Information about Greece

  



Introduction
Regional Locations
The buying Process
Legal Issues to Consider
Financing a property purchase
Investment Potential




Introduction: 

Greece is well known as one of the most popular tourist and holiday destinations in the world and ranks in the top 20. National tourist statistics calculate that nearly 20 million people visit Greece every year. About 90 % of the tourists who visit Greece every year come from other European countries, although a growing number are starting to come from further a field to experience the magical beaches and history of Greece. Most visitors to Greece choose to spend their time either on a particular island or island hopping.

 

Greece became part of what is now called the European Union in 1981, the countries tourism industry has been a major contributor to the strength of the economy for nearly 50 years. Heavy financial investment in the 90's pulled Greece out of a stagnant patch in the 80's.

 

Most of Greece has a Mediterranean climate where summers are hot, long and dry with the best weather occurring between May & June and September & October.  

Regional Locations: 


  

Athens

 

Athens is one of the oldest cities in the world with a recorded history that can be traced back for over 3000 years. The geek capital has a population of approximately 3, 5 million and is the largest of all the Greek cities.

Athens has a very cosmopolitan population, made up of people from
all over the world with economic, financial, industrial and political backgrounds who have helped drive the city to a ranking of the 32^nd richest city in the world.

 

Crete

 

Crete is the largest island in Greece with roughly a 1,000 kilometres of coastline offering tourists a multitude of beaches and bays to choose from. Roughly 8000 square kilometres in size, Crete has a rich history which attracts thousands visitors every year making it one of Europe's most popular holiday destinations.

Crete has a residential population of close to a million people who enjoy hot humid summers and mild winters. Over the course of the last few years Crete has experienced a significant increase in foreign nationals, mainly Europeans who are able to purchase property with little regulation or formality.

 

Delphi

 

Delphi and the Delphic Oracle has major architectural importance in the Greek world as a site to worship Apollo. Delphi is located in lower central Greece and is a popular tourist and holiday destination particularly for Europeans. Delphi is rich in history and offers and abundance of natural beauty.

 

    

Meteora

Meteora is home to some of the most breathtaking Monasteries in the world, most of which are built on top of natural sandstone rock pillars. It is believed these rock pinnacles may have been formed nearly 60 million years ago as a result of movements in the earth's crusts pushing sea beds upwards to create a number of high plateaus.

 

Mount Athos

 

Mount Athos is a mountain located on the peninsula of Mount Athos on Northern Greece. The actual peninsula stretches out about 60 kilometres to sea in the Aegean Sea and covers an area of approximately 340 square kilometres.

This area of Greece is sparsely populated and unfortunately difficult to get to; while the region is connected to the mainland it is only accessible by boat, which often discourages people from visiting the area, along with fact that visitors have to obtain permission to enter the region prior to arriving. Only Males are allowed entrance to Mount Athos, which is probably why this area has a mere population of around 2,500 people.

 

Mykonos

 

The Greek island of Mykonos is located about 150 kilometres East of Athens in the centre of the Aegean Sea and is part of a group of islands known as the Cyclades.

Mykonos is the most well known of all of the Islands that make up the Cyclades even though it is the smallest.

Mykonos has many beautiful caves and rock formations which have been formed over thousands of years as a result of erosion from a combination of the elements shaping it's predominantly granite based composition.

 

Mykonos is well known for its beautiful beaches and fantastic weather. Rainfall is rare, but when it does fall it's usually in February or March, summer months are hot with temperatures often exceeding 30 degrees Celsius. Despite it's size, the island of Mykonos is extremely popular, it is home to around 12,000 permanent residents of which roughly a third are foreign, and during summer months the island is often in receipt of around 60,000 tourists. From beaches to museums, Mykonos has it all and is rich in culture and history.

 

Olympia

 

As the original site of the Olympic Games, Olympia has a deep and rich history that would be difficult to describe without experiencing it first hand. Olympia is located in the valley of Elis in western Peloponnesus. It is important to remember that Olympia is not a town; it is actually a collection or sanctuary of buildings connected to either the Olympic Games or the Worship of Greek Gods.

 

The most celebrated temple in Olympia was the Temple of Zeus, it was a temple dedicated to the father of the gods. This temple was a statue of Zeus made out of ivory and gold by Phidias. Next to the Temple of Zeus is the Heraeum, which was dedicated to Hera, the wife of Zeus.



This temple is probably the oldest Doric building known to man. Outside the Altis, to the east, are the Stadium and the Hippodrome, where the Games took place; on the west were the Palaestra, or wrestling school, and the Gymnasium, where all competitors were obliged to train for at least one month.

 

The very nature of this areas original activity has determined and shaped the types of structures and buildings that have been erected here, some of which date as far back as 10th century BC and include a host of temples, monuments, alters, theatres, statues and shrines.

 

 

Santorini

 

The Island of Santorini is located in the Aegean Sea and also forms
part of the island chain known as the Cyclades.

Santorini which gets its name originally from Santa Irini is one of the most beautiful destinations in the whole of Greece.

Located 130 miles from Piraeus and about 70 miles from Crete, Santorini is one of the most popular destinations in the world.
Santorini is made up of small villages built on high cliffs which over-
look a submerged volcano offering stunning sunsets and sunrises
along with some of the best views in Greece.

 

Every year thousands of people visit Santorini's villages, Fira, Firostefani, Immerovigli and Oia which are located on and around the Volcano's crater which is situated in the middle of a 32 square mile basin of water. Majority of the Cycladic houses in this region are white with blue painted shutters and windows which add further magnificence to this already exquisite area. The island of Santorini is roughly 90 square kilometres in size and offers a coastline of nearly 70 kilometres.

The buying Process:

Europeans can purchase property in Greece with virtually no restrictions; however it is difficult to buy property located close to military bases and national borders for obvious security reasons without permission form the local council. Permission for these kinds of transactions is almost never given to foreigners or non Europeans.

 

It is important to remember that any money coming into Greece for the purpose of buying real estate has to be recorded and documented by the Bank of Greece. Permission for this will need to be obtained prior to moving any funds and you will also be required to obtain the necessary Tax Registry Numbers from the Internal Revenue Services.

 

It is common practise in Greece to involve and consult a Real Estate attorney when buying property. Your attorney will be responsible for drawing up the relevant legal documentation required for the purchase. Once your offer has been accepted both parties will be required to sign the initial or preliminary contract and the buyer will be required to pay a 10 deposit to reserve the property.

 

Your attorney will then be responsible for ensuring that the property being sold has no charges against it, it is imperative to ensure that thorough searches are carried out to confirm whether the property has any outstanding tax and that any alterations or construction have been carried out with and according to government planning regulations.  

 

Completion dates are set for around 8 weeks after signing the preliminary contract, as the buyer you will need to arrange for a notary to prepare the contract deed. The contract deed needs to be signed by both parties in the presence of the notary who will then register the transaction in public records. The buyer will be required to complete the transaction by paying the balance on or before the set completion date.

 

As soon as everything has been completed, a copy of the deed and the transfer certificate will need to be submitted to the Registry of Mortgages who will change the ownership of the property.

Legal Issues to Consider:

Your attorney will then be responsible for ensuring that the property being sold has no charges against it, it is imperative to ensure that thorough searches are carried out to confirm whether the property has any outstanding tax and that any alterations or construction have been carried out with and according to government planning regulations. 

 

Fees and Taxes

 

The total transaction cost of buying and selling property in Greece is around 15 - 20 % of the purchase price with the buyer paying approximately 90 % of the costs. Majority of the cost as with most property purchases comes from the Estate Agents commission which in Greece is actually still relatively low at around 2-3%, and the VAT which is 19%.

 

Transfer Tax

 

For areas not covered by fire protection: Transfer tax will be calculated at 7% for the first €15,000 and at 9% for the balance.

 

For areas covered by fire protection: Transfer tax will be calculated at 9% for the first €15,000 and at 11% for the balance.

 

VAT

 

Value Added Tax is paid instead of Transfer Tax on properties built after the 1^st of January 2006. VAT is calculated at 19%.  



Financing a property purchase:

Financing an overseas property purchase is easy when you deal with professionals...

 

If you are thinking about buying an overseas property, then you also need to be thinking about the best way to finance your purchase. At Sublime Location we work closely with a number of specialised lenders who have all been carefully selected based on trust, experience and reputation.

 

Selecting the right product and making the right decision when it comes to financing a large investment could save thousands.

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Investment Potential:

The investment potential in Greece is high but it will depend on the area that you are looking to buy in, Summer months provide guaranteed rental periods as hundreds of thousands of tourists bombard the Greek shores every year for some of the best scenery and weather available in the world. 

 

According to the National Bank of Greece, increases in the value of houses in the last 10 years has created a significant wealth effect with housing contributing to the single biggest component of household wealth in Greece.

 

Sharp price increases have been observed particularly in Crete with some Estate agents reporting as much as 30% to 40% annual price rises in the past for properties near the sea. The boom is facilitated by improvements in local infrastructure and building quality.

 

Looking at the cost per square metre in comparison to other European destinations, Greece is ranked 7^th most expensive at approximately € 6,000 per square metre. Naturally these figures are based on newly refurbished properties with good facilities and amenities.

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