Buying property in Greece Esthetebanati Institute

Buying a property in Greece is one of the most affordable and easy ways to immigrate to this country. Applicants who intend to immigrate to Greece can benefit from many benefits such as permanent residence, the possibility of traveling to EU member states and the possibility of free education for their children by purchasing a property in this country.

An overview of Greece

Greece is a country in southeastern Europe. This country also has islands on the coast of Asia Minor and is considered a Eurasian country. Greece is bordered by North Macedonia from the north, Turkey from the east, the Mediterranean Sea from the south, and Italy and Albania from the west. This country has more than 13 thousand kilometers of beaches, which makes it a coastal country.

The population of Greece in 2023 is about 10.6 million people. Of these, about 3.8 million people live in the capital, Athens.

The official language of Greece is Greek. This language is one of the oldest European languages ​​and its roots go back to the 14th century BC. The majority of the Greek population (98%) are Orthodox Christians. Other religions in Greece include Islam, Judaism, and Buddhism.

The Greek economy is based on tourism, shipping and light industries. The country also has oil and natural gas reserves. The history of Greece goes back more than 3500 years ago. This country was the cradle of ancient Greek civilization, which had a great influence on the culture and history of the West. Greece has many tourist attractions, including the following:

• Ancient Greek monuments, such as the Acropolis of Athens, the Parthenon, and the Temple of Zeus at Olympia
• Greek islands, such as Crete, Rhodes and Santorini
• The coast of Greece
• Greek natural landscapes, such as Greek mountains and Greek forests

Greece is a beautiful and historical country that is visited by millions of tourists every year.

Staying in Greece by buying a property

Greece is one of the member states of the European Union that offers a residence program through the purchase of property for non-European citizens.

This program is known as “Golden Visa”. Buying a property in Greece is one of the ways to immigrate to Greece and obtain residence and citizenship of this country. According to the Greek investment residence law, citizens of non-European countries can obtain a one-year residence in this country by purchasing a property worth at least 250,000 euros. After 5 years, this residence can be extended for another five years, and after 10 years, the applicant can apply for Greek citizenship.

Conditions for buying property in Greece

To buy a property in Greece, the applicant must meet the following conditions:

• Citizenship of a non-European country
• No bad criminal record
• Physical and mental health
• Providing a certificate of financial ability
• Having a minimum capital of 250 thousand euros
• Having a valid visa to enter Greece
• Having an AFM (tax registration number)

Applicants to purchase property in Greece must purchase a property worth at least 250,000 euros. This amount is for each investor, so if two people plan to buy the property jointly, the investment amount will increase to 500 thousand euros. Applicants to buy property must have a valid visa to enter this country. This visa can be tourist visa, business visa or study visa.

Steps to buy property in Greece

Buying a property in a country like Greece is a multi-step process that must be done carefully. Here are the general steps of buying a property in Greece:

1. Research and search: The first step is research and search to find the right property. You should choose an area that interests you and find a property that fits your budget and needs.

2. Get Legal Advice: Before taking any action, it is important to get advice from a qualified immigration attorney or legal advisor. They can help you become aware of the rules and regulations related to buying a property and protect yourself from any potential scams or problems.

3. Obtain a tax registration number (AFM): To buy a property in Greece, you must have a tax registration number (AFM). You can get this number from your local tax office.

4. Opening a bank account in Greece: To pay for the purchase of a property, you need to open a bank account in Greece. For this, you need your passport and tax registration number.

5. Down payment: Usually buyers have to pay a down payment equal to 30% of the property price. This amount is transferred to the seller as a guarantee for the purchase of the property.

6. Signing the purchase contract: The purchase contract is an official document that specifies the terms of the purchase of the property. This contract must be signed by the buyer and the seller.

7. Mortgage payment (if required): If you need a mortgage to buy a property, you must submit your application to a bank or financial institution.

8. Payment of the remaining amount: After receiving the mortgage (if needed), you must pay the remaining amount of the property purchase to the seller.

9. Registration of the property deed: After the full payment of the purchase price of the property, you must register the property deed at the local registry office.

The steps of buying a property in Greece may be different depending on the specific conditions of the property and the seller. Therefore, it is important to seek the advice of a qualified attorney or legal advisor before taking any action.

Property prices in Greece

Property prices in Greece in 2023 are on average €1,500 per square meter. This price is higher in big cities like Athens and Thessaloniki and can reach 2,000 euros per square meter. In rural areas, property prices are cheaper and can reach 500 euros per square meter. Property prices in Greece have been increasing in recent years. This increase is due to various factors, including the improvement of the Greek economy, increased tourism and foreign demand for real estate in Greece.

Below are the property prices in some important Greek cities in 2023:

The price of property in Greece for foreigners who intend to obtain residence by buying property and investing in Greece must be at least 250,000 euros. This amount is enough to buy a small apartment in an average area in Greece. Property prices in large Greek cities such as Athens and Thessaloniki are higher than in small cities. The price of the property in Greece varies depending on the location, size and facilities of the property. In general, property prices in Greece are lower than in other European countries. For example, the price of a 2-bedroom apartment in Athens, the capital of Greece, is around 250,000 euros.

Advantages of buying property in Greece

Buying a property in Greece has many advantages, some of which are mentioned below:

• Obtaining residence in Greece: One of the most important advantages of buying property in this country is the possibility of obtaining residence in this country.
• The possibility of traveling to the countries of the Schengen area: Greece is one of the member states of the European Union and the Schengen area. Having a residence in Greece, one can travel to the member countries of this area without the need for a visa.
• Possibility of investment and business: buying property in Greece can be a good opportunity for investment and business. Greece is a country with a growing economy and there are many business opportunities in this country.
• Possibility of living in a beautiful country: Greece is a country with rich history and culture and beautiful nature. Buying a property in this country can be an opportunity to live in this beautiful and pleasant country.

In addition to the mentioned advantages, buying a house in Greece has other advantages, including:

• The possibility of renting the property and earning foreign currency from it
• No need to be in Greece permanently
• The possibility of using high-quality health and educational facilities

Of course, buying real estate in Greece, like any other investment, also carries risks. Among these risks, we can mention fluctuations in the housing market, changes in investment laws and regulations, and natural hazards such as earthquakes. However, the benefits of buying a house in Greece are more than its risks and this investment can be a good opportunity to get a residence, invest and live in a beautiful country with good climate.

Disadvantages of buying property in Greece

Buying property in Greece has many advantages, including the possibility of obtaining permanent residency, investing in a country with a dynamic economy and access to a rich culture and long history. However, like any other investment, buying real estate has its drawbacks.

1. High incidental costs: One of the main disadvantages of buying a property in Greece is its high incidental costs. In addition to the purchase price of the property, buyers must pay a value added tax (VAT) of 19.4 percent. In addition, there are other costs such as expert fees, document registration fees and legal fees.

2. High Renovation and Retirement Costs: Greece is a country with a Mediterranean climate and for this reason, the costs of renovating and maintaining property in this country can be high. In addition, pension costs in Greece are also relatively high.

3. Risks of buying property without legal counsel: Greek real estate law is complex and buying property without legal counsel can be dangerous. For example, buyers should make sure there are no other debts or obligations on the property.

4. Economic evaluation: Before buying a property, it is important to ascertain the economic value of the property. Real estate prices in Greece have increased in recent years, but this increase may not last.

5. Residence restrictions: Permanent residence through the purchase of property is conditional on having at least 250,000 euros invested in the property.

In addition, applicants must prove that they have sufficient income to support themselves and their families in Greece.

Ultimately, the decision to buy property in Greece is a personal one. Before making any decision, it is important to carefully consider the pros and cons of this investment. Here is a summary of the disadvantages of buying property in this country:

• High ancillary costs
• High renovation and retirement costs
• Risks of buying property without legal counsel
• Economic assessment
• Residence restrictions

Property buying site in Greece

Here are some Greek property buying sites and a brief description of each site:

• en.spitogatos.gr is a real estate website in Greece. The site is in English and allows users to search for houses, apartments, land and other properties throughout Greece. en.spitogatos.gr is a valuable resource for people looking to buy, sell or rent property in Greece. The site has various features that help users find the right properties.
• green-acres.gr is a specialized site for buying land in Greece. This site includes agricultural land, commercial land and construction land.
• tospitimou.gr is a comprehensive site for buying property in Greece. This site covers apartments, villas, land and other real estate.
• domus.gr is a multilingual real estate site covering real estate worldwide. This site also includes real estate in Greece.
• Propertyfinder.gr is a real estate website in Greece founded in 2001. The site has more than 1 million properties across Greece and allows users to search for real estate by property type, location, price and other factors.
• propertynet.gr is a real estate site that covers real estate all over Greece. The site has an advanced search engine that allows you to filter the property you want based on factors such as price, location and property type.
• remax.gr and pnomar.gr are both multinational real estate agencies with branches all over Greece. These agencies offer a wide range of real estate across the country.

In addition to these sites, you can also search for properties through real estate agencies in Greece. Real estate agencies can help you find the right property and handle legal matters.

Buying an apartment in Greece

Buying an apartment in Greece is one of the ways to invest and obtain residence in this country. The conditions for buying an apartment in Greece are as follows:

• The applicant must be a citizen of a non-European country.
• The property purchased must be worth at least 250,000 euros.
• The purchased property must be residential.
• The purchased property must be located in residential areas permitted for sale to foreigners.

The steps to buy an apartment in Greece are as follows:

1. Choosing the desired property

2. Conducting necessary research on the property

3. Signing a property purchase contract

4. Payment of the property

5. Property document registration

6. Obtain Greek residence

The price of an apartment in Greece varies depending on various factors such as location, size, facilities, and whether the property is new or old. In general, apartment prices in Athens, the capital of Greece, are higher than in other regions of the country.

Important points of buying property in Greece

Before buying a property in Greece, it is necessary to consider important points. In the following, we mention some of these important points in buying a property:

• Property Value: Real estate prices in Greece vary depending on location, size, type of property, and other factors. Before buying a property, be sure to check the market prices to make sure of the right price for the property you want.
• Property conditions: Before buying a property, be sure to ensure its health and strength. Also, make sure you have all the necessary legal documents for the property, such as title deeds, building permits, etc.
• Ancillary costs: In addition to the price of the property, you should also consider other ancillary costs such as property transfer taxes, deed registration fees, etc.
• Residency requirements: To obtain a permanent residence in Greece by purchasing a property, you must meet certain conditions, such as having sufficient financial resources, no criminal history, etc.

The state of the real estate market in Greece

The real estate market in Greece is experiencing a good boom in 2023. Property prices in this country are increasing and it is expected that this trend will continue in the coming years. Various factors contribute to the boom of the real estate market in Greece. Among the influential factors, the following can be mentioned:

• Improving the economic situation of Greece
• Lowering the bank interest rate
• Increase in inflation
• Increasing demand for real estate in Greece from foreign investors

According to the report of the Central Bank of Greece, property prices in this country increased by 10.4% in the first quarter of 2023 compared to the same period last year. This price increase has been observed in all regions of Greece, but in some areas, such as Athens and coastal cities, this increase has been higher. Apartment prices in Athens, the capital of Greece, currently average 1,000 euros per square meter. This price in coastal cities such as Rhodes and Crete averages 1,200 euros per square meter.

The increase in property prices in Greece is a good opportunity for foreign investors. This country is one of the most popular real estate investment destinations in Europe. Greece has a Mediterranean climate, beautiful beaches and rich history and culture. These factors have made Greece an attractive destination for foreign investors. Overall, the property market in Greece is experiencing a good boom in 2023. This trend is a good opportunity for foreign investors to earn a good profit by buying property in this country.

Conclusion

Buying a property in Greece is one of the ways to obtain residence and citizenship of this country. This method has many advantages, but it also has a high initial cost. Applicants to buy property in Greece should consider all aspects before doing so. Ultimately, deciding whether buying a property in this country is a good option for you depends on a variety of factors, including your budget, immigration goals, and personal circumstances. For advice and additional information, you can contact Istehbanati Immigration Institute.

Frequently asked questions about buying property in Greece

1- Can buying property in Greece lead to obtaining residency in this country?

Yes, by purchasing a property in Greece for at least 250,000 euros, you can obtain residency in this country. This residence is issued for 5 years and can be extended.

2- How much does it cost to buy a property in Greece?

The cost of buying property in this country depends on various factors such as location, type of property and its size. In general, property prices in Greece are lower than in other European countries.

3- Is there a condition for buying property and obtaining permanent residence in this country?

No, there is no requirement to be present to obtain a permanent residence in Greece by purchasing a property. But to extend the 5-year stay, the applicant must be in Greece for at least 1 week every 6 months.

4- How much are the side costs of buying a property in Greece?

In addition to the price of the property, the applicant must also pay other costs such as property transfer tax, legal fees and property registration fees.

5- Is buying a property in Greece a safe investment?

Greece is a country with many tourist attractions and the real estate market of this country has been booming in recent years. However, before buying property in this country, you should do your research.