Buying a Property in Greece: A Guide for Foreign Buyers

Greece is a beautiful country, known for its rich history, beautiful coastlines, and vibrant culture. Its popularity among tourists has increased over the years, making it a perfect destination for property buyers. If you're considering buying a property in Greece as a foreign buyer, there are some things you need to be aware of. In this blog post, we will guide you through the necessary steps and provide you with useful tips to ensure a smooth and stress-free buying process. 

Get Legal Advice 

Before jumping into any real estate purchase as a foreign buyer, it is crucial to get legal advice to understand Greece's laws and regulations. Specific legal procedures are required for non-EU citizens to purchase property in Greece. An attorney who specializes in property law can provide you with detailed guidance on the steps required to acquire property in Greece, the tax implications, and more. 

Choose a Property 

Once you have understood the legal requirements, you can begin your property search. Greece has a wide variety of properties, from ancient ruins to modern buildings. The major cities are Athens, Thessaloniki, and Patra, while the islands, such as Crete, Rhodes, and Santorini, are also popular destinations. The type of property you choose will depend on your preferences, budget, and location. Be sure to carry out proper research and work with a reputable real estate agent. 

Conduct Property Inspection 

Before making any offers on a property in Greece, it is advisable to conduct a thorough inspection. With an inspection, you will be able to identify any structural or environmental problems that might impact the property's value. If the inspection reveals minor issues, then that is something you can work with the seller to fix. However, if significant problems are found, you may want to reconsider your offer and rethink your options. 

Financing Options 

As a foreign buyer, you may want to consider your financing options for buying property in Greece. Some buyers opt for a mortgage from a Greek bank or an “offshore” bank. However, it may be challenging to secure a mortgage in Greece due to the country's economic situation. It is therefore important to evaluate all options before settling on any financing options. 

Closing the Sale 

After all the necessary procedures have been completed, it is time to close the sale. This process involves the signing of the contracts, payment of the funds, and the handing over of the property keys. At this stage, it is crucial to have an attorney present to ensure that everything goes smoothly and all parties are satisfied. Congratulations, you are now the proud owner of a property in Greece. 

Conclusion: 

Buying a property in Greece may seem like a daunting task, but with proper guidance and understanding of the legal procedures, the process can be straightforward. Be sure to do your research, work with a reputable real estate agent, and secure legal advice to ensure that your purchase is a successful one. We hope that this guide has provided you with the necessary tips to make an informed decision and enjoy a stress-free buying process in Greece.