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Purchasing property in Greece
 Buying property in Greece has long had an undeserving reputation for being difficult and arduous. Although buraeucracy exists, buying property is not more troublesome in Greece than in many other countries abroad.
Compared to other countries, the Greek property market is not concentrated to in and around "foreign areas" as could be said of the Spanish south coast or Phuket, Thailand. The market is spread across the islands and even to large parts of the mainland. For that reason, the possiblity of finding the type of property one is looking for, often with stunning sea views, is maybe greater in Greece than elsewhere.
Property types
The first decision to be made for prospective buyers is whether to buy a newly built or older property. The newer houses are built to a higher standard than the older ones with insulated floors, walls, ceilings and often double-glazing. Many newly-built houses also have central heating. Older houses, as should be expected, often demand a certain amount of repairs and restorations. Another option is to buy a lot of land and build from scratch. Doing so, one can design the house the way one wants but the process can be a long and frustrating one which can take two, three years to complete. Preferably, one should also be present during the construction as much as possible to ensure that the end result is as one desired.
A lot of land outside a city area must by law be a minimum of 4000 sqm (Nov. 2006) in order to obtain building permission. Smaller lots are often worthless. It is not permitted to build on land classified as forest land but there are exceptions to this rule. If buying a smaller lot of land with a ruin, it is possible to get permission to rebuild the ruin into a habitable house. If a lot is in connection with a transit road and not classified as agricultural land, building permission is also usually granted.
The Buying Process
When buying property in Greece a solicitor is needed. The solicitor has several tasks. Firstly, the solicitor must establish the legal status of the property in question. Is the seller the owner to the property? Is he the sole owner? Does the property have legal restrictions or mortgages? Are there any other litigating circumstances? If buying a lot of land, the solicitor must establish if the property has, or can be granted, building permission. Property purchases in Greece often involve two contracts. One is the official contract which reflects the property's taxation value, based on which certain taxes are to be payed on purchase. The other is a private contract which shows the actual sales price. The final contract signing is by law performed at the Notary Public's office in the presence of both seller, buyer and their solicitors. The contract, or contracts, are read aloud in Greek by the Notary Public with all parties present before one signs.
Costs
In addition to the actual sales price comes a number of costs, for example solicitor's fees, Notary Public fees, tax and real estate agent's fees. These costs normally land at around 13% to 16% of the sales price but one should go through and examine these costs in detail with the solicitor. Real estate agent's fees vary. Some agents take 4% of the seller while others take 2% of the seller and 2% of the buyer. If buying an older home needing bigger restorations one must involve an architect or civil engineer.
Links:
Kathimerini - daily newspaper in English
Please note! This information should only be seen as general guidance. Since laws, taxes and fees often change, a buyer must always inform himself of the latest rules and regulations.
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