FAQ

Property Returns

What kind of returns can I expect from real estate investments in Athens?

Returns depend on various factors. On average, our investments yield 4-10% net return after deducting expenses, taxes, management fees, etc. We also offer higher-return investment options in projects we initiate.

Minimum Investment Amount

What is the minimum investment amount for a residential development project in Athens?

The minimum investment amount for a residential development project in Athens is approx. 90,000 Euros.

Property Management

Who manages my property after purchase?

Our company provides a comprehensive service to our investors, including full property management. We handle tenant selection, ongoing management, maintenance, rent collection, and all direct communication with tenants.

Financing

Is it possible to obtain bank financing in Greece?

Greek banks are starting to show signs of recovery from the crisis. Some banks already offer mortgages, and the mortgage market is expected to be fully operational by the end of 2024. Contact us for more up-to-date information.

Purchase Process

How long does it take to purchase a property?

The process of purchasing a property in Greece can take some time. The exact duration varies depending on the property and its legal complexities. The average purchase time is 3-4 months.

Property Ownership

Is the property registered in my name in the Land Registry?

Yes, the property is registered in the Land Registry under the buyer’s name. The Greek Land Registry is very secure, and you will be the sole owner of the property.

Bank Account

Do I need to open a bank account to invest?

No, there is no regulatory requirement for investors to open a bank account to purchase a property. However, it is highly recommended to open an account to simplify the process (e.g., collecting rent directly into your Greek account).

Taxes

What taxes are paid in Greece on property purchase and rental income?

Please note that we are not tax advisors or accountants. The information provided here is to the best of our knowledge and does not constitute professional advice.

• Property purchase tax: 3.09%
• Annual income tax on rental income: 15% (there is an additional tax bracket for rental income over 12,000 euros per year)
• Capital gains tax: 0% (currently stands at 15%, but there is a government exemption granted since 2013 that is renewed annually). There is a tax treaty between Greece and Israel, so no taxes are paid in Israel on the property in Greece.

Rental Population

What kind of tenants will rent my property?

Athens is a large city with a diverse population. We focus on areas with high demand from students, young couples, and families. We prefer to invest in areas popular with the Greek population, such as entertainment districts and neighborhood centers.

Tenant Issues

What happens if the tenant defaults on rent payments?

Breach of contract and non-payment of rent are grounds for eviction. If the tenant fails to pay rent, the owner sends a formal letter to the tenant demanding full payment. If full payment is not received within a month, a request for eviction is filed with a judge. The judge’s order is executed after 20 days. In practice, the eviction process takes about 2.5 months.

Property Renovation

Who will manage the renovation if I need to renovate the property?

As part of our customer service, our company will manage the renovation for the investor. We have a professional team that includes architects, designers, contractors, and all other professionals. We carry out renovations through reliable and professional contractors with whom we work.

Taxes in Israel

Do I also pay taxes in Israel?

There is a tax treaty between Israel and Greece, which clearly states that taxes are paid only in Greece.

Real Estate Market Outlook

What is the future of the real estate market in Greece in the next 5 years (2020-2025)?

We expect real estate prices to continue rising in the next 5 years (by about 8% per year), due to the following reasons:

1. Greece is recovering from the economic crisis of 2008 (2018 was a turning point in the exit from the crisis).
2. Real estate prices are still very low compared to construction costs (around 1,500 euros per sq.m. unrenovated).
3. The Greek government is encouraging real estate investment and investment by companies in general.

Property Sale

How quickly can I sell the property? How long does it take to sell an apartment in Athens?

Sure, here are the translations of the remaining FAQs:

Property Sale

How quickly can I sell the property? How long does it take to sell an apartment in Athens?

The time it takes to sell a property is highly dynamic and depends on various factors. In the current market, an apartment can be sold within a few days or it can take several months. It greatly depends on the location and the characteristics of the property.

Property Ownership

Is the purchase made through a company? Or am I the owner of the property?

We recommend purchasing the property under the investor’s personal name. However, it is also possible to purchase the property under a company (owned by you). This is mainly recommended when you reach the tax bracket that exceeds 12,000 euros per year in rental income.

Security of Funds

How do I make sure that the money is transferred from my bank account to the seller and not to someone else?

Real estate transactions are conducted through a lawyer who accompanies the transaction. The funds in the transaction are transferred only after a detailed instruction from the investor by the lawyer and after thorough checks to ensure the security of the buyer.

Money Transfer to Greece

How do we transfer the money to Greece?

SWIFT transfer between accounts is the most common method. It usually takes 24-48 hours. The transaction is performed on your personal computer. You must make sure you have purchased foreign currency before making the transfer. There are also other transfer methods available with companies like ClearShift.