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Perhaps it was the attention drawn to Greece when
the Olympic Games were held there in 2004. Perhaps
it was the entry of Greece into the European Union.
No matter what the primary reason, Greece has begun
to attract an ever growing number of foreign nationals
who are investing in real estate in that country since
the turn of the century. Indeed, to utilize an overused
term -- when it comes to real estate, Greece is hot.
The greatest deal of real estate activity in Greece
involves property that is used for vacation or holiday
purposes. In point of fact, some of the fastest moving
real estate markets in all of Europe are those that
are located in Grecian resort communities. Literally
thousands of people from a wide range of different
countries can be found snatching up real estate in
one or another of the various Grecian resort areas.
Foreign nationals have also invested heavily in commercial
properties in Greece, particularly in the larger cities
in the country. This includes investment in properties
that house retail operations and enterprises as well
as office buildings. The demand for office space within
Greece -- again, particularly in the major cities
-- has increased dramatically since Greece became
a part of the European Union.
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Again, in the aftermath of the Olympic Games, many real
estate analysts maintain that the country -- particularly
in and around Athens -- has been overbuilt, at least to
some degree. This is a natural result in the aftermath of
the Olympic Games and other large scale events such as the
World's Fair.
In any event, this renders Greece an ideal locale for investment
in real estate of all sorts -- industrial, commercial, residential,
holiday property. This factor, coupled with Greece's admission
into the EU, renders it a prime spot for realty investment.
A significant number of foreign nationals have been attracted
to the profitable Grecian real estate market at the present
time.
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Residential
Property in Greece - Single Family Properties |
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Low cost single family dwellings are rather difficult to
find in the Athens metro-plex. If a person is interested
in residential housing in that part of the country, the
best bet at this point in time is apartments (which will
be discussed in more detail shortly).
Understanding the functionality of the Athens residential
market, there are a number of different areas beyond Athens
in which single family residences can be purchased for a
reasonable amount of money.
In addition, in different resort areas around the country
there are some splendid (and pricy) villas and other properties
that are attractive to well heeled foreign nationals who
want second homes and holiday properties. With little difficulty
on the hunt, a person with a bankroll to spend, can locate
and purchase these types of homes.
Finally, there are farmsteads in different parts of Greece
that are on the market. Some foreign nationals have taken
to purchasing these types of properties which they then
renovate and turn into magnificent second or holiday homes.
Oftentimes, these properties can be purchased on the cheap
and improved with only a moderate investment and expenditure.
There are some foreign nationals who have taken to buying
and then improving these properties after which they put
them on the market and turn a tidy profit.
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Residential
Real Estate in Greece - Apartments |
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With the return of the Olympic Games to Greece, there was
a boom in the number of apartments that were being constructed
in that country, particularly in and around Athens -- the
site of the games. Once the games concluded, there was a general
consensus that developers had overbuilt apartments in Greece,
again particularly in and around the capital city.
With this said and understood the apartment market in Greece
(most especially in and around Athens) truly has become one
that favours buyers at this point in time. Consequently, many
foreign investors have been active in purchasing
property for sale in Greece. Many such foreign property buyers have
realized outstanding deals in the apartment market in Athens
and in surrounding communities at the present time.
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As has been mentioned previously, the vacation or holiday
real estate market in Greece is "hot." Indeed, the demand
for vacation real estate has continued to increase each and
every year since the turn of the century.
The country of Greece is dotted with some of the most extraordinary
resort, vacation and holiday destinations to be found anywhere
in the world. Tourists from around the globe can be found
flocking to Greece each and every year.
An ever growing number of foreign nationals have turned to
purchasing vacation or holiday properties in different locations
around Greece for two primary reasons. First of all, and as
was noted, Greece is a very popular travel and tourist destination.
Thus, many of these people are making the purchase of this
type of real estate for their own, personal purposes. Through
the ownership of this type of real estate, people -- including
extended families -- can enjoy extended holidays in Greece.
In addition to purchasing holiday properties for their own
usage, some farsighted individuals are purchasing villas in greece so that they can then, in turn, rent or lease
these properties to other individuals. Because of the large
number of people who travel to Greece each and every year,
this type of property investment is proving to be very
profitable for a significant number of foreign nationals.
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When considering the options for a mortgage on your overseas
property there are a couple of choices to consider;
- Do you consider raising finance on your existing property
in the UK to cover the whole cost of your purchase abroad?
A good idea if the interest rate in the country in question
is a lot higher than it is here in the UK as you will
pay a lot less in monthly repayments.
- Do you secure a mortgage against the property from a
local bank in the country of purchase? This can be a wise
option especially if the interest rate is lower than our
current UK interest rate. Most overseas mortgage / bank
lenders will require upto 30% deposit on mortgages. However,
you will need to give some thought to how you will service
your mortgage payments each month especially if you are
not living or earning in that country as you may well
lose out on exchanging money each time to cover monthly
expenses. Check out our Foreign
Currency page to see how you can save money in this
example
- Some Builders and developers may well offer their own
mortgage facilities on their properties for sale. This
can be beneficial to both parties depending on the logistics
of the mortgage or loan facility. Always check and compare
with the two options above before making your final descision.
For more details on Mortgages
in Greece visit our Mortgage page in the Greece directory.
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Specific
steps to buying real estate property in Greece |
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On many levels, buying property in Greece -- particularly
if you are a foreign national -- can be a rather complicated
and sometimes confusing process. However, by understanding
the process up front, and by understanding the various requirements
and regulations that apply to foreign nationals seeking to buy real estate in Greece, a foreign citizen can successfully
acquire property in Greece.
As a general rule, a foreign national actually can purchase
real estate in most locations in Greece. However, a foreign national
who is not from a European Union nation must obtain the prior
approval from the local prefecture in certain areas in Greece:
some regions of northern Greece, Rhodes and Crete. Many real
estate agents aid foreign nationals in obtaining the necessary
permission in these areas. Obtaining this permission from
a local prefecture generally does not take a great deal of
time and usually is granted without significant fuss.
Before anyone -- a citizen of Greece, the EU or another foreign
national -- can purchase real estate in Greece, that person
must first obtain a tax role number, known in Greece as AFM.
This number is easy to get and can be obtained at any tax
office in the country. The tax number can be obtained from
these offices on the sport. Citizens of Greece or another
EU nation need only show their government issued ID card.
Citizens of other countries must show a passport to obtain
the AFM.
Grecian authorities are very concerned about where a foreign
national is obtaining money to purchase property in Greece.
As a consequence, a person from another country interested
in buying property in Greece will need to obtain what is known
as a "pink slip" for wire transfers of money from abroad.
The purchaser has to be able to demonstrate where the money
is coming from and if he or she cannot, Grecian governmental
authorities will consider any money wired into the country
as income and will tax it accordingly.
In addition, money to purchase real estate in Greece must
come directly from a Grecian bank and bank account. Therefore,
before a person can actually make a purchase of real property
in Greece, he or she will need to open a bank account. Provided
that a person has proper documentation, and provided that
a person has the pink slip to demonstrate the origin of the
money involved, it is not difficult to open a bank account
in Greece.
A public notary -- who is an independent official -- oversees
the real estate purchase process. Once an offer is made on
the property, a preliminary contract is drafted. A deposit
of up to about 10% is placed on the property at the time this
agreement is executed. (The deposit is not refundable unless
the seller somehow disrupts or ends the sales process or unless
clear title to the real estate cannot be had in the time allotted
under the preliminary contract.) After the buyer obtains his
or her financing, and the seller satisfies his or her own
obligations under the preliminary agreement, a final contract
is signed between the parties.
With the execution of the final contract, the ownership of
the property will be conveyed legally to the buyer. The final
contract is signed before the public notary. In addition,
according to Greek law, the real estate agent or agents who
have been involved in effecting the sale must be present for
the signing of the final contract.
Property Abroad always recommends using a Solicitor
or Lawyer
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GREECE
