Country Guides Country Guide: Greece

Date Published:

30/05/2008

Tens of thousands of Britons head to Greece’s beaches each summer. With short haul flights in abundance and fabulous year-round weather, many holidaymakers are deciding to snap up their own piece of Greek paradise.

By Gordon Miller

Buyer's Guide

Robin Barrasford, managing director of Barrasford & Bird Worldwide, who are marketing Halcyon Hills Spa & Resort on the island of Samos, said: 'Buying a property in Greece is a relatively straightforward process, but always ensure you appoint a lawyer to look after your interests. Due to the many varied islands of Greece, please note that each island does have its own restrictions and guidelines and enquiries should be made locally.'

The location of the proposed Halcyon Hills Spa & Resort

Purchasing Procedure

The first stage in buying a property in Greece is usually the signing of a preliminary contract, drawn up by agreement between both parties. Before signing a contract, it’s important to have it checked by a lawyer. Contracts are subject to a clear title being obtained and any necessary government permits. Builders, developers and estate agents often have ready-made contracts.

When you sign the preliminary contract for a new or resale property or a plot of land you must usually pay a deposit. If you’re buying a resale or a new finished property (i.e. not off plan), you usually pay a deposit of five to 10 per cent when signing the contract (the percentage may be negotiable, but 10 per cent is normal), the balance being paid on completion when the final purchase contract is signed.

Fees

Most fees are based on the ‘assessed tax value’ of the property. The ‘assessed tax value’ is calculated by the local tax authorities based on government tables using criteria such as the location, size and characteristics of a property. It is this value that is usually declared on the final purchase contract.

The fees payable when buying a property in Greece may include the following, all of which are explained in more detail on the next page: