May 21, 2023

Property in Greece: How to Buy a House in the Mediterranean

by Gustavo

Looking to buy a house in Greece? Discover the current market trends and pricing in different regions of Greece in this informative article. From the allure of the Aegean Islands to the budget-friendly options in Thessaly, we provide valuable insights into house prices in Greece based on data from April 2023. Whether you’re an investor or searching for your dream home, this article will help you make informed decisions and navigate the Greek real estate market. Learn about the average asking prices, historical trends, legal considerations, and the best regions to buy a house in Greece. Explore resources and trusted real estate websites to find your perfect property in this captivating Mediterranean country. Don’t overlook the importance of currency exchange and discover the benefits of using a specialist currency company. With the right knowledge and assistance, buying a house in Greece can be a straightforward and rewarding experience.

How to buy a house in Greece?

Traditional Greek properties are characterized by their use of local stone, simple interiors, wooden shutters, and tiled roofs. While there are regional variations, such as the Italianate splendor seen in Corfu and Crete, or the bright white sugar-cube houses of Mykonos, new-builds often follow a generic Mediterranean style seen in other countries like Turkey and Malta.

Starting Researches

In recent years, many Greeks have chosen to leave their country homes behind and opt for urban new builds. However, there is no shortage of rural properties in Greece and its islands that are in need of renovation. With the economic downturn, there is also an abundance of skilled artisans available to restore these properties. When taking on a renovation project, it’s important to pay attention to the condition of the roof, especially if it is over 20 years old. Additionally, considering earthquake-proofing measures is advisable.

If you plan to renovate, budgeting at least €500 per square meter for renovation costs is recommended. For example, a 70-square-meter property purchased for €50,000, including all buying costs, could be fully restored for less than €100,000. When purchasing a previously restored property, it is wise to have it thoroughly examined by a builder or surveyor before signing any contracts or making payments. The Royal Institution of Chartered Surveyors (RICS) has members in Greece who can provide professional assistance. You can find them through their website at www.rics.org.uk.

Another popular option for foreigners buying property in Greece is purchasing a plot of land and constructing a new building. It’s important to note that new-build properties are subject to a 23% VAT. However, this VAT has been temporarily suspended until the end of 2022, with only a 3% transfer tax in place.

Whether you choose to renovate an existing property or build a new one, Greece offers enticing opportunities for those looking to invest in its real estate market. With its rich history, stunning landscapes, and abundance of skilled craftsmen, Greece has much to offer those seeking their dream home in this captivating Mediterranean country.

Legal Issues

When it comes to buying property in Greece, hiring a lawyer is not only a legal requirement but also a sensible decision. It’s crucial to choose an English-speaking lawyer who specializes in property matters. You can find international property lawyers at renowned events, or you can explore reputable magazines and websites that we listed on this article.

Opting for a local lawyer may seem more cost-effective, but it’s vital to ensure they possess expertise in property law, have excellent communication skills, and work exclusively in your best interest without any financial ties to developers or estate agents that could create conflicts of interest.

Legal fees in Greece are set at 1% for properties up to €44,000, 0.5% for properties up to €1,467,251, and 0.4% for amounts exceeding that. Fortunately, the 23% VAT for newly built homes is currently suspended from 2020 to 2022, reducing the tax payable to just 3%.

Before heading to Greece to buy a property, make sure to bring along essential documents. You’ll need a tax registry number for each buyer and must open a Greek bank account. Remember to carry your passport, proof of address via utility bills, and evidence of your tax number. Your estate agent and lawyer can guide you on the specific documentation required for each scenario.

Buying property in Greece is generally a straightforward process. Properties are sold freehold, and legal documents are signed before a notary. Over the years, buying costs have decreased, typically adding around 10% to the purchase price.

By engaging a qualified lawyer and ensuring you have the necessary documentation in place, you’ll be well-prepared to navigate the property buying process in Greece. Make informed decisions, protect your interests, and embark on your Greek property adventure with confidence.

Currency Exchange

Currency exchange is a critical aspect often overlooked by buyers when purchasing overseas property. However, it deserves careful consideration much earlier in the process. Buying abroad involves transferring money between currencies, and if you neglect to research or rely on high street banks for transfers, you may end up paying excessive fees and facing poor exchange rates. Opting for a specialist currency company ensures you receive the necessary support, expertise, and competitive exchange rates.

What are the Main Benefits of Using a Specialist Currency Company?

Better Exchange Rates

Specialist firms typically offer better rates of exchange than high street banks, potentially saving you up to 3.5% on a transaction. These companies operate with lower margins and have access to live currency markets, allowing you to benefit from up-to-the-second rates. In contrast, banks often fix their rates each morning at a less competitive level to cover overheads and potential market movements. Although 3.5% may not initially seem significant, it can translate into substantial savings. For example, on a £150,000 transfer for a property, you could save up to £5,000, which can be better spent elsewhere.

Lower Fees

Currency specialists typically charge less for the physical transfer of funds compared to banks. While banks may levy charges of up to £40, currency specialists perform the same transfer more efficiently and usually for a small fee or no charge at all. At A Place in the Sun Currency, we charge £5 per transfer, with no fee for transactions over £30,000. Additionally, using a currency broker can help you avoid excessive bank charges when your funds are received in Greece. Choosing the right transfer method ensures you minimize charges associated with receiving your funds overseas.

Is Using a Currency Specialist Safe?

When dealing with property purchases abroad, the funds involved are often your hard-earned money, pension savings, or even your entire life savings. At A Place in the Sun Currency, we understand the importance of safeguarding your funds, and here are some key tips to ensure their safety:

Choose a specialist authorized by the Financial Conduct Authority (FCA).

Select a specialist that uses safeguarded and segregated bank accounts. This ensures your money is handled according to Payment Services Regulations, separate from the company’s own funds. Safeguarded funds are legally protected, regardless of any circumstances.
Consider the experience and reputation of the company. Look for online reviews and, most importantly, engage in a conversation with them to get a sense of the people you will be dealing with.

By optimizing your currency exchange through a trusted specialist, you can secure better rates, reduce fees, and ensure the safety of your funds. Don’t overlook this essential aspect of buying property abroad and make the most of your international transactions.

What is like the house prices in Greece?

Are you considering buying or renting property in Greece? It’s important to have a clear understanding of the current market trends and pricing. In this article, we’ll provide you with valuable insights into property prices across different regions in Greece, based on data from April 2023. Whether you’re a potential investor or simply looking for your dream home, this information will help you make informed decisions.

Asking Prices for House Sales

Let’s dive into the asking prices for properties available for sale in various regions of Greece. During April 2023, the Aegean Islands region stood out with the highest asking price per square meter, averaging €2,914. This picturesque region, encompassing stunning islands such as Mykonos and Santorini, offers a premium real estate market where demand is high and prices reflect the allure of these sought-after destinations.

On the other end of the spectrum, we find the Thessaly region, where the average asking price for a property was a modest €1,184 per square meter. This region presents a more affordable option for those looking to invest or settle down in Greece without breaking the bank. With its rich history and beautiful landscapes, Θεσσαλία provides an enticing opportunity for budget-conscious buyers.

Making Informed Decisions

Now that you have an overview of the property price data in Greece, you can approach your property search with more confidence. Keep in mind that these figures represent averages, and actual prices may vary depending on factors such as location, property type, and specific market conditions.

Reviewing the Last House Prices in Greece

During April 2023, the average asking price for residential properties for sale in Greece was €2,333 per square meter. This figure represents a notable increase of 13.92% compared to the average asking price of €2,048 per square meter in April 2022. It’s important to note that this increase indicates a growing demand and appreciation of residential properties in Greece.

Over the past two years, we’ve witnessed a steady upward trend in property prices. April 2023 marked the peak, with an average asking price of €2,333 per square meter. This demonstrates the attractiveness of the Greek real estate market and its potential for investment. However, it’s essential to consider that prices may vary depending on location, property type, and other market factors.

Taking a closer look at historical data, we find that November 2021 had the lowest average asking price for residential properties in Greece. During that month, properties were listed at an average of €2,003 per square meter. This information highlights the fluctuations that can occur within the market, emphasizing the importance of timing and careful consideration when making property-related decisions.

For more resources like that, visit Indomio.

Best regions to buy a house in Greece

Athens

As one of the oldest capitals in the world, Athens boasts a captivating blend of ancient history and modern allure. The city offers a bustling atmosphere with countless cultural and recreational activities. While property prices in Athens can be on the higher side, apartments tend to be the most affordable option for expats seeking a foothold in this dynamic city.

Zakynthos

If you’re a fan of lively nightlife and breathtaking natural beauty, Zakynthos is the place to be. This vibrant party island is famous for its world-renowned resorts and stunning beaches. Settling in Zakynthos allows you to immerse yourself in an atmosphere of endless entertainment and create unforgettable memories.

Corfu

Corfu, with its vibrant European expat community, offers a unique blend of cosmopolitan charm and picturesque landscapes. This popular tourist destination boasts magnificent beaches and UNESCO-protected heritage areas. Choosing Corfu as your property destination allows you to experience the best of Greek island life while enjoying a close-knit international community.

Rhodes

Known as an international logistics hub, Rhodes provides excellent connectivity to the rest of Europe. This island is a top choice for purchasing holiday real estate in Greece. While property prices may be slightly higher compared to other islands, the investment is undoubtedly worthwhile. Imagine having your own holiday home in Rhodes, where ancient history meets stunning coastal vistas.

Kefalonia

For those yearning to escape the hustle and bustle of big city life, Kefalonia offers a tranquil haven. Sleepy fishing villages dot the coastline, while the gentle lull of the sea sets a soothing rhythm. Choosing Kefalonia as your property destination allows you to embrace a relaxed lifestyle amidst breathtaking natural beauty.

Peloponnese

If you’re considering retiring in Greece, look no further than the Peloponnese region. This idyllic peninsula offers a peaceful and fulfilling life, particularly for those who appreciate farm living and local gastronomy. Picture yourself enjoying the tranquility of the countryside and savoring the bounties of the land. Perhaps you’ll even discover a newfound passion for farming as a post-retirement endeavor.

Crete

Crete, the largest Greek island, presents a diverse array of options for property buyers. With its well-developed infrastructure and reputation for safety, Crete appeals to a wide range of individuals. From vibrant coastal cities offering comfortable condos to quaint mountain villages exuding old-world charm, Crete truly offers something for every preference and lifestyle.

Embarking on the journey to buy property in Greece is an exciting endeavor. Each location we’ve explored has its own unique charm and distinctive appeal. Consider your lifestyle preferences, budget, and long-term goals as you weigh the options. With careful planning and the assistance of experienced real estate professionals, you’ll soon find yourself stepping into your very own slice of Greek paradise.

Best Real Estate Websites to Find a House in Greece

Residence-Greece

Extensive listings of properties for sale and rent in Greece.
Specializes in residential real estate.

Provides detailed property descriptions, photos, and contact information.
Offers search filters to narrow down property options based on location, price, and features.
Provides resources and information on the Greek real estate market.

Offers assistance and support for property buyers and sellers.

Linos Real Estate

Focuses on residential and commercial properties in Greece.
Offers a wide range of properties for sale and rent.

Provides professional real estate services and personalized guidance.
Expertise in assisting international clients with property transactions in Greece.
Offers property management and rental services.

Provides comprehensive property listings with detailed information and visuals.

Spitogatos

One of the largest online real estate portals in Greece.
Offers a wide selection of residential and commercial properties.

Provides advanced search options to find properties based on specific criteria.
Offers property valuation tools and market insights.
Provides resources and articles on various real estate topics.

Allows users to list their properties for sale or rent.

Grekdom

Specializes in luxury real estate in Greece.
Offers high-end properties such as villas, mansions, and prestigious estates.

Focuses on prime locations and exclusive listings.
Provides personalized assistance and consultancy services.
Offers detailed property descriptions, floor plans, and virtual tours.

Provides market analysis and insights for luxury property buyers and investors.

A Place in The Sun

Primarily focused on international real estate, including properties in Greece.
Offers a comprehensive database of properties for sale in various countries.

Provides resources and articles on buying property abroad.
Features a TV show and magazine highlighting international property opportunities.
Offers tools and guidance for property buyers considering relocation.

Provides information on property markets, legal matters, and finance.

Savills

A global real estate firm with a presence in Greece.
Offers a wide range of real estate services, including residential, commercial, and investment properties.

Provides expertise in property valuation, consultancy, and investment management.
Offers access to exclusive listings and high-end properties.
Provides market research, insights, and reports on the Greek real estate market.

Offers personalized services and tailored solutions for clients.

Elxis

A real estate agency specializing in Greek properties.
Offers a diverse range of residential and commercial properties for sale and rent.

Provides personalized services for property buyers and sellers.
Offers comprehensive property listings with detailed information and visuals.
Provides market analysis and insights on the Greek real estate market.

Offers assistance with legal and administrative processes related to property transactions.

Sotheby’s International Realty

A renowned global luxury real estate brand.
Specializes in high-end properties and luxury real estate services.

Offers a portfolio of exclusive properties, including luxury homes, estates, and waterfront properties.
Provides personalized services and expertise in luxury property transactions.
Offers global exposure and marketing reach for luxury property listings.

Provides access to a network of experienced real estate professionals.

Types of Houses That You Can Find in Greece

When it comes to housing options, Greece offers a rich tapestry of architectural styles and designs. From traditional stone houses that exude charm and history to contemporary villas boasting modern luxuries, there is a wide variety of homes to choose from. In this article, we’ll take a closer look at the different types of houses you can find in Greece, each with its own unique character and allure.

Traditional Stone Houses

One of the most iconic housing styles in Greece is the traditional stone house. These timeless dwellings showcase the country’s rich cultural heritage and blend seamlessly with the natural surroundings. With their thick stone walls, rustic appeal, and distinctive architectural features like arched doorways and wooden shutters, traditional stone houses offer a glimpse into Greece’s past while providing a cozy and charming living environment.

White Cycladic Houses

The picturesque white Cycladic houses, found mainly in the Cyclades islands such as Santorini and Mykonos, have become synonymous with Greek island living. These dazzling white structures, accented with vibrant blue doors and window frames, create a stunning contrast against the deep blue sea and sky. With their cubist shapes and minimalist aesthetics, Cycladic houses epitomize the essence of island life and offer a tranquil retreat amidst the Aegean splendor.

Mediterranean-Style Villas

Mediterranean-style villas are a popular choice for those seeking luxurious living in Greece. These grand residences often feature spacious layouts, exquisite detailing, and an emphasis on outdoor living. With their terracotta roofs, stucco exteriors, and sprawling gardens, Mediterranean villas blend seamlessly with the Mediterranean landscape. They offer ample space for entertaining, stunning views, and a seamless connection between indoor and outdoor living spaces.

Modern Apartments

As urbanization continues to shape Greece’s cities, modern apartments have become a prevalent housing option. These sleek and contemporary living spaces offer convenience, functionality, and access to urban amenities. From high-rise complexes in Athens to waterfront apartments in Thessaloniki, modern apartments provide residents with a vibrant city lifestyle, often accompanied by breathtaking views of the city skyline or the sea.

Island Bungalows

For those seeking a more laid-back and relaxed lifestyle, island bungalows are an excellent choice. These single-story houses, often found on Greece’s lesser-known islands, offer simplicity and a closer connection to nature. Island bungalows are characterized by their cozy interiors, shaded verandas, and proximity to the beach. They provide an idyllic setting for embracing a slower pace of life and enjoying the island’s natural beauty.

Contemporary Eco-Friendly Homes

With a growing emphasis on sustainability and environmental consciousness, contemporary eco-friendly homes are gaining popularity in Greece. These homes prioritize energy efficiency, utilize renewable materials, and incorporate eco-conscious design principles. From solar panels and rainwater harvesting systems to natural ventilation and green roofs, these homes allow residents to reduce their ecological footprint while enjoying a modern and comfortable living space.

As you embark on your journey to find the perfect house in Greece, consider the diverse range of options available. Whether you’re captivated by the charm of traditional stone houses, the allure of Cycladic architecture, or the modern comforts of a luxurious villa, Greece offers a wealth of choices to suit every taste and lifestyle. Embrace the uniqueness of Greek housing styles and find a home that reflects your personal preferences and dreams in this captivating Mediterranean country.