It’s one of the UK’s top tourist destinations and only three to four hours away so it’s no surprise that so many people favour buying property in Greece for a holiday home, particularly one of its islands in the Ionian and Aegean Seas. With so many different resorts offering hot, sunny weather, a low cost of living and an altogether slower pace of life, Greece certainly offers choice to overseas property buyers.
Buying property in Greece is a relatively straightforward process, with no restrictions for UK buyers, but bear in mind that while prices of property in Greece are low, it is wise to allow up to 20 per cent to cover fees and taxes. Rustic renovation projects are one of the most cost-effective options for buyers of property in Greece, and those prepared to refurbish an old building can readily find a bargain. Of course, there are also many modern and new developments on the market too.
Crete is the largest of the islands and one of the top destinations for those buying property in Greece. The best-known resorts may be too “touristy” for some (though there are plenty of British buyers who have gone there to set up business who rely on the tourist trade) but there are villages inland with very cheap property and many sandy beaches that are largely devoid of holidaymakers.
Other favourite Greek island property locations to consider include Corfu, Kos, Rhodes and Mykonos. Chic Santorini, in the Cyclades island group, is another of Greece’s property hotspots, famed equally for its dramatic beauty and red volcanic rocks as its vibrant nightlife.
As in other countries, the best bargains on property in Greece are usually to be found off the beaten track, but even in the more popular areas, property in Greece is one of the cheaper options for overseas buyers looking for a property in the sun.
Key Facts
Population: 10,722,816
Capital: Athens
Languages: Greek
Area (km2): 131,940
Currency: euro
Exchange rate: £1 = €1.25
Dialling Code: +30
Emergency services: 112
Embassy in UK: http://www.greekembassy.org.uk
Health
In spite of the fact that it is getting better, Greece still has what many consider the worst healthcare system in Europe: it’s hugely underfunded and drastically overused. Any EU citizen in possession of a valid passport and EHIC will receive free treatment, but to err on the side of caution, private medical insurance is a very, very good idea
Travel
There are daily flights available all year round from the UK to Athens. During the high season there are also plenty of charter flights available to most of the popular island destinations such as Crete, Corfu and Zante. In winter a connecting fight or ferry will be necessary from Athens or Thessaloniki
TOP TIP
Take extra care when buying an older property in Greece. It is normal in Greece for these homes to have a number of different owners, and before any deal can go ahead, every one of them needs to be found and must give permission to sell
The Process for Buying Property in Greece
- To buy property in Greece you will need to obtain a tax number (AFM) from local authorities. This only takes a few days
- The next step is for the buyer and seller to draw up a preliminary contract. This should be carefully checked by your lawyer to make sure that any necessary conditions are included (e.g. clear title being obtained). At this point a deposit of between 5% and 10% is paid
- All necessary checks are then carried out. If everything goes smoothly, the final purchase contract is signed in front of a notary and the remaining balance plus all fees are paid
- Property in Greece is always sold in the condition in which it appears on the day of completion, so make sure you (or someone acting on your behalf) give the property a thorough once-over before signing
- The deeds should then be sent to the land registry to officially register the transfer of ownership
- Buying off-plan property in Greece is usually carried out in stage payments. These are dictated by the developer but can sometimes be negotiated depending on your circumstances
Fees and taxes
- The value of transfer tax payable is extremely complicated to calculate and you should get your lawyer to do the maths. But as a rough guide, expect to pay between 7% and 11%
- Legal fees are usually around 1%
- Agents’ fees tend to be paid by the buyer and are generally between 2% and 4%
- The full amount of transfer tax must be paid before signing the final contract
- Notary fees vary greatly but, as a rough guide, expect to pay at least 1%
- Where applicable, which is only in certain specific cases, VAT of 19% applies. Consult your lawyer for advice on this matter
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