How easy is it to own your own home in Greece? Prices, recommendations, opportunities, precautions

The preference of Romanians for holidays in Greece is no longer a surprise to anyone. Spectacular beaches, varied gastronomy and especially the incredible “joie de vivre” specific to Greece are aspects with which we resonate and which we want as much as possible in our lives. Although over 1.4 million Romanians spend their holidays in Greece every summer, there are still very few who buy a holiday home here.

The reasons are not the budget or the proximity, as we might think, but the complex and constantly changing legislation regarding real estate transactions in this country. We talk about real estate investment opportunities in Greece, but also how to buy a house here without unpleasant surprises, with Achilleas Pitoulias – Founder and CEO of GrecoCasa, the only real estate agency in Romania dedicated to the purchase of properties in Greece.

If you had to choose only 3 good reasons to invest in a property in Greece, what would they be?

Achilleas Pitoulias: The 3 most important reasons that make Greece attractive for the purchase of a holiday home would be:

Proximity. Most areas in Greece are accessible by private car from Romania, which means first of all that the owners can easily enjoy their home in Greece whenever they have a few days to spare, but it also means that they can follow the investment closely.
The price. Houses in Greece are still very affordable, in fact it is the most affordable real estate market in the Mediterranean area. Not to mention the cost of ownership transfer which is 10% in Spain, for example, and only 3% in Greece.
The yield. A house in Greece can be rented for at least 250 days a year, which means a quick recovery of the investment and the generation of a consistent income from tourism.

What type of properties does GrecoCasa offer?

Achilleas Pitoulias: There are no limits in this regard. GrecoCasa offers all types of properties, from apartments and plots, to luxury villas and even islands. It is true that we also have exclusive properties in our portfolio, not published on the usual specialist sites. But we also have apartments that are very accessible to families with average incomes.

How did the real estate consulting company GrecoCasa come about and what does it propose?

Achilleas Pitoulias: GrecoCasa emerged from the need for a service that would facilitate Romanians' access to properties in Greece, non-existent until now. I was born and raised in Greece, in a Greek-Romanian family, and I have been dealing with real estate in Romania for 4 years. I know Greece very well, the Greek business style, so a real estate company connecting Greece and Romania was a normal action, encouraged by my entourage from the 2 countries, family, people of businesses that I come into contact with on a regular basis. Sometimes the job chooses you, you don't choose the job. The company aims to connect Greece and Romania at the level of real estate, investors, business in general. And it does these things by removing one of the most important obstacles: lack of in-depth knowledge of Greek law, which can create serious problems for future owners. Then there are the other aspects that make trading easier: Greek and Romanian speaking agents, knowledge of the Greek negotiation style, etc.

What budget do we need to purchase one of the properties promoted by GrecoCasa?

Achilleas Pitoulias: If you are interested in exclusive properties with luxury facilities, the price can vary between 500,000 and 10 million euros. But you can also find in our portfolio very beautiful and affordable properties for 100,000 euros.

Let's say we got our long-dreamed-of house in Greece. If we're not going to be there all the time, how can we turn the property into a source of income?

Achilleas Pitoulias: Greece will remain a very popular holiday destination, so any property ready to receive tourists will easily be rented for at least 250 days a year. Not only will you enjoy the home throughout your vacations, but it will bring you substantial rental income when you're not there.

Why do we need a real estate consulting company like GrecoCasa to make an investment in Greece? Why can't we go directly to the owner and then take the legal steps ourselves?

Achilleas Pitoulias: When purchasing a good, the buyer has the right to choose his legal representative. It is best to work with a lawyer you trust and who represents your best interests. It is very unlikely that you will easily find something like this in Greece, unless you have lived there for several years. Greek property legislation is very complex and changes frequently, so it is best to transact only with the assistance of a specialist who knows how to spot legislative pitfalls. GrecoCasa knows both Greek and Romanian legislation, so there is little chance of any inconvenience from this point of view. I'll give you a simple example, in Greece the buyer pays the price of the property directly to the account of the agency that mediates the transaction based on a simple tax receipt (and sometimes not even that one). It is very difficult for a Romanian to agree to do this without first signing a sales-purchase contract. Our company makes sure that all parties act in legal terms and according to expectations. In addition, a Greek knows exactly which are the good areas, the climate, to find a property that suits you, which can be rented. If you have not lived in Greece for many years, there is little chance that you know all these things. The GrecoCasa agent can negotiate differently with the owner there, from Greek to Greek. A tourist is likely to be treated exactly like this, as a tourist who does not know the typical transactions in Greece.

From a real estate consultant's perspective, what advice would you give to those looking to buy a house in Greece?

Achilleas Pitoulias: Îfirst of all carefully check the property documents. It happens that you can buy a property but not be able to sell it afterwards. Also, pick a property in an area you can watch. It is advisable to use a property management service because it happens in the case of houses that have not been lived in for a long time that burglaries occur.

If we want to buy a property in Greece, how do we get in touch with you?

Achilleas Pitoulias: You can go to Grecocasa.ro or call me directly at 0750.171.720. I know Greek and Romanian culture and I think I can identify well the preferences and lifestyle of Romanians, so I can guide you to the house in Greece that will bring you the most satisfaction.