Buying a Home in Greece

Buying a home in Greece can be an exciting prospect for expats, offering a chance to own a piece of the Mediterranean paradise. However, the process can be complex, with various legal and financial considerations to take into account. This guide aims to provide a comprehensive overview of the key aspects of buying a home in Greece, from finding properties to understanding the legal requirements and potential pitfalls.

How do I find houses for sale in Greece?

There are several ways to find houses for sale in Greece. Online property portals and websites are a popular choice, offering a wide range of listings from across the country. Local newspapers and real estate agencies are also good sources of information. It's also worth considering hiring a real estate agent who can provide expert advice and help navigate the Greek property market.

Are there restrictions on foreigners owning property in Greece?

There are no general restrictions on foreigners owning property in Greece. However, there are restrictions in border areas and on certain islands due to national security reasons. In these cases, foreigners need to obtain a permit from the local council. It's also important to note that non-EU citizens who invest at least €250,000 in Greek property can apply for a Golden Visa, granting them residency rights.

Does Greece have an MLS type system?

Greece does not have a Multiple Listing Service (MLS) like in the United States. Instead, each real estate agency maintains its own listings. This means that buyers may need to work with multiple agencies to see a wide range of properties.

Do brokers have licenses and how do I know if they are licensed?

Yes, real estate brokers in Greece are required to be licensed. They must be registered with the Greek Chamber of Commerce and hold a professional ID card. You can ask to see this card to verify their credentials.

What documents are required when buying a home?

When buying a home in Greece, you will need several documents. These include a valid passport, a Greek tax number (AFM), a certificate of money transfer from a bank, and a Greek bank account. The property itself must have a clean title, a topographic diagram, and a certificate of energy efficiency.

Do I need a lawyer when buying a home in Greece?

Yes, it's highly recommended to hire a lawyer when buying a home in Greece. The lawyer will check the property's title, ensure there are no outstanding debts or legal issues, and handle the contract and notary process. The cost of a lawyer can vary, but it's typically around 1-2% of the property's purchase price.

Do people typically buy a property with all cash or take out a mortgage?

Both options are common in Greece. Some buyers choose to pay in cash, especially for lower-priced properties. However, mortgages are also widely available, with a range of Greek and international banks offering home loans to foreigners.

Are there inspections that take place, and if so what is that process like?

Yes, property inspections are a standard part of the home buying process in Greece. These are typically carried out by a licensed engineer who will check the property's structural integrity, electrical and plumbing systems, and ensure it complies with building regulations. The cost of an inspection can vary depending on the size and location of the property.

What are some of the pitfalls to avoid when buying property in Greece?

One of the main pitfalls to avoid is rushing into a purchase without doing thorough research. It's important to understand the local market, check the property's legal status, and consider potential future costs such as maintenance and taxes. Hiring a reputable real estate agent and lawyer can help avoid these issues. It's also crucial to ensure that all transactions and agreements are documented in writing.