The procedure of buying the real estate in Greece

The procedure of buying the real estate in Greece obeys to general European rules

Lots under construction, residential and commercial property in Greece could buy not only citizen of the country but any foreign citizen who lives usually or not on the territory of Greece.

One of good moments is simple way of buying property in Greece. All come to communication between lawyers of buyer and seller. It is they who prepare and coordinate all documents.

Devolution of property is going with signing of corresponded contract to notary. Except notary, buyer and seller the contract is signed by lawyers of both sides.

After signing the contract of transferring the property it is necessary to notify this act in register of property. In Greece real estate get status of property on the name of buyer till the moment of making contract what means the right of getting credit.

The procedure of buying real estate in Greece for citizens not from Euro Union and Europe has just one difference: “not Europeans” have to get permission from Ministry of Greece security. It will take 6 months. The organization of this process is included to the services of our lawyer.

Greece is full member of Euro Union, country with development democratic community. Protection of foreigners rights, who lives here, is in the rang of politics of country as well as the right of any Greek to get a local citizenship. Such a rare feeling of legal protection for Russians plays main role in choosing Greece as a country not just for rest but for living.


The procedure of buying the real estate in Greece is liable for taxes, which is from 9% to 11% from its cost.

There are no taxes for owning the real estate. It means that if you pay the tax while buying real estate you should not pay other taxes if you live in it. In case if you rent your property you must regularly pay taxes from your incomes.

In Greece, taxes which are connected with transferring real estate in a property to another people pay by buyer. Seller does not pay any taxes while selling real estate does not take notary or other expenditures.

Tax should be paid just after documents were recorded by a notary.

Death duty and gift tax in Greece is from 0to 40% it depends on family type and cost of the real estate.

In Greece does not levy a duty from capital increase in distinguish from tax system of other countries (Spain – 35% for not resident and 15-20% for residents. Portuguese – 50%, France – 33% only for citizens of country, Turkey – 5% only for companies, the USA – 30% for not residents and 8-18% for residents, Cyprus – 20%).

In Greece in distinguish from Turkey and Spain does not take Wealth tax.


Prices on real estate in Greece. Data from social interrogation.

71,1% of Greek think that prices on property will continue to raise in 2007. This data was taken after statistic research which was made by the company “Kappa – research” in Greece. Only 7,1% of questioned think that prices will decrease and 13,2% said that prices for real estate will be stable.

10 years ago it could not be said that Greek market is dynamic. But last events – joining the country in a zone of Euro, conducting the Olympic games-2004 in Athens – made important corrections in its development. In 2004 prices on real estate are increased on 14%. Such movements are high as for Greece as for European Union in general.


The best protection of your fund is buying residential and commercial real estate in Greece.

The most profitable and safe way of investing your money is buying lot and to build a house there. While selling not finishing house you get a profit in 30-40%. Selling of finished house will bring you80-100% of income. And build this house you could for 8-12 months.

Long lasting (30-40 years) is guarantee stable fund which you will receive in case of rent built or bought house. In this case your income will be 10-15% from commercial cost of the real estate. Due to the fact that interest on deposit in European banks does not exceeded 3-4%, Greeks invest money in real estate. They buy or build two-three houses, often in one district. In one of these houses they live and other lease, pay from the receiving sum mortgage credit. And if credit does not form then sum from lease is enough for a life of joy.

Another variant. Having built one house you could use it for two purposes: live in it and at the same time lease it. For this house is planed that in one part live owners and another part is for rent. According to Greek legislation rent contract is forming for 1 till 3 years with citizens of Greece. Rent payment increasing on 10% annual, it is according to legislation. This kind of business with 0% of risk is providing long lasting income. Your income is raise if you lease your villa to tourist. In this case you have real opportunity to earn a lot of money quickly. Sum of the rent payment is increasing. Your daily income with such short rent is close to monthly with long lasting. But it is only in season summer months, quantity of which is different in different years.