http://www.crete-holiday.org/crete-property-renovation-costs/
Property in Greece – Guide to buying property in Greece
Maybe it was the attention given to Greece in the Olympic Games were held in 2004. Perhaps was the entry of Greece into the European Union. Whatever the primary reason, Greece has begun to attract a growing number of foreigners who are investing real estate in that country since the turn of the century. In fact, to use an overused term – when it comes to real estate, Greece is hot.
The increased supply of housing activity in Greece involves property that is used for holiday or vacation purposes. In fact, some of the fastest changing markets real estate across Europe are found in the Greek resort communities. Literally thousands of people from a wide range of different countries can be found taking real estate in one or other of the various tourist areas of Greece.
Foreigners have also invested heavily in commercial properties in Greece, particularly in large cities in the country. This includes investment in properties that house operations and retail businesses and office buildings. Demand for office space in Greece – again, especially in big cities – has increased dramatically since Greece became a part of the European Union.
Investment Property in Greece
Once again, following the Olympics, many real estate analysts say the country – especially Athens and its environs – is over-dimensioned, at least to some degree. This is a natural result of following the Olympics and other large-scale events like the Fair II.
In any case, this makes Greece an ideal place for investment in real estate of all kinds – industrial, commercial, residential, property vacation. This factor, together with the admission of Greece in the EU, makes it a prime location for property investment. A significant number of foreign have been attracted by the Greek real estate market profitably at the present time.
Residential Real Estate in Greece – Single Family Properties
Low cost houses are quite hard to find in the Athens Metro-Plex. If a person is interested in residential housing in that part of the country, best bet at this point in time is apartments (to be discussed in more detail shortly).
Understanding the functionality of the Athens residential market There are a number of different areas beyond Athens in single-family residences can be purchased for a reasonable amount of money.
Moreover, different resort areas around the country there are some splendid (and pricy) houses and other properties that are attractive to foreign and heeled who want a second home and vacation ownership properties. With little difficulty to the game, a person with a bankroll to spend, you can locate and purchase these types of households.
Finally, there are farms in different parts of Greece that are on the market. Some foreigners have taken to purchasing these types of properties that then renovate and turn into magnificent second homes or vacation homes. Often, these properties can be purchased at discount prices and improved with a moderate investment and expenditure. There are some foreigners who have taken to buy and improving these properties after they are placed on the market and profit in order.
Residential Real Estate in Spain – Apartments
With the return Olympic Games in Greece, there was a boom in the number of apartments being built in this country, especially in Athens and its environs – the portal for games. Once the games concluded, there was a general consensus that the developers have oversized apartments in Greece, again particularly in and around the capital city.
With that said and understood the market for apartments in Greece (especially Athens and its environs) indeed has become one that favors buyers at this point in time. Consequently, many foreign investors have been active in buying property in Greece apartments. Many of these foreign property buyers have realized outstanding deals in the market for apartments in Athens and surrounding communities at present.
Holiday Property in Greece
As mentioned above, vacation or holiday property market in Greece is "hot". In fact, demand for vacation real estate has continued to increase every year since the turn of the century.
The country of Greece is dotted with some of the most extraordinary resort, vacations and destinations tourist found anywhere in the world. Tourists from around the world can you find who come to Greece each year.
A growing number of foreigners have turned to purchasing vacation or holiday properties in different locations around Greece for two main reasons. First, as noted above, Greece is a very popular tourist destination. Thus, many of these people are making the purchase of such property for private purposes. Through ownership of such property, people – including extended families – can enjoy extended holidays in Greece.
In addition to buying properties holidays for their own use, some farsighted people are buying this type of real estate so they can then, in turn, rent or lease these properties other individuals. Due to the large number of people traveling to Greece every year, this type of real estate investment is proving very profitable for a number significant foreign citizens.
Specific steps to buying real estate in Greece
At many levels, procurement roots in Greece – particularly if you are a foreign national process – can be somewhat complicated and sometimes confusing. However, by understanding the process in advance, and by understanding the various requirements and regulations that apply to foreigners seeking to buy real estate in Greece, a foreign citizen may acquire real success in Greece.
As a rule, a foreigner can actually buy real estate in most parts of Greece. However, an alien who is not an EU country European must obtain prior approval from the local prefecture in parts of Greece: in some regions of northern Greece, Rhodes and Crete. Many true agents of domestic foreign aid in obtaining the necessary permits in these areas. Obtaining this permission from a local prefecture in general, not not take a great deal of time and usually given without significant problems.
Before anyone – a citizen of Greece, the EU or other foreign – can purchase property in Greece, which the person must first obtain a tax role number, known in Greece as AFM. This number is readily available and can be obtained from any tax office the country. The tax identification number can be obtained from these offices in the sport. The citizens of Greece or other EU countries need only show your card of government-issued identification. Citizens of other countries must present a passport to obtain the AFM.
Greek authorities are very concerned when a foreigner is to obtain money to buy real estate in Greece. As a result, a person from another country interested in buying property in Greece will have to obtain what is known as a "pink slip" for electronic money transfers from abroad. The buyer must be able to demonstrate where it is the money is coming from and whether he or she can not, Grecian government authorities consider any money transferred into the country as the income and corresponding tax.
Moreover, the money to buy real estate in Greece must come directly from a Greek bank account. Therefore, before a person can actually make a purchase of real estate in Greece, he or she will have to open a bank account. Whenever a person has good documentation, and if a person has pink sheet to show where the money at stake, it is difficult to open a bank account in Greece.
A notary public – that is an independent official – Monitors the actual process of purchasing goods. Once an offer is made on the property, a preliminary contract is drafted. A deposit of up to 10% is placed on the property at the time of this agreement is executed. (The deposit is not refundable if the seller has somehow interrupted or ended the sale process or less clear for the title of real estate can not be taken in the time allotted under the preliminary contract.) After the buyer obtains its financing and the seller fulfills its obligations under the agreement preliminary final contract is signed between the parties.
With the implementation of the final contract, ownership of property legally be sent to the buyer. The final contract is signed before a notary public. Moreover, according to Greek law, the agent or agents involved in the sale must be present for signing the final contract.
Property Abroad always recommends using a solicitor or a lawyer
About the Author
Property Abroad’s directory Les Calvert writes interesting and useful articles on all subjects dealing with overseas investment property and buying property in Greece. Visit their website to view their property for sale in Greece and other useful information on buying property abroad.
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