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Advice on Buying Greece Property
Country: Greece
There seem to be a few reasons why the public has developed an interest in buying Greece property. Firstly, five years ago, they discovered there was a world beyond Spain, France and Portugal. Suddenly they were prepared to buy property in places such as Turkey, Bulgaria, Morocco and Egypt. Furthermore, there is good investment potential in doing so. Yet Greece was still largely overlooked and it was only a year or two later people realised that if they were prepared to invest in these more distant destinations, there was no reason why they should not look also at Greece, Southern Italy and other closer but overlooked gems. Secondly, the Greek government removed or relaxed many of the official and unofficial barriers that prevented or deterred foreign investment. Finally the Athens Olympics, which did not affect the person buying a property in the Islands, but did put the focus on Greece in the most dramatic way. If you are thinking of buying Greece property you will fall into one of two groups. You will either be looking for an older property, possibly with a little land, or you will be looking to buy in one of the many new developments for sale to foreigners. The bad news is if you are seeking your rural idyll, a pretty old Greek property surrounded by olive trees and overlooking the Aegean, you are still probably going to find locating and buying the property a frustrating and time consuming experience. Although the Greek government has now relaxed the restrictions on ownership by EU citizens it is still difficult to buy in many places. And if you do find your ideal proeprty in Greece you may well find it has been inherited by 20 people, 15 of whom want to sell to you, one of whom does not and the rest of whom disappeared to Australia or America 50 years ago without a trace. If you get over this hurdle, you will find the proeprty in Greeece is so old it has acquired a lot of rights and responsibilities, not all of which are clearly documented. For these and other reasons it is recommend that anybody looking to buy older property in Greece use a reputable and experienced agent. The basic legal enquiries should also be made through an independent lawyer at a very early stage and potential property buyers should be prepared to walk away and find another property if the situation looks too complicated. On the other hand, in recent years the majority of people buying Greece property have bought in new developments. As such, the problems highlighted above were faced and dealt with by the developer who is now able to offer a clean title and a (relatively) straightforward purchase process. This does not mean buying a new property in Greece is risk free. But in general the risks are much the same as when buying a new property anywhere else in the world. There are some basic questions property buyers should ask such as: Does the property have good title? Does it have the right planning consent and building licences? Is the contract fair? Does it set out clearly what you are buying? What happens if the builder goes bust? Whether you are buying a new or old Greece property, one of your very first steps should be to speak to an independent lawyer to check all the above and to look at the important question of how you should structure the legal ownership of the property. In other words, in whose name should you put the legal title? This is not always obvious: just because a husband and wife are buying does not mean it will necessarily be best to put it in their names. The importance of this decision is that it can make a huge amount of difference not only to the amount of taxes you pay, in Greece and in your own country, but also to your inheritance rights. Getting this right can save you a fortune.
First published in October 2008.
Some information contained within this article may have changed since it was first published. Homes Overseas strongly advises you to seek current legal and financial advise from a qualified professional.
John Howell
There's also a range of articles for you to read about buying property in Greece:
As well as our overseas news stories affecting the property market in Greece .
Or view our range of property for sale in Greece.
Some information contained within this article may have changed since it was first published. Homes Overseas strongly advises you to seek current legal and financial advise from a qualified professional.
Some properties in Greece
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Price: to be Released
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Type: House
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Bedrooms: 3/4
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Minos’ Dream is situated in Minothiana, a quiet costal neighborhood in the outskirts of Kolimbari with unspoiled views of the Kolimbari fields and sea front.
Also contains
* Large private plots
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View details | Enquire further
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Price: to be Released
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Type: House
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Bedrooms: 3
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Minos’ Dream is situated in Minothiana, a quiet costal neighborhood in the outskirts of Kolimbari with unspoiled views of the Kolimbari fields and sea front.
Also contains
* Large private plots
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View details | Enquire further
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Price: £10,383
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Type: House
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Bedrooms: 1
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This little stone house in Kritsa is on the higher side of the village (Afenths Christos). Suitable for studio holiday use.
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View details | Enquire further
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Price: £10,799
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Type: House
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Bedrooms: 2
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A 2 storey semi-detached stone ruin of about 76 sq.m which is suitable for transforming, subject to planning, into a two bed villa in the delightful village of Dystos.
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View details | Enquire further
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Price: £14,121
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Type: House
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Bedrooms: 1
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Small house for renovation near the center of the village of Kritsa.
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View details | Enquire further
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Price: £16,614
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Type: House
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Bedrooms: 1
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This is the sale of a 1 bedroom village cottage in the traditional mountain village of Kroustas.
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View details | Enquire further
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Price: £16,614
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Type: Apartment
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This little stone house of 33sqm is located in a very pretty, traditional village.
The renovation work on this property is just being finished and is of top quality.
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View details | Enquire further
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Price: £19,106
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Type: House
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Bedrooms: 2
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A two storey semi-detached stone house with a single storey extension, totalling about 138 sq.m, which with renovation / modernisation could provide a suitable family home on the island of Evia.
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View details | Enquire further
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Price: £20,767
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Type: House
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Bedrooms: 1
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This is an old 70m2 house for renovation in the mountainous village of Kroustas.
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View details | Enquire further
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Price: £20,767
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Type: House
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Bedrooms: 1
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Stone house of about 65m2 on ground floor.
It would be possible to turn this old house into a beautiful one bedroom home with 65m2 of roof terrace spaces.
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View details | Enquire further
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