investors given chance of greek property bargains
News Posted On: 14 June 2011
The austerity measures implemented by the Greek government include large property tax increases which are forcing local Greeks to put their holiday homes on the market. This is giving foreign investors and excellent chance of snapping up a bargain.
The property market in the country peaked over three years ago, and since then prices have been falling, with some properties having lost as much as 40% of their value, while the number of residential home sales has dropped by as much as 75%. There is a high percentage of home ownership in the country, and many people own holiday homes as well, but these new property taxes are forcing many to sell up which is giving buyers the upper hand to negotiate considerable discounts. It also means there is a good selection of properties to choose from in what are normally high demand markets.
The Greek islands are popular places for holiday homes, both for Greeks and foreigners while most of the buyers in Athens are Greeks. Anyone purchasing property here needs a Greek tax number and a bank account, and legal fees are usually around 1.5% or 2% of the purchase price.
A notary must be used before the purchase with these being fixed at 1.2% while VAT is currently 23% for new properties. Resale properties incur a transfer tax of 10%. Estate agents commissions are split evenly between the vendors and purchaser in Athens and cost 2% for each party, while commission in the rest of the country can cost a full percentage point more. It is highly recommended that purchasers use a solicitor to conduct a title search.
View property for sale in Greece
Written by Les Calvert
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