What is required to sale or buy property in Greece

In this rapidly growing and constantly evolving real estate market, it is always recommended to gain a basic knowledge of the principles and processes that characterise both national and local legislations. Why? It is simply because these are the most significant factors when acquiring property
The real estate market in Greece is quite different from what happens in the rest of Europe: both in the market and in the process. The process of buying and selling requires serious preparation and it should be noted that it is necessary to issue a Tax Registry Number (in Greek called ΑΦΜ) , if it does not exist (for cases of foreign buyers).

The 4 points to consider before selling a property in Greece

1. Acquisition of Electronic Building Identity/ Divided Ownership.
2. Arrangement of arbitrary. The layout of any building, apartment, shop, warehouse, or any other type of property in any of the cities Athens, Thessaloniki or anywhere else in the main land or in the islands of Greece is subject to approval by an engineer when there has been a change of use or any other alteration that is not corresponding with the building permit.
3. Inspection of title deeds, in order to prove the owner of the property and if there are any encumbrances.
4. Issuance of Energy Performance Certificate for every property in Greece.

Acquisition of Electronic Building Identity/ Divided Ownership.

Under the new legislation which took place at 1st of April 2022, all properties in Greece are obliged to carry an Electronic Building Identity (if it is a building) or an Electronic Identity of Divided Ownership, wether is an apartment, shop, warehouse or any other type of property. The process is carried out by an authorised engineer at the behalf of the owner of the property.
The purpose of the Electronic Property Identity is to adopt to a new technological way of processing future property transactions and to avoid the huge paperwork causing delays and lag of safety especially to foreign investors.
The Building/Divided Property Electronic Identity is a set of documents, which includes all the information that characterises a Greek property. with special references at Code Number of the National Land Registry. The authorised engineer undertakes the registry record and passes them in the system. The reason behind the Electronic Property Identity is to adopt to a new technological way of processing the future transactions and to avoid the past huge paperwork which was causing delays and lag of safety especially to foreign investors.
Then the engineer applies for a Certificate of Completion. This is the certificate issued by the engineers authorised to maintain the Electronic Building Identity or the Electronic Identity of Independent Divided Property, in which it is confirmed by them, with their declaration, that the information included in the identity card has been completed. In order to simplify the process of obtaining a building permit, the Building Authorities of Greece now issues certificates for buildings that are either horizontally or vertically divided and bears a unique number.

Final steps for completing a greek property purchase

1. Signing a preliminary agreement. Signing a preliminary agreement. The stage is carried out by a notary public or lawyer, however it is an optional stage in the Greek real estate purchase and sale.
2. Collection of the necessary documents. In addition to those previously mentioned, the interested party should provide the additional documents:
a. building permit
b. tax and insurance awareness of the seller
c. Uniform Property Ownership Tax
d. VAT number
e. certificate of non-payment of inheritance/donation tax/ parental allowance
f. certificate of non-debt property transfer tax (VAT) or VAT declaration
g. Real Estate Fee (TAP) that there are no debts
h.. certificate of urban planning legality
i. document of completion of the property regulation process
j. declaration of income.
3. Preparation of contract and payment of transfer tax (VAT) also through the myProperty platform.
4. Signing a contract of sale before a notary public.
5. In order for the new buyer to be considered the owner of the greek property, he must register an official copy of the contract at the competent mortgage office and obtain the corresponding registration certificate.
What was mentioned above constitutes a short guide on what are the actions required for someone interested in buying or selling a property in Greece. It is a time-consuming process that requires special attention and dedication, as well as coordination with the relevant Greek public authorities. In order to avoid faults, delays, incomplete documents and other obstacles, you can turn to our network of partners, who provide full expertise and preparation throughout.
Our network of partners provide full expertise and preparation throughout the whole process, to ensure that you avoid obstacles, delays and incomplete documents.