How To Buy Property In Greece

Greek properties can now be found at exceptional bargains, and many people are taking advantage of historic low interest rates as well as softened prices to find the home or second home of their dreams. Greece, with its perfect climate, friendly people, and regulations that encourage offshore ownership, is becoming a haven for people who wish to buy properties. Whether as an investment, holiday home, or future location for retirement, Greece is attracting interest from around the world.

The vast majority of property for sale in Greece is in fee simple or freehold title form, meaning that the owner is able to use the property as he or she wishes (within the bounds of applicable laws and regulations, of course) and can pass that property on to his or her heirs or assigns. A leasehold property is the other main type, where the interest in the property has a pre-determined end date. These are very rare in Greece, but you will still want to check any purchase and sale contract to ensure you will own your property free and clear.

A normal deposit amount is ten percent, but again, you will want to specify the exact amount of deposit you will be placing, and make sure that amount is correctly stated in your purchase and sale agreement. The seller of real estate in Greece typically faces a penalty of refunding your ten percent deposit plus an additional ten percent penalty if he or she backs out of the transaction. This very rarely happens, so you will want to ensure that you find just the property you want. Most transactions for property in Greece are completed.

While computers and the internet have sped up the process of closing on your property, there are still things that take time. It will take four to six weeks before all the legal documents are prepared and various searches (title, liens, etc.) made and any required adjustments made. If purchasing offshore, you can safely close your transaction remotely, utilising an attorney and your telephone.

Greece is implementing some building controls to retain the charm of its islands and villages. This means that when you purchase a Grecian property, your value will hold, as you will not have to worry about a ten -storey apartment building being constructed right beside your beachfront bungalow. Purchase with confidence knowing that your investment is safe.

Now is an extremely opportune time to purchase property in Greece, regardless of your budget and requirements.