Why invest in Aegean property?

Over the past few years, the property market in Greece has been attracting buyers from all over Europe, with its fantastic beaches, crystal clear sea, authentic culture, and great cuisine. Price levels are another factor that strongly influences a customer's purchase decision. The country is increasingly becoming a center of attraction for investment by private buyers due to the measures taken by the government to ease the procedures and reduce the costs associated with the acquisition of property.

In addition to the emotional value that such a purchase brings, buyers are increasingly paying attention to the possibility of realizing additional profitability associated with rising property prices and generating additional rental income during periods in which the same is not used by the owner.

What's next after making a purchase decision?

After conducting a consultation and selecting a suitable proposal, questions related to terms and procedures regarding the settlement of a transaction in our southern neighborhood usually arise.

First of all, it should be noted that the process of acquiring a property in Greece is similar to that in Bulgaria. It is well-regulated and relatively fast. A mandatory condition is the use of a local lawyer, who performs a check for the absence of encumbrances and foreclosures on the property and assists with the settlement of the documentary part of the process. Usually, the lawyer also makes a reference in the property registry of the country regarding the ownership of the property. In addition, the same has an obligation to assist in the issuance of a Tax Identification Number and a bank account.

To facilitate the purchase process, the buyer often signs a general power of attorney before a Greek notary in the presence of an accredited translator.

The actual act of acquiring a property in Greece is signing a contract for the purchase and sale of real estate. It is carried out in the presence of a notary, who can also be chosen by the buyer, and an accredited translator. The signed contract should be entered in the property register of the relevant region. A copy of this contract, written only in Greek, is kept in the registry.

Acquisition costs

• Attorney's fee – 1.2% of the sale price of the property, but not less than 1,000 euros. The fee is subject to VAT at the rate of 24%. It can be negotiated individually.

• Notary fee - 1.5% of the sales price, on which VAT is charged at the rate of 24%

• Tax on the acquired property - 3.09% of the sale value of the property

• Fee for registering the transaction in the real estate register – 0.5%

• Agency fee – 2% of the sale price of the property. VAT at the rate of 24% is charged on the same.

When finalizing a transaction, the use of a translator is mandatory if the buyer does not speak Greek. This is also necessitated by the fact that the copy of the contract, which remains for storage in the property registry of the relevant region, is only in Greek. The service fee ranges from 200 to 400 euros.

Necessary documents for the purchase of a property by a citizen of the Republic of Bulgaria in Greece:

1. Identity card or international passport
2. Greek tax number AFM

Need more information?

Call the contact phone or come to the Smart Brokers office, where a team of qualified brokers will provide you with as much information as possible and help you choose the property you want.