Real Estate Greece Islands

Now that the financial and real estate markets in Greece have eased and prices are stable, real estate on the Greek islands is attracting more and more foreigners and also investors. This is mainly due to the many advantages Greece has to offer.

The climate in Greece is Mediterranean. This means that the summers are very hot and the winters mild. There is very little rainfall over the year and thanks to the sea air you always feel comfortable.
After years of devaluation of Greek real estate, prices have now stabilised and are still far below average compared to the rest of Europe.
Properties on the Mediterranean islands of Crete, Corfu, Santorini, Kos, Rhodes and Mykonos are particularly popular. This is because the summers there are very hot, there are beautiful sandy beaches by the sea and culture is also not neglected. Historical cities offer wonderful excursion destinations and are interesting for young and old alike. Prices are always low, so you have a very high quality of life here.

There is a very large supply of real estate on the Greek Mediterranean islands. This is mainly because, despite the low prices in Greece, real estate is too expensive for the locals to buy. They usually live on rent and do not buy real estate as property.

The range of properties on offer is very varied. The offer includes villas, which usually start at a living space of 200 sqm and can be found with at least 1000 sqm of land. Holiday homes, on the other hand, tend to be small and cosy and rarely have more than 100 square metres of living space. Detached houses come in a wide variety of sizes and often have plots of at least 1000 sqm. Terraced houses and even semi-detached properties can also be purchased.

Before buying a property in Greece, there are a few things you should know about buying property in Greece. It is very important, no matter what kind of property it is, that you personally visit the property to get an impression of the general condition of the property. Age, substance, previous owners - all important factors that should be clarified before buying a property in Greece.
If you like the property, a preliminary contract is drawn up between the lawyers of the seller and the buyer. With this preliminary contract a deposit, usually 5-10% of the negotiated purchase price, goes to the seller. Approximately 1-2 months after the preliminary contract has been concluded, the appointment with the notary takes place. Here the contract of sale is notarised and the remaining sum is due to the seller after its conclusion.
As foreign buyers are treated the same as locals in Greece, you need a tax number, the so-called A-Fi-Mi, to buy a property. This can be obtained from the relevant authorities.
In addition, land transfer tax is payable on the property purchased. This refers to an estimated value, with which the tax office determines the value of the property. As a rule, this value is lower than the market value of the property. On average, it is about 3% of the purchase price. Then there is a municipal tax, which is 3% of the land transfer tax. Other additional costs include a notary of 1-2%, estate agent of 2-5%, land registry tax of 0.3-0.5% and lawyers' fees of just under 1%. A speculation tax is incurred within the first 5 years when a property is resold. Here it is 25% on the profit made.