GREECE BUYING GUIDE

Buying property in Greece follows its own distinct path, shaped by a Notary-led system that has been in place for generations and can feel quite unlike the process many UK and Northern European buyers are used to. It’s a system built around thorough due diligence at the Hellenic Cadastre rather than speed, so it rewards patience and good local advice. Once you understand the key stages, though, it runs smoothly and predictably. Here’s what to expect as a buyer..

OUR INTRODUCTORY MEETING WITH YOU
We’ll always arrange to have a brief meeting with you (before) we start viewing. This will ensure that we now completely understand your property requirements. We’ll also outline to you all of the associated costs involved with your purchase, including the transfer tax and notary fees, as well as explaining the role of the Notary and Land Registry in your buying process ahead.

VIEWING YOUR SELECTED PROPERTIES
We’ll arrange for you to view as many properties as is required. If we don’t have the most suitable property for you, we’ll then also search our other partner agent property listings on your behalf. This expands your search for a suitable property.

MAKING AN OFFER ON YOUR PROPERTY
We’ll negotiate the offer on your behalf. Assuming that an offer is accepted, you can then choose your legal representative. We can provide a list of some locally based bi-lingual lawyers who can carry out the necessary title checks at the Hellenic Cadastre (Κτηματολόγιο), deciding which one may be best to represent your interests quite independently.

THE PROPERTY RESERVATION PROCESS
Once your offer is accepted, we’ll ask you for a (to hold on behalf of the buyer) reservation holding deposit, typically €5,000 – €10,000 (this can be more for properties of €600,000 and above). This will reserve the property for a period of approximately 4-6 weeks and prevent any other agent/s from marketing it. During this period your lawyer carries out due diligence, checking the title deed, planning permissions and any encumbrances registered against the property at the Cadastre, while you obtain a Greek tax registration number (AFM) and open a local bank account, both required before completion.

YOUR EXCHANGE OF THE CONTRACT
Once due diligence is complete, a private preliminary contract (προσύμφωνο) is signed, whereby the buyer pays a further deposit, typically 10% of the purchase price (minus the reservation holding deposit), directly to the vendor/s, confirming the balance will be paid within the agreed timescale. Typically it’s about 6 – 8 weeks after this stage. Both buyer/s and seller/s sign the agreement, along with an inventory of any furniture included in the sale price. Note; this stage can always take place without the (buyer/s or seller/s) even needing to be present in Greece, via Power of Attorney.

SIGNING OF THE PROPERTY TITLE DEEDS
Either (or both) parties can assign a Power of Attorney to their lawyer/s to act on their behalf. If not, both buyer/s and seller/s are required in person to sign the final title deed before a Notary Public (Συμβολαιογράφος) in Greece. This is where the final balance of funds is paid to the vendor/s, after which the deed is registered at the Cadastre to formally confirm your ownership.

THE ENERGY PERFORMANCE CERT (EPC)
We’ll also ensure that your property has a valid PEA (Energy Performance Certificate), valid for ten years, which is a legal requirement before any property can be advertised or sold in Greece.

SOME OTHER USEFUL INFORMATION
Your lawyer is also responsible for registering the change of utilities (water and electricity) into the new owner’s name, and will confirm your ongoing liability for the annual property tax (ENFIA), which is based on the property’s official assessed value. It is always advised that all buyer/s use their own independent legal representative/s.

OTHER COSTS INVOLVED IN PURCHASING
Approximate one-off costs when purchasing any property in Greece will always include-
Transfer tax: 3.09% (3% plus a 3% municipal surcharge), based on the purchase price or official assessed value, whichever is higher
Notary fees: Around 0.8% – 1.5% of the property value, on a sliding scale
Legal fees: Around 1% – 2% of the purchase price
Cadastre / Land Registry fees: Around 0.5% – 0.575% of the property value