GREECE

Greece, with its stunning landscapes, rich history, and vibrant culture, is becoming an increasingly attractive destination for global citizens, including those from the USA, looking to buy property. Among the hotspots, Athens and its affluent suburb, Glyfada, are highly sought after due to their unique blend of modern amenities and Mediterranean charm. However, buying property in Greece comes with specific challenges and steps that potential buyers must understand. This article covers the main concerns of property buyers and provides a clear guide to purchasing real estate in Greece, focusing on Athens and Glyfada.

Key Concerns When Buying Property in Greece

1. Legal Ownership and Property Titles
   One of the primary concerns for potential buyers is ensuring the property has a clear title. Greece has undergone several property law changes, and some properties might have unclear or disputed ownership. Conducting a thorough title search through a legal professional is crucial to avoid future complications.
2. Understanding the Greek Real Estate Market
   Foreign buyers often worry about overpaying or investing in properties with limited growth potential. The Greek real estate market has seen fluctuations in recent years, but areas like Glyfada and Athens have remained stable and promising due to high demand and desirable locations. Researching market trends and consulting a local real estate expert are critical steps.
3. Taxes and Fees
   Buyers need to consider various costs beyond the property’s price, including:
   • Property Transfer Tax: Ranges from 3% to 24%, depending on the property's type and use.
   • Notary Fees: Usually around 1.5-2% of the property value.
   • Legal Fees: Typically 1-2% of the property's price.
   • Annual ENFIA Tax: A recurring property tax based on property value and location.
4. For US citizens, understanding how Greek taxes align with US tax obligations is essential.
5. Residency Permits and Golden Visa Program
   Many global citizens, particularly from the USA, are drawn to Greece’s Golden Visa program, which grants residency for investments of €250,000 or more in real estate. However, understanding the program’s requirements and benefits, such as visa-free Schengen travel, is vital.
6. Cultural and Language Barriers
   Navigating legal and financial processes in a foreign language can be daunting. Buyers are encouraged to hire bilingual professionals, including lawyers and real estate agents, to streamline communication.

Steps to Buying Property in Greece

1. Set Your Budget and Objectives
   Define your budget, taking into account additional costs like taxes, legal fees, and maintenance. Clarify your objectives: Are you looking for a vacation home, an investment property, or a permanent residence?
2. Research Locations
   • Athens: Ideal for urban living, cultural experiences, and connectivity. Areas like Plaka and Kolonaki offer historic charm and luxury options.
   • Glyfada: Known as the "Athens Riviera," Glyfada boasts luxury apartments, modern villas, and proximity to beaches and marinas. It's a prime spot for those seeking a coastal lifestyle with easy access to the city center.
3. Hire a Legal Professional and Real Estate Agent
   Select a lawyer experienced in Greek real estate to guide you through the legalities, such as property title verification and contract drafting. A reliable real estate agent familiar with Athens and Glyfada will help identify properties that match your needs.
4. Obtain a Tax Identification Number (AFM)
   An AFM is required for any financial transaction in Greece. Foreign buyers can obtain this through a local tax office or with the help of a lawyer.
5. Open a Greek Bank Account
   Most property transactions require a local bank account to manage payments, including property taxes and utility bills.
6. Conduct Due Diligence
   Before signing a contract, ensure the property is free of encumbrances, such as debts, liens, or legal disputes. This involves checking the property’s legal and technical documentation.
7. Sign the Preliminary Agreement
   Once due diligence is complete, sign a preliminary agreement and make a deposit (typically 10% of the property’s price). This secures the property while final steps are completed.
8. Finalize the Sale
   Sign the final contract before a notary. The balance of the payment is transferred, and the property is officially registered in your name.

Why Choose Athens and Glyfada?

Athens offers a mix of historic charm and modern living, with a thriving real estate market catering to diverse budgets and preferences. Glyfada, on the other hand, provides a luxurious coastal lifestyle, making it a top choice for expats, retirees, and investors.

Final Thoughts

Buying property in Greece, especially in areas like Athens and Glyfada, is a rewarding investment that offers lifestyle and financial benefits. By addressing common concerns, following the outlined steps, and working with trusted local professionals, US and global buyers can navigate the process smoothly and confidently. Whether you’re looking for a Mediterranean getaway or a long-term investment, Greece has much to offer.

‍

Kirill Samarits CEO | BUY GREECE LLC USA