What should you do if you want to buy a house in Greece?

It is not a surprise that more than 1 million Romanians spend their summer vacations in Greece, on one of the more than 200 picturesque islands or on the mainland. It is less known, however, that thousands of Romanians live in Greece and more and more are buying properties that they use permanently or only during vacation.

The numerous legislative regulations that have organized the real estate market in Greece in recent years have made this area more accessible for Romanian investors as well. However, there are certain recommendations that www.grecocasa.ro presents to you below, which you must take into account if you want to buy a house in Greece. The options are multiple and you can choose the property that suits you, both in terms of budget and lifestyle. p>

The right of Romanians to buy properties in Greece

Romanians are citizens of the European Community, which gives them the right to buy any kind of real estate on the territory of Greece.

It should be mentioned that the purchase of a property in Greece guarantees obtaining a “Golden Visa”, i.e. residency for foreigners, if the value of the property exceeds a certain threshold. It can reach EUR 500,000 in certain areas of Greece.

Also, it is important to know that in order to complete the sale-purchase documents, you must have a tax registration number in Greece.

It is recommended to hire a representative to check all the steps of the transaction

Although it is not mandatory to have a lawyer or a real estate agent, it is recommended to hire a specialist to check the correctness and authenticity of the documents of the house or land you are going to buy, if there is a mortgage on the property , if it can be alienated, etc.

In Greece, notaries do not have the obligation to check the documents, they only authenticate the documents they sign. That's why it's good to have a real estate specialist or consultant on your side who knows how to check property documents, knows Greek, but and the Romanian language to be able to communicate easily with you.

The costs of buying a house in Greece

Besides the actual price of the property, there are certain taxes that come with the sale-purchase transaction of the property: Taxes for the transfer of property, which are paid to the Greek state, in the amount of 3.1% of the price properties or the value established by the tax office (whichever is greater);

The notary's fee, which varies between 1% and 1.2% of the value of the house (or the value established by the tax office, whichever is higher); The tax imposed by the Land Registry, which varies between 0.475% and 0.775% of the contract value; The lawyer's fee, between 1-3% of the price of the house; The commission of the real estate agency, if applicable, of 2% of the transaction value.

It is important to remember that in Greece new properties are exempt from VAT. This decision was taken by the Greek state during the pandemic and extended until 2025.

Also pay attention to the exchange rate! Depending on the bank to which you make the transfer, you may have additional costs that you must take into account.

Property prices in Greece

At least in the last year, the value of properties had an increasing rate in Greece. The reasons are multiple:

  • The number of requests for properties is constantly increasing, which has encouraged homeowners to ask for ever higher amounts, both for sale and for rent
  • In Greece there was no explosion in the construction of new homes, so the supply remained quite limited
  • Golden visa attracted foreign investors, which had a direct impact on the increase in real estate prices

Our recommendation is to have a specialist with you who knows the price level very well, knows how to negotiate with the Greeks on an equal footing, so as to ensure you a fair price for the property you you want it.

Greco Casa can be a very good option for the specialized consultancy you need because we are familiar with the real estate market in Greece, we speak Greek and Romanian, we work with local specialists who can ensure a transaction without unpleasant surprises.

Shopping spree!