Process of buying

 

We will be on your side from step one with updates/advice and answer any questions, before and after the sale.
Once you find the property you wish to purchase and the price has been agreed you basically will need to:

 

Lawyer
The purchaser will need to choose a local Greek lawyer, which is never the same lawyer that is acting for the seller.
Should you require, we can provide the contact details of local English-speaking lawyers, which many of our overseas clients have used in the past with satisfaction.

 

Power of attorney
It is often the case with overseas clients that they may not be in Greece during the time contract(s) are completed and in this case, it is necessary to give Power of Attorney (POA) generally to your lawyer to act on your behalf.
This can be done while in Greece at a local Notary Office as it is less time consuming and expensive than having to do it in the Greek Embassy or a Notary Office when you return home. (Local cost is around 100 Euro)

 

The Deposit
Once you have appointed your lawyer, a deposit (normally 10%) is required on signing the preliminary sale agreement. This agreement normally details the names of the parties, the price, a property description, the payment method and any agreed conditions
At this stage, if the vendor backs out after a pre-contract has been signed and deposit paid, you get your deposit back, plus they will often have to pay you an extra sum as a penalty. If you back out, you would lose your deposit. Of course, if there is a problem with the property which stops the sale proceeding, you are entitled to your deposit back.

 

Local Greek tax number
Any persons both Greek and non-Greek purchasing a property in Greece are required to have a local Greek tax number, known as your AFM (‘aff e me’)
Again, during the time you are in Greece, you may find you don’t have enough time to apply for a local tax number, which sometimes can take 2-3 days, so you may also give your lawyer permission on the same Power of Attorney to apply for this on your behalf.

 

Expenses
For very cheap properties under 60,000 Euros, costs may occasionally exceed 10% as some minimum fees may come in to play and for more expensive properties, purchase costs can be less than 10%.

 

Foreign exchange company
Please note that a bad Foreign Exchange rate can lose you about 4% if you use your local high street bank to transfer the funds it is advisable to use a Foreign Exchange company to ensure that you get the best rates.

 

Time frame
When all the above has been completed your lawyer can then proceed with the legal and title searches for the property – this can take a minimum of 3 months and a maximum of 6 months in the more complicated cases.

 

After the Purchase – Property Costs per Year are Very Small

 

Properties in Greece are freehold and once you have your new home, it is very cheap to look after. There are no big monthly or yearly taxes to worry about, you normally pay about 4 Euros (depending on location) per sqm of property (not the plot) per year, so for a 100 sqm property, this is just 400 Euros per year for the “council/municipal” tax equivalent – very little. There is a small charge for swimming pools depending on their size.
Water and electricity are on the meter, so it depends on how much you use and solar panels can reduce costs even further.
These notes are only intended as a guide and are subject to our Terms and Conditions. You should only rely upon your own research and we always recommend the use of a lawyer.

 

Why buying in Greece?

 

The Language
English is a compulsory language at Greek schools, so it is widely spoken by all the locals. English newspapers, radio, satellite television and high-speed internet are also all readily available. The Greek language does sound tricky at first, but just learn four or five words and the locals will love you for it. “Yiassou” is a good start as it means hello, good bye, bless you and cheers!

 

The Climate
Greece is blessed with over 300 days of sun a year, which is more than 8.5 hours a day! The summers are hot and dry, often with a cooling breeze, and winters are short and mild. As it’s the Mediterranean, the sea is warm and safe, with no tides. Most rainfall is between December and February, but even during this time, there are many glorious days with cloudless skies. Basically, all winter is spring weather.

 

Very Low Crime Rate
You can feel safe in Greece as it has a very low crime rate.

 

Safe Clean Seas
Greece has about 408 blue flag beaches and as it is the Mediterranean, there is no real tide making swimming very safe and Zakynthos overs a lot of sandy beaches. Especially in the low season it is paradise on earth. In August it can get very busy, for those that like a good buzz, will be very pleased. Restrictions on Over-Development
In Zakynthos we are not allowed to build higher than 2 levels, you know that the excellent sea views which you can see now are not going to be blocked out my massive high-rise buildings because there are very strict laws on over-development and every year, these are tending to get stricter. The future for Greece is excellent, as it has a Mediterranean coastline more than two times the size of Spain and France combined.

 

Healthy Lifestyle
Greece has a slower, stress-free pace of life where everyone takes the time to enjoy themselves and their surroundings. There have been many international studies in to the Greek cuisine, as it is known to be one of the healthiest in the world and add to this an outdoor lifestyle with the sun and the sea, and you can see why the lifestyle is envied throughout the world.

 

Low cost of Living
High heating bills will be a thing of the past. Also, the taxes on your home are very low, typically 4 Euros per sqm of building per year. This means that the monthly cost of a typical 2/3 bed 100sqm villa is just 30 Euros plus water and electricity on the meter.
You can easily have your pension paid in Greece. You can also use the Greek health service, or take out private health insurance which is excellent value for money. If you wish to take your pet to Greece, this is also a straightforward process.

 

Golden Visa – for non-European Union national
Now Greece also has a Golden Visa scheme for buyers from outside the EU who buy a property for at least 250,000 Euros, one of the lowest amounts in Europe! This means that if you do not have an EU passport but buy a property for 250,000 Euros or more, the buyer and their family get a Golden Visa which covers all the European Schengen area.