Buying property in Greece as an expat offers a captivating blend of Mediterranean charm and investment potential. Greece’s picturesque landscapes, affordable real estate, and a straightforward buying process make it an attractive destination. However, navigating legalities, understanding local markets, and seeking expert advice are essential steps for a successful property acquisition in this beautiful country.
In this comprehensive guide, we give an overview of everything you need to know about buying property in Greece, from property taxes to the buying process and the best places to find your dream house.
Greek real estate: Should you buy property in Greece?
Greece attracts travelers and expats alike with its stunning landscapes and rich heritage. With its favorable Global Passport Index ranking, Greek residency offers visa-free access to 173 countries, making it an enticing destination for global nomads seeking a vibrant Mediterranean lifestyle and international mobility.
The Greek property market has undergone a transformation, offering diverse opportunities for investors. Affordability, coupled with favorable immigration policies, has attracted international buyers. Athens and popular islands like Santorini are hotspots, witnessing steady purchases of property.
Greece offers a tax-friendly environment for residents and investors. The country’s flat income tax rate of 22 percent is competitive within Europe, while retirees enjoy a seven percent flat tax on foreign income. Property taxes are relatively low, and incentives exist for foreign investors, fostering a favorable tax landscape in this Mediterranean nation.
Greece is known for its affordable lifestyle, making it an appealing destination. Housing costs, dining out, and daily expenses are budget-friendly. Access to fresh, locally sourced food and low healthcare expenses enhance the quality of life. Coupled with a pleasant Mediterranean climate, Greece offers a high-quality, cost-effective way of living for residents and expats.
Easy to travel to
Greece’s accessibility by land, air, and sea makes it a prime destination for people from all over the globe. Major international airports, well-connected ferry services, and a robust road network facilitate easy travel from within and to the country.
Greece’s expat-friendly environment is marked by its welcoming culture, English proficiency in major cities and tourist spots, and supportive communities. Favorable tax policies, straightforward property acquisition processes, and various residency options make it an attractive destination. The Mediterranean lifestyle and a sense of belonging further enhance the expat experience in Greece.
Path to European residency
Greece offers a promising path to European residency through its popular Golden Visa program. Known as the “Greece Golden Visa,” this initiative allows expats and investors to obtain Greek residency by investing in real estate.
Golden Visa Greece
To qualify, individuals must invest a minimum of €250,000 in Greek property (€500,000 in key areas such as Athens, Thessaloniki, Santorini, and Mykonos), a threshold that may vary depending on government regulations.
One of the program’s key attractions is the opportunity to secure Greek residency for the entire family, including spouses and dependent children. This residency provides a gateway to European Schengen Area countries, offering visa-free travel within the region.
For those seeking Greek citizenship, residing in the country for at least seven years is typically a prerequisite. During this period, applicants should also demonstrate proficiency in the Greek language and pass a Greek citizenship test to prove their integration into Greek society.
The Golden Visa Greece program and the path to Greek residency and citizenship offer a unique opportunity for expats to embrace Greece’s rich culture, favorable Mediterranean lifestyle, and the benefits of European Union membership. It’s essential to consult with legal and financial experts to navigate the intricacies of this process successfully.
How To Buy Property in Greece: Step-by-Step Process
Buying real estate in a foreign country can be a daunting process, but with some research, expert guidance, and maybe the help of a real estate agent, it need not be difficult. Below we’ll give an overview of what you can expect when buying your dream home in Greece.
You’ll need the following documents to purchase property in Greece as an expat:
- A valid passport
- Your Greek tax registry number (AFM)
- A valid visa to enter Greece (if you’re a non-EU national)
- Proof of residence or a residence permit
- Copies of your tax returns
- Proof of current residence (bank statements, bills, etc)
Step-by-Step Guide to Buying a Property in Greece
The following step-by-step guide will help you understand the process and make your property purchase in Greece a smooth and successful experience.
Step one: Research and planning
1.1 Determine your budget
- Assess your financial situation and decide how much you can afford to spend on a property in Greece.
- Apart from the property price, consider additional costs like property taxes, legal fees, and maintenance.
1.2 Choose your location
- Research different regions in Greece to find the one that suits your lifestyle and preferences.
- Consider factors such as proximity to amenities, transportation, and local attractions.
1.3 Legal requirements
- Verify the legal requirements for expats buying property in Greece.
- Ensure that you have the necessary permits and visas to own property in Greece.
- You may also want to open a Greek bank account to make financial transactions easier.
Step two: Find a reliable real estate agent
2.1 Recommendations and research
- Seek recommendations from other expats who have purchased property in Greece.
- Research and choose a reputable real estate agent with experience in helping expats.
2.2 Interview potential agents
- Interview multiple agents to find someone you trust and who understands your needs.
- Ask about their knowledge of the local market and legal procedures.
Step three: Property search
3.1 Start your search
- Work closely with your real estate agent to identify suitable properties.
- Attend property viewings and inspect the condition of the properties.
3.2 Legal checks
- Ensure that the property has a clear title and is free from any debts.
- Confirm that the property complies with building regulations.
Step four: Negotiation and offer
4.1 Price negotiation
- Negotiate the price with the seller through your real estate agent.
- Be prepared to make a reasonable offer, taking market conditions into account.
4.2 Sales agreement
- Once an agreement is reached, a preliminary sales contract (Compromis de Vente) is drawn up.
- This contract outlines the terms and conditions of the sale, including the deposit and timeline.
Step five: Legal assistance
5.1 Hire a lawyer
- Engage a Greek lawyer with expertise in property transactions to review all legal documents.
- Ensure they explain the terms of the contract and protect your interests.
Step six: Due diligence
6.1 Property inspection
- Conduct a thorough inspection of the property to identify any issues.
- Ensure all necessary permits and licenses are in place.
6.2 Financial due diligence
- Verify the financial details of the property, such as outstanding debts or taxes.
- Ensure you understand the payment schedule and taxes involved.
Step seven: Finalize the sale
7.1 Signing the deed
- Once due diligence is complete, sign the final deed of sale before a notary public.
- Pay the remaining balance and any associated fees.
7.2 Property registration
- Register the property in your name at the Land Registry Office.
Step eight: Post-purchase
8.1 Utilities and services
- Transfer utility accounts and services to your name.
- Set up a Greek bank account for property-related expenses.
8.2 Tax obligations
- Familiarize yourself with Greek tax laws related to property ownership.
- Pay property taxes and any other applicable taxes.
Pitfalls of Buying Property in Greece
As with every real estate market, there are certain things to be aware of to ensure that you’re legally protected and that you don’t become a victim of scams or substandard property sales.
- Never send money or a deposit to anyone before you have met the seller in person, seen the property, or obtained a set of working keys.
- Ask the seller for an up-to-date property inspection report. This document should be provided by the seller to ensure transparency and reliability.
- Accompany your real estate agent on a comprehensive walk-through of the property, armed with your inspection document. This step helps you assess the property’s condition and verify its accuracy.
- Ensure that the seller has the legal right to sell the property. Confirm their status as the genuine property owner through official documents.
- Investigate your rights concerning the property. If the property is classified as “Alpha” by the Greek Government (indicating it’s a historic home), be aware that you might have limited ability to make updates or alterations.
By sticking to these guidelines, you can significantly reduce the risk of falling victim to real estate scams during your property search in Greece.
Is it safe to buy property in Greece?
Buying property in Greece as an expat can be a sound investment and lifestyle choice. Greece offers a diverse range of properties, from stunning island villas to historical city apartments. Its favorable climate, rich culture, and welcoming communities make it an attractive destination.
However, like any international property purchase, it’s crucial to research thoroughly, understand local laws, and work with trusted real estate professionals to ensure a safe transaction. Property values may fluctuate, and there are administrative challenges, so careful consideration of your financial situation and long-term goals is essential.
Working with a Real Estate Agent
Working with a real estate agent in Greece can greatly simplify your property search. These professionals possess local expertise, offering insights into diverse regions and market conditions. They’ll help you find properties that align with your preferences and budget.
Agents also streamline negotiations, ensuring fair deals. Importantly, they can guide you through Greece’s legal intricacies, safeguarding your interests during the transaction. Choose a reputable agent, ideally one with experience in expat clientele, to facilitate a smooth and successful property purchase.
What’s more, their local knowledge and network can be invaluable in navigating Greece’s real estate landscape, making your investment journey more secure and efficient.
Things to Consider Before Buying Property in Greece
Having a clear plan of what you want, how much you want to pay, and being aware of the process, as well as any additional costs that occur during the buying process, will help you make the right choices and avoid any issues in the long-term.
List of things to consider
Below are some questions you should ask yourself so you are prepared for any eventuality whilst looking for your ideal property in Greece.
What are your criteria?
The choice of your ideal home may vary depending on several factors, such as family size, desired amenities, and the surrounding environment. If it’s just you or you and your spouse, a one or two-room apartment may be enough.
However, if you anticipate your parents and children joining you, opting for a villa would be a better decision. Your housing needs should align with your family’s size and lifestyle requirements, ensuring that you have enough space and comfort for everyone.
What are the must-haves, and what are the nice-to-haves?
Regardless of your chosen location for property purchase in Greece, it’s essential to ensure that the area caters to your needs. Primarily, proximity to your workplace and connectivity to neighboring towns through various transportation options are vital considerations.
What’s more, if you have children, opting for a property near educational institutions would be highly advantageous. Additionally, having access to outdoor spaces and nearby markets adds to the convenience and overall quality of life in your selected property. Prioritizing these aspects ensures that your property not only meets your current requirements but also offers a well-rounded living experience.
What is your budget?
Greece provides a diverse range of property options to suit various budgets. Once you’ve determined the amount of money you’d like to spend, you can readily explore affordable housing options. Depending on your financial limitations, you can choose to reside in any city or town where properties align with your budgetary constraints.
Be mindful to include in your budget not just the purchase price or property value but also any legal fees, notary fees, and registration fees you may have to pay to the local land registry when registering your residential property.
Also, if you’re buying real estate through the Golden Visa program, you may have to double your investment to €500,000 if you wish to buy a property in the more sought-after areas.
What is a deal-breaker?
Certain property issues can potentially be deal-breakers. During property tours, you may identify various shortcomings, such as maintenance and structural issues, pool condition, or pet-friendliness. Equally crucial is evaluating the safety of the neighborhood before making a purchase decision.
Don’t overlook these factors; your home should be a perfect fit for you and your family in every aspect.
Best Places to Live in Greece
Greece has an abundance of beautiful villages, towns, and cities, so no matter your ideal location, you’re sure to find it here. Below is a brief overview of some of Greece’s most popular cities and islands, helping you to get a step closer to your Greek dream life.
Although Greece has got many excellent cities, the two most popular hubs of urban life are its capital Athens, and the northern city of Thessaloniki. Those cities also demand a minimum of €500,000 investment if you apply for Greek residency through the Greek Golden Visa Program.
Athens stands as a timeless testament to human civilization, blending ancient history with a vibrant modern spirit. Nestled against the backdrop of the Acropolis, this historic city is the cradle of Western democracy and philosophy. Its ancient ruins, including the iconic Parthenon, offer a glimpse into the glory of classical Greece.
Athens’ bustling neighborhoods, like Plaka and Monastiraki, offer a taste of traditional Greek life with narrow streets, charming tavernas, and lively markets. The city’s museums, like the National Archaeological Museum, house priceless artifacts. As a global hub, Athens boasts a rich cultural scene, a dynamic culinary landscape, and warm hospitality, making it a destination that seamlessly merges antiquity with contemporary culture.
Greece’s second-largest city, exudes a unique charm as a crossroads of history and culture. Nestled along the azure shores of the Thermaic Gulf, it boasts a rich tapestry of influences, from ancient Greek and Roman heritage to Byzantine and Ottoman legacies.
The White Tower, an iconic landmark, reflects this captivating blend. Its vibrant waterfront, lined with bustling cafes and lively promenades, invites visitors to savor Mediterranean flavors and enjoy breathtaking sunsets. Thessaloniki is also a cultural hub, with world-class museums, festivals, and a thriving arts scene.
This city’s dynamic character and warm hospitality make it an exceptional choice for expats seeking history, culture, and a taste of contemporary Greece.
The Greek Islands, scattered in the sparkling Aegean and Ionian Seas, are a paradise for travelers, tourists, and expats alike. With over 6,000 islands and islets, each offers a unique blend of pristine beaches, ancient history, vibrant culture, and delectable cuisine. These sun-kissed destinations beckon with their timeless beauty and warm Mediterranean charm.
Mykonos is a captivating jewel in the Cyclades and is renowned as Greece’s party paradise and a haven of cosmopolitan charm. Famous for its dazzling beaches, including Paradise and Super Paradise, the island attracts sun-seekers and partygoers worldwide.
Beyond the beachfront, the town of Mykonos enchants with its maze-like streets, lined with whitewashed buildings and bougainvillea-clad balconies. Iconic windmills, historic churches, and Little Venice’s picturesque waterfront add to its appeal.
Whilst famous for its thriving nightlife scene, during the daytime, the island offers plenty of opportunities for relaxation and exploration. It seamlessly marries adventure with tranquility, making it a quintessential Greek island experience.
Santorini, a mesmerizing crescent-shaped island in the Aegean Sea, stands as a postcard-perfect destination. Known for its stunning sunsets over the caldera, this volcanic paradise offers breathtaking panoramas of whitewashed villages perched on dramatic cliffs.
Fira and Oia are the epitomai of Cycladic beauty, with their iconic blue-domed churches and charming narrow streets. The island’s unique beaches, like the red sands of Red Beach and the black sands of Kamari, provide a striking contrast to the turquoise-blue waters.
Beyond its visible beauty, Santorini boasts delectable cuisine, local wineries, and historic sites like Akrotiri, making it an enchanting blend of natural wonder and cultural richness.
Corfu is a lush island and boasts a captivating blend of Venetian, French, and British influences. Its vibrant Old Town, a UNESCO World Heritage Site, reveals narrow cobbled streets, charming pastel buildings, and imposing fortresses. Corfu’s diverse landscape features stunning beaches, including Paleokastritsa’s crystal waters and Glyfada’s golden sands.
The island’s hinterland is a paradise for nature enthusiasts, with olive groves, cypress forests, and traditional villages like Pelekas. Local cuisine is a delightful fusion of Mediterranean flavors, and Corfu’s rich history is visible in landmarks like Achilleion Palace.
Crete is Greece’s largest island and a mesmerizing place where ancient mythology and vibrant culture merge. Its diverse landscape includes dramatic mountains, fertile plains, and pristine coastline. The Minoan Palace of Knossos, a testament to Europe’s oldest civilization, is a historic gem.
Chania and Heraklion showcase Venetian and Ottoman influences in their picturesque harbors and architecture. Crete’s cuisine is a culinary journey, with Cretan olive oil, cheeses, and traditional dishes like dakos (Greek bread with fresh savory topping) and souvlaki (meat or vegetable skewers). The island’s beautiful beaches, including Elafonissi and Balos, offer both relaxation and adventure, especially for water enthusiasts.
Naxos is the largest of the Cyclades islands in Greece and is a multifaceted gem that marries natural beauty with a rich history. Its diverse landscape boasts lush green valleys, rugged mountains, and stunning beaches like Agios Prokopios and Plaka. Most notably, the island is steeped in mythology, with Mount Zeus, the mythological birthplace of Zeus, standing as a towering symbol.
Naxos Town (Chora) delights with its Venetian architecture and the iconic Portara, an ancient temple gateway. The island’s vibrant cultural scene includes local festivals, museums, and traditional Greek music. Naxos also offers superb cuisine, featuring local cheeses and fresh seafood, making it a captivating destination for those seeking a harmonious blend of history, nature, and culture.
Paros is a stunning island that seamlessly combines timeless charm with modern appeal. Its picturesque villages, like Parikia and Naoussa, feature enchanting whitewashed buildings adorned with vibrant bougainvillea. Paros’ stunning beaches, including Golden Beach and Kolymbithres, offer crystal-clear waters and water sports galore.
The island’s rich history is evident in ancient ruins like the Frankish Castle and the Sanctuary of Delion Apollo. Paros is also known for its traditional pottery and local cuisine, showcasing fresh seafood and savory dishes like pitaroudia (chickpea fritters with tahini sauce). This island embodies the quintessential Greek experience, blending culture, natural beauty, and Mediterranean hospitality.
Antiparos is part of the Cyclades archipelago and is just a short ferry ride from Paros. It offers a tranquil escape from the bustling tourist scene with pristine beaches, like Soros and Agios Spiridon, with their crystalline waters and quiet shores. The charming main town, also named Antiparos, features traditional Cycladic architecture, cozy tavernas, and a lively square.
The iconic Cave of Antiparos, adorned with stunning stalactites and stalagmites, should not be missed for its breathtaking natural beauty. This laid-back island is beloved for its unhurried pace, making it a haven for relaxation, hiking, and simple pleasures.
Zakynthos, a lush, green island, captivates visitors with its natural beauty and vibrant culture. Its coastline boasts some of Greece’s most stunning beaches, with Navagio Beach being the crown jewel, framed by dramatic cliffs and crystal-clear waters. The island’s stunning interior is dotted with olive groves and vineyards, producing exquisite olive oil and local wines.
Zakynthos Town offers a blend of history and cosmopolitan charm with its historic churches and bustling waterfront, and marine life enthusiasts can spot endangered loggerhead sea turtles nesting on its shores. Zakynthos effortlessly blends Greek traditions, scenic landscapes, and coastal allure, making it an enchanting destination for a diverse range of travelers.
Milos is a captivating Greek island in the Cyclades and is a geological wonder and cultural treasure trove. Its dramatic coastline is adorned with unique rock formations and hidden coves like Sarakiniko and Kleftiko, making it a haven for adventurers and beach lovers alike.
The island’s lunar-like landscapes are a testament to its volcanic past, with the stunning Milos Catacombs offering a glimpse into its rich history. Beautiful villages like Plaka and Pollonia exude Cycladic charm with their quaint streets and fresh seafood restaurants, making it a desired location for visitors and expats alike.
Rhodes is the largest of the Dodecanese islands in Greece and effortlessly blends history, culture, and stunning landscapes. The UNESCO-listed medieval Old Town of Rhodes showcases centuries of history with its imposing fortifications, cobblestone streets, and ancient architecture. The Colossus of Rhodes, one of the Seven Wonders of the Ancient World, once stood guard here.
Pristine beaches like Faliraki and Lindos Beach offer relaxation and water sports. Beyond its coastal beauty, Rhodes boasts archaeological sites like the Acropolis of Lindos and the ancient city of Kamiros. This island’s rich tapestry of past and present is an attractive pull for expats who want to enjoy traditional Greek life.
Real Estate Property Tax in Greece
Real estate property tax in Greece is a crucial obligation for property owners. When purchasing a property, you must obtain a Greek tax number, a prerequisite for engaging with the Greek tax authority. Annual property taxes are payable at the local tax office and are based on the property’s assessed value, which is typically lower than market value.
Property owners must also pay a transfer tax when acquiring real estate. This tax is calculated on the property’s purchase price and can vary depending on several factors, such as location and property type.
It’s essential to keep up with your tax responsibilities, as the Greek tax authority closely monitors property transactions. Failure to pay taxes can result in fines or legal consequences. Staying informed about the latest tax regulations and deadlines is crucial, and seeking guidance from tax professionals can help ensure compliance with Greek property tax laws.
Property acquisition taxes
Property acquisition taxes in Greece encompass various levies and fees that buyers must consider when purchasing real estate. These taxes include:
- Transfer tax (or property transfer tax): This tax is typically levied on the property’s purchase price and can range from three to ten percent depending on factors like property type, location, and whether the property is a primary residence.
- Value-added tax (VAT): New properties are subject to VAT at a standard rate of 24 percent. However, reduced rates may apply to certain properties, such as primary residences, making it essential to understand the specific VAT rules.
- Notary and registration fees: Property transactions require notarial services, incurring fees for drafting and registering the sales contract.
Buyers in Greece should be aware of these acquisition taxes and related costs, as they significantly impact the overall cost of purchasing real estate. It’s advisable to consult with legal and financial experts to navigate the complexities of property acquisition taxes in Greece effectively.
Recurring property taxes
Recurring property taxes in Greece are an essential aspect of property ownership and contribute to local government revenues. They include:
- Property tax (ENFIA): ENFIA is an annual tax based on property size, location, and other factors. It can vary significantly from one property to another, with higher rates applying to larger, more valuable properties.
- Solidarity surcharge: A progressive tax levied on the total income of the property owner, including rental income.
- Municipal taxes: Local municipalities may impose additional taxes, such as a garbage collection fee or a lighting tax, which can vary by region.
Compliance with recurring property taxes is vital, as failure to pay can result in penalties and legal consequences. Property owners in Greece should stay informed about tax changes and deadlines, and it’s advisable to seek professional advice to manage these obligations effectively.
Rental income taxes in Greece
Rental income taxes in Greece are applicable to individuals and entities earning income from renting out real estate properties. Key points include:
- Tax rate: Rental income is subject to progressive tax rates, ranging from 15 to 45 percent, depending on the total annual income.
- Tax deductions: Property owners can deduct certain expenses related to the property, such as maintenance and repairs, from their rental income.
- VAT: Rental of commercial properties is subject to Value Added Tax (VAT) at the standard rate, while residential properties are generally exempt.
Compliance with rental income tax regulations is essential, and property owners should maintain accurate records of rental income and expenses. Seeking advice from tax professionals can help navigate the complexities of Greek rental income taxation effectively.
Mortgage in Greece: Financing a Property
Getting a mortgage in Greece as an expat can be a viable option for those looking to invest in Greek real estate or secure a home for personal use. While the process may seem daunting, it’s feasible with careful planning and understanding of the local regulations. Here’s a guide to help expats navigate the mortgage application process in Greece:
- Legal status and residency: Expats must have a legal status in Greece, such as a residence permit or work visa. Some banks may require a certain period of residency before considering a mortgage application.
- Financial documentation: Prepare your financial documents, including proof of income, bank statements, and tax returns. Greek banks typically require these to assess your financial stability and repayment capacity.
- Credit history: Maintain a good credit history, as banks will check your creditworthiness. Having a local bank account and building a positive credit history can improve your chances of approval.
- Down payment: Be prepared to make a significant down payment, often ranging from 20 percent to 40 percent of the property’s purchase price. A larger down payment can improve your mortgage terms.
- Mortgage terms: Expat mortgages in Greece usually have terms ranging from ten to 30 years. Consider the interest rate, repayment schedule, and currency of the loan carefully.
- Currency risk: If you earn income in a different currency, be aware of currency exchange rate fluctuations, as they can affect your ability to repay the mortgage.
- Legal assistance: Seek legal advice to understand the terms and conditions of the mortgage agreement, as well as any potential tax implications.
- Choose a lender: Research Greek banks and lenders to find one that offers favorable terms for expats. Consider working with a mortgage broker with expertise in expat financing.
- Application process: Once you’ve selected a lender, submit your application along with the required documents. The bank will assess your eligibility and property valuation.
- Approval and closing: If your application is approved, you’ll sign the mortgage contract and complete the closing process, which includes transferring the property title and paying associated fees.
While obtaining a mortgage as an expat in Greece can be challenging, it’s not impossible. Diligence in meeting the requirements and seeking professional guidance can facilitate the process and help you achieve your property ownership goals in this beautiful Mediterranean country.
Property evaluation: Should you get a property survey in Greece?
Getting a property survey in Greece is highly advisable when purchasing real estate. Property surveys provide valuable insights into the condition and boundaries of the property, helping buyers identify any potential issues or discrepancies. This is particularly important in Greece, where land ownership and boundaries can sometimes be unclear due to historical reasons.
A professional survey can prevent future disputes, ensure you’re buying what you expect, and help you make an informed decision about the property’s purchase. While it may incur an additional cost, a property survey is a wise investment to safeguard your interests and peace of mind when acquiring real estate in Greece.
Purchasing property in Greece is relatively straightforward, whether you do it via the Golden Visa scheme or are eligible to reside in Greece for other reasons. Expats should do thorough research and get expert advice before committing to a property in Greece.
Being aware of taxes and any pitfalls whilst and after buying real estate in Greece will ensure that you won’t have any surprises after buying your dream house in this stunning and welcoming European country.
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Frequently Asked Questions about Buying Property in Greece
Can foreigners buy property in Greece?
Yes, foreigners can buy property in Greece. Greece has favorable property ownership laws for non-residents, making it a popular destination for international buyers seeking to invest in real estate or own a holiday home.
Is it easy to buy a house in Greece?
Buying a house in Greece can be relatively straightforward, but it’s essential to navigate the local regulations, property market, and legal processes. Consulting with local experts and professionals can simplify the experience for buyers.
Is it worth buying property in Greece?
Buying property in Greece can be worthwhile for those seeking Mediterranean living, investment opportunities, or vacation homes. It offers beautiful landscapes, a rich cultural heritage, and potential for property appreciation. However, careful research and consideration of personal goals are essential.
What is the cheapest Greek island to buy property?
The cheapest Greek islands to buy property can vary, but some of the more affordable options include islands in the Dodecanese or Northern Aegean regions. Thassos, Ikaria, and Samos are examples of islands known for relatively lower property prices compared to others.
However, prices can still vary significantly depending on the location and type of property. Conduct thorough research and work with local real estate experts to find the best deals that align with your budget and preferences.
Is buying property in Athens a good investment?
Buying property in Athens can be a solid investment, thanks to its growing real estate market and strong tourism sector. However, like any investment, it requires thorough research, an understanding of market trends, and careful consideration of individual goals and risk tolerance. Consulting with local experts is advisable.
Is Greece a safe place to buy property?
Greece is generally a safe place to buy property. The legal framework protects property rights, and the country offers a stable environment for real estate investments. However, it’s essential to conduct due diligence and seek professional advice to navigate local regulations and property markets effectively.
Are there property taxes in Greece?
Yes, there are property taxes in Greece. Property owners are subject to various taxes, including property tax (ENFIA), recurring local taxes, and taxes on rental income. The rates and obligations can vary depending on factors such as property size, location, and usage.