FAQ
Can you walk me through the buying process?
The process is fairly quick and uncomplicated. As a general rule, you must: – Appoint a Greek Lawyer (Your Greek lawyer will outsource the Notary Public and the Surveyor) – Sign a Letter of Intent which outlines the deal in principle and allows sufficient time for the purchase due diligence to take place, usually between 2 to 4 weeks. – Sign the pre-contract detailing terms of sale and payment schedule or the Final Notarial Purchase Contract.
Do I need an accountant when buying a property in Greece?
Yes. It is essential to hire an accountant early on to help you with tax returns and explain property taxation.
Do I need a land surveyor when buying a property in Greece?
Yes. Property Surveyors ensure that all acts associated with the building licensing of the property are based on lawful planning permissions. They are usually outsourced by the appointed Greek Law Firm.
Do I need a Tax Registry Number (AFM) in order to buy a property in Greece?
Yes. This tax number (AFM) is mandatory for all property buyers, including foreigners and permanent residents abroad. It is issued on the spot at tax offices, free of charge.
Can I get a tax number online in Greece?
No. You get it from the tax office only. Your proxy may provide this service for you
What is a property’s Tax Assessed Value?
The Tax Assessed Value is the estimated monetary value of a property according to the Greek tax authorities. As a general rule, a property’s Tax Assessed value is significantly lower than its purchase price. The property’s tax assessed value bears no relation to taxes paid. Transfer taxes are paid on the purchase price.
Can foreigners get mortgages from Greek banks?
Yes, foreign property buyers can get a mortgage in Greece. However, the bank will examine your file independently and decide if you are eligible for a property loan.
Is it possible to get a mortgage in Greece?
Mortgage applications are considered to applicants with sufficient net income present and past to cover the monthly mortgage payments in Greece or abroad. A prenotation on the purchased property is required. The Greek banks are offering Loan to Value up to 80% depending on the client profile and the property value.
How will I pay my utility bills in Greece?
You can make automatic payment orders through your bank for your utility bills.
Can I rent out my property?
Yes, Greece offers good investment chances with a high return on investment. We will introduce you to the best management offices in the property area to discuss all levels of cooperation.
Is there a property management service in Greece?
Yes, there are companies that provide property management services and we will introduce you the best upon your arrival.
What are the costs when I want to resell my property?
If you wish to resell your property, you bear the fees of your lawyer, the real estate agency and your engineer.
Extra Purchasing Costs?
- 3,09% Property Transfer Tax
- Lawyers Fee (usually around 1%)
- Notary (around 1%)
- Land registry 0.75%
Have any Questions?
