Real Estate in Greece
Who can buy a property in Greece
The Greek real estate market is open to foreigners: they can buy plots of land, as well as residential and commercial properties, and then rent them out or sell them.
Greek property prices are rising twice as fast as before the pandemic. The Greek real estate market is emerging from the crisis but has not yet recovered from the 2010—2015 price collapse. Investing in Greek real estate can thus be turned into a profitable asset.Read the article
Property prices by region of Greece
Property prices in Greece are growing more slowly on average than in the European Union. But with each quarter housing prices increase by an average of 1,2%. The cost per 1 m² of Greek real estate is €1,900, Housing in new buildings is more expensive than in the secondary market.
The highest prices per 1 m² of residential property are in Lefkada Island (from €4,920), Paleros (from €4,700 €), Santorini (from €3,630), Athens Riviera (from €3,300), and Gzira Athens (from €2,600).Read the article
Property purchase procedure in Greece
The process of buying a property takes at least two months. After selecting a real estate, there are five stages of the procedure:
- Registering a taxpayer number in Greece.
- Opening a Greek bank account. If the buyer participates in the residence permit program, they open a National Bank of Greece account.
- Checking legal due diligence of the real estate. Held at a Land Registry or a Hellenic Cadastre office in a region when the real estate is registered.
- Fulfilling the reservation or sale and purchase agreement.
- Registration in the real estate registry. After registration, the buyer receives a certificate of ownership.
Property purchase taxes in Greece
Greece has different taxes for buying new and secondary housing. The buyer also pays service fees: registration and notary fees. Associates costs range from 5% to 11% of the contract price:
- transfer tax — 3,09%;
- notary fee — from 1 to 1,24%;
- registration fee — from 1 to 2%;
- agency fee — from 2,5 to 5%;
- legal support — from 1,24 to 2,5%.
For primary real estate buyers in Greece, the VAT of 24% has been temporarily cancelled. Until the end of 2023, they pay only the transfer tax — 3,09% of the transaction amount.Read the article
Residence permit in Greece by the purchase of a real estate
Greece has a residence permit investment program — Greece Golden Visa Programme. Under its terms, the investor must buy a property worth at least 250,000 euros. Real estate can be rented out, and after five years of ownership, sold for the return on the investment.
The owner of the property can be the investor or the company itself if it is registered in the European Union, and the investor owns 100% of the shares. For registering a single property for a couple, each of them will have to invest at least 250,000 euros — for example, they can buy a house worth 500,000 euros.Read the article
Property types in Greece
Real estate investment in Greece
When you invest in property in Greece, you can join the Greece Golden Visa Program. The program grants permanent residency in the country. Investment options include purchasing or renting residential and commercial property.
The first investment option is to purchase residential or commercial property in Greece. The minimum investment is €250,000. The main applicant can buy the property individually, or register it with an EU-based company they own. They can also make a joint purchase with their spouse or partner, each investing at least €250,000.
Purchased investment property can be rented out — including apartments, villas, townhouses, hotels, and resorts. In 5 years, the investment object can be resold.
The second investment option is purchasing a plot of land in Greece. The minimum investment is €250,000: this can include construction services costs along with the land cost. The land must be used for either agricultural or building purposes.
The third investment option is renting specific commercial property in Greece: hotel accommodation or a furnished residency in a tourist accommodation complex. The option requires investing at least €250,000 in a 10-year lease. The investor can sublease their property and generate profit.
The fourth investment option is either receiving a real estate property in Greece as a gift or inheriting it. If the object is worth at least €250,000, a beneficiary may be eligible for a Greek golden visa.
You can choose and buy your investment property remotely, without visiting Greece. A team of real estate experts at Immigrant Invest will select a real estate project that suits your needs, reserve it for you, and help with the investment fulfillment when your golden visa is approved.
Immigrant Invest is a licensed agent for government programs in the Europe Union and the Caribbean.
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