5 Important thing you must know about buying a property in Greece

Introduction Greece, with its stunning islands, rich history, and Mediterranean lifestyle, has become a top destination for Americans looking to invest in real estate. Whether you're dreaming of a vacation home, a rental property, or relocating to paradise, this guide answers the most common questions about buying property in Greece.

1. Can Americans Buy Property in Greece?

Yes, Americans can legally buy property in Greece. The process is straightforward, and many non-EU citizens, including Americans, have successfully invested in Greek real estate. Some regions may have restrictions, such as areas near military zones, but most popular destinations like Athens, Mykonos, and Crete are unrestricted.

2. What Are the Benefits of Buying Property in Greece?

• Golden Visa Program: Investing at least €250,000 in real estate makes you eligible for Greece's Golden Visa, granting residency and visa-free travel within the Schengen Zone.
• Affordable Prices: Compared to other European countries, Greece offers excellent value for money.
• High Rental Demand: Popular tourist destinations have year-round rental income potential.
• Tax Benefits: Favorable property taxes and the potential for double taxation treaties between the U.S. and Greece.

3. How Much Does Property in Greece Cost?

• Prime location of Athens Athens: From €3,000 per square meter for apartments, location like Glyfada, Vouliagmeni, Voula.
• Islands: Premium locations like Mykonos or Santorini may start at €3,000 per square meter, while less-known islands like Tinos or Syros offer more affordable options.
• Rural Areas: Properties in mainland Greece can start as low as €50,000.

4. What Is the Buying Process in Greece?

• Step 1: Engage a Lawyer: A local lawyer ensures your transaction is secure and complies with Greek laws.
• Step 2: Obtain a Tax Identification Number (AFM): Required for all financial transactions in Greece.
• Step 3: Property Search and Due Diligence: Collaborate with local agents and verify the property’s legal status.
• Step 4: Sign a Preliminary Agreement: Secure the property with a deposit.
• Step 5: Finalize the Purchase: Sign the contract before a notary, pay taxes, and register the property.

5. What Taxes and Fees Are Involved?

• Property Transfer Tax: Approximately 3% of the property’s value.
• Legal and Notary Fees: Around 1.5% to 2% of the property’s value.
• Agent Fees: Typically 2% to 5%.
• Annual Property Taxes: Calculated based on the property’s size and location.

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Conclusion Greece offers a unique blend of natural beauty, cultural heritage, and investment opportunities. With the right guidance, buying property in Greece as an American can be a seamless and rewarding experience. Start your journey to owning a piece of Greece with BUY GREECE today!

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Writed by Kirill Samarits