Greece started to become recognized as an overseas real estate investment hot spot only a few years back. However, the property Greece market has burgeoned in the last couple of years, quite remarkably. Many real estate market experts have expressed their surprise considering the fact that such a thriving property market was out of the list of top markets for so many years together whereas the ancient buildings, palaces and amphitheatres have attracted leisure and business travelers for decades and centuries. Greece boasts of having the 9th largest shoreline in the world.
The coastline, along with the various islands that are situated within the maritime border of the country, has attracted tourists historically. But now, these coastal regions and the numerous islands are also collectively considered as a real estate hot spot in southwestern Europe. Buying houses and villas in Greece is surely an intelligent investment at this moment, according to the experts. Here are some tips for the overseas investors.
You need permission for buying property
Foreign nationals are otherwise unrestricted to buy properties in Greece, except for the fact that buyers who do not reside within European Union need to obtain permission from the local administrative in some areas of Greece. The procedure for applying and obtaining necessary permits is usually hassle-free. However, if you are not sure about the document requirements, you can contact a property Greece agent.
You may need to appoint a lawyer
For buying properties in Greece, you need to get familiar fast with the industry jargons that are used frequently by the property dealers. For example, a common term used by property dealers in Greece is 'usucaption' which indicates that a property on sale was not registered duly during last change of ownership. There are many other potential loopholes that might drain your investment. Therefore, consulting a lawyer is imperative.
You need a tax number
Many foreign investors proceed to buy condos and villas in Greece without even knowing the basic requirements and end up losing their money. For buying a real property in Greece, you need to get a tax role number which is commonly referred as AFM. You are required to show your passport to get the tax number.
You should research before buying a property in Greece
When you are making an investment in a foreign country, you should do your own research to have better knowledge about the local market and to increase your bargaining capability. Use a property Greece website that lists all the elite properties in Greece.
Step-by-step Greece Property Buying Procedure
- Visit a web directory to get a quick view of all the properties in a particular area (and other areas as well)
- Draft your preliminary offer
- Make an advance payment (as in contract) before you sign an agreement with the seller
- Sign the final contract after the obligations are satisfied by the seller
- Sign the final contract before the public notary
Comparing all the properties in a specific area of Greece where you want to make a real estate investment is necessary. Prices of all sort of residential houses including villas in Greece largely vary and you should be aware of that.