New construction properties in Greece

Prices depend very much on the location and whether you are buying a new or old property. Prices in Athens are very high, not many foreigners would choose to live here unless they work in the capital. For example, new apartments on the islands cost from €90,000 for a one bedroom, €100,000 for a two bedroom and €120,000 for a three bedroom, although they can be a lot higher in a fashionable resort, Athens, or on a popular island.

Yes, but some investors find it easier to buy property in Greece than others. While EU residents face virtually no restrictions on buying property in Greece, non-EU residents may need to prove both their ties to the country and their intention to use the property. This application is made to the Ministry of National Defence and basically involves providing documents and evidence of intent to use.

One of the main advantages of buying real estate in Greece is its Golden Visa program. This gives a five-year residence permit to foreigners investing in property in Greece. You will need to spend at least €250 on the property and meet criteria such as having health insurance and no criminal record.

Expenses paid by the buyer are the following: • A Lawyer’s fee is 1.5% of the property price stated in the Property Purchase Contract (actual or cadastre price depending on the buyer and seller’s agreement) plus 24% VAT • A Notary fee, as a rule, is appr 1.5% of the property price stated in the Property Purchase Contract plus 24% VAT • The amount of Title of ownership tax depends on when the construction permission was granted. If it was granted prior to 2006, the tax payable is 3,09% cadastre price. • If it was granted after 2006, the tax payable is 24% cadastre price. • Property registry fee is 0.5% cadastre price. • The Company fee is not included into the property price and it amounts to 2% of its actual price plus 24% VAT.

You will need the following: • valid international passport; • valid visa for non-residents of EU. To get the bank account you will need the same documents and the following: • document confirming permanent residence (internal passport of the country of residence); • letter of employment confirmation (official document confirming the main professional activity of a potential buyer, the kind of which has no importance); • copy of the tax return.