A comprehensive guide to acquiring real estate in Greece and linked to the Greece Golden Visa Program.
3 MINUTE READ
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).
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.
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.
In order to register a bidding you should first have a bidders account in the platform. To create a bidding account you will need to have a valid cell phone number and a valid credit card. After creating a bidder account then go to the page of the property you are interested for bidding and place the amount you want to bid by clicking on the “Place a Bid” button.
It is a good idea to get a pre-approval from your bank before bidding on any of the properties listed on the real estate website. If something goes wrong, such as a loan falling through or a change of mind, you will still have to pay the website's commission fee. So be sure to talk to your banker for the bank's terms of approval before placing any bid.
There are several factors that buyers should consider before making an offer. Each homebuyer is different, requiring an individualized assessment of needs and wants. The property should be located near your place of employment, make sure that it's located close to your workplace so you don't waste time commuting.
All parties involved in the real estate industry have a vested interest in promoting safer investments. Real estate agents who keep up with the latest online technology are at an advantage over their competitors. Our partners include real estate agents, real estate consultants, real estate developers and other related companies.
Move to a property hotspot in Greece.
Popular locations in Athens, Thessaloniki, Mykonos, Cyclades or Peloponnese
Stay up to date on the latest properties in Greece that match your by using our email alerts
Reliable and revolutionary automated valuation model, designed for the Greek market.