Foreign Buyer's
Guide
Purchasing property in Greece comes with benefits and risks alike. Here is some key
information to keep in mind throughout the process.
The Purchase Process
-
Defining goals and objectives for investment
- financial planning and building an investor profile.
- Building a budget for investment
- Simulation of the cash flow from the property
- Presentation of the process outline – work plan and execution schedule
- Recommendation on the location of our projects which suitable for the needs of the investor.
- Presentation of loan options
-
Preparing the investor for a property tour in Athens
- Preparation of the documents required to purchase a property in Greece.
- Receiving a detailed presentation before the flight to Greece showing: In-depth knowledge of the project, and its benefits.
- An explanation of the tour schedule and process.
- Meet the staff in our offices in Athens.
-
Getting into Legal & bureaucracy process
- A meeting with the company’s legal advisor in Athens.
- Creating notarized power of attorney for the lawyer which will represent the acquisition for the investor.
- Opening a tax number for the purpose of registering the property in the name of the buyer.
- Opening Bank Account in Greece for the investor
-
Purchase steps of the property in Athens
- Financial preparation for the purchase of the property (examination of financing options)
- Getting a breakdown of the payment schedule
- Signing private / notarized agreement
The Market
Greece’s market has much to offer investors, especially in the shadow of the 2010 financial crisis and the COVID-19 pandemic. Now, as the market is bouncing back with rampant tourism and rising industry, prime real estate remains reasonably affordable, while Greece’s policy promotes foreign property purchases, and it’s no surprise that both property developers and investors are jumping at the opportunity.
Tourism
With more than 16,000 kilometers of coastline, over 6,000 islands and islets, rich cultural heritage, natural landmarks, geographical variety, and tasty Mediterranean cuisine, Greece represents the ideal destination for tourists from all over the world during all seasons of the year seeking adventure, luxury, and comfort.
Prior to the COVID-19 pandemic, the tourism sector experienced notable growth. In the year 2018, a historic high was reached as Greece welcomed 33 million visitors, with Athens tourism increasing 600% from 2013.
This surge in tourism has prompted more Greeks residing in both urban and resort areas to capitalize on the demand by joining the short-term rental market. As such, short-term rental revenue has risen by 105% since 2017.
Government Policy
Greece’s government policy tends to support foreign property investments to encourage the prosperity, industry, and increased tourism foreign investment brings with it. This includes the Golden Via Law, as well as a 0% capital gains tax.
Golden Visa Law
Among many benefits, Greece’s Golden Visa law provides purchase incentive for many investors. The Golden Visa law affords property owners residence permits, granting them unrestricted entry into Greece and the entire Schengen region, with the option of citizenship after 7 years.
Property Taxes
Taxation rates in Greece are comparably lower than those of other European countries. The 0% taxation on capital gains provides reason enough to invest in Greece.
Properties
