, in the coastal zone),
• flats,
• apartments (depending on class: studio with kitchenette or penthouse),
• townhouses (buildings with separate entrances, having common walls with neighbors, as a rule, in a residential complexes with several lines of houses and a common area),
• maisonette (also has walls in common with neighbors, but the houses do not line up, but form groups of 2-3),
• land plot (agricultural or non-agricultural purposes).

Real estate website in Greece (full catalog)

 It is safer to use the information of experts and follow their recommendations. GEOLN.COM real estate website contains a vast number of objects for sale all over the world.

Buying property in Greece: the nuances

The process of formalizing a purchase and sale transaction should be entrusted to an expert who will assist in:

•  opening a TIN (AFM) at the tax office,
•  opening a bank account,
•  reserving an object by making a deposit to a bank account (1%),
•  conducting a detailed legal due diligence of the object,
•  filing a real estate transfer tax return (can be done online) and pay the tax,
•  drawing up a preliminary contract, pay at least 40% of the cost,
•  signing the main contract
•  registering the purchase in the Cadastral Register.

Buying property in Greece is beneficial for a stable income from renting the property out, living in a country with a developed economy, and relaxing in the Mediterranean and Aegean seas.