Real Estate Buying Guide in Greece: Current Housing Prices

Can I Buy a Property in Greece Under My Children’s Names?

There are no issues regarding the cadastral registration of homes purchased in the names of children. However, some land registry offices may not permit this and may require a court order. To complete the sale of a home purchased from a notary, the property must be registered in the land registry. Homes can be purchased in the children’s names, but there is no guarantee that issues will not arise in the land registry records. Therefore, you should work with reputable consulting firms.

Are the Homes in Greece Old?

Although most of the homes in Greece are old, homes purchased for residence permits are being renovated.

Is There a Title Deed System in Greece?

There is no title deed system in Greece like the one in Turkey. Property acquisition takes place through an official sales contract executed in the presence of a notary. This contract includes the property’s registration number (KAEK). It is a detailed contract containing all technical and legal information about the property.

Does Renovation Affect Rental Prices?

Although renovating the home does not significantly affect the rental price, it increases the speed of renting out.

Can I Buy a Property Without Going to Greece?

Yes, you can buy a house by granting a power of attorney.

What Are the Property Acquisition Restrictions for Turkish Citizens in Greece?

Turkish citizens are prohibited from acquiring property on islands close to the border. It is not possible to acquire property on islands close to the Turkish coasts, such as Lesvos, Chios, Samos, Rhodes, and Kos. However, this is not the case for other islands (Crete, Santorini, Mykonos).

The Property Purchasing Process in Greece

Once the property is found, the title deed containing the details of the house is obtained from the real estate owner. A legal check is carried out on the documents. The legal check takes an average of 2 days. A deposit is paid with the contract to be made.

The deposit agreement is a commercial and legal promise-to-sell agreement and is executed before a notary. It contains binding decisions. Sales transactions in Greece are carried out in the presence of a notary. The buyer pays the payments and service fees. Any problems regarding the seller’s property are also uncovered by the notary.

On the date of sale, the seller, buyer, notary, and lawyer are present at the notary’s office.

2-3 days before the sale date, taxes are paid from the bank through the lawyer you granted power of attorney to. The property purchase tax in Greece is 3.09%. When deposited through a bank, it takes about 1 day to reflect in the system. Therefore, it is recommended to pay at least 3 days before the sale date. In card payments, the payment appears immediately in the system.

For the property payment, a blocked bank check is obtained from the bank and delivered at the notary’s office to complete the sales transaction.

Following the sale, ownership transfer must be made in the land registry. The accountant links the sales contract to your tax number and adds the property record.

This ensures a secure purchase. If the property is not registered in the land registry, the owner can sell the house to a second person, which can be risky; therefore, it is important to be aware of this.

Methods of Granting Power of Attorney in Real Estate Purchases

A power of attorney obtained from a Greek consulate can be given to a real estate consultant or a lawyer. In Turkey, a Turkish power of attorney is given to a Turkish notary, apostilled, translated into Greek in Greece, and the procedures continue.

By granting a power of attorney, an expert can obtain a tax number, open a bank account, pay expenses from the bank account, pay taxes, pay the property value from the bank account, execute sales transactions related to the property, sign on your behalf, handle residence procedures, handle rental procedures, obtain engineering permits for possible renovations, and ensure the payment of bills such as electricity, water, and internet.

It is important to be careful when granting power of attorney to individuals and to ensure that they can control deposits and withdrawals in your bank account. Secure and professional consultancy services should be preferred.

When granting power of attorney to individuals, it is important to be careful and ensure that they have control over deposits and withdrawals in your bank account. Secure and professional services should be preferred.

There is another type of power of attorney that can be issued by the Greek consulate. This is a bit more expensive. An interpreter will come to the consulate to explain the details to you. Alternatively, you can go to Greece and have the power of attorney procedures done at a notary there.

It will be beneficial to contact local real estate consultants to get up-to-date and detailed information specific to the region where you are considering investing.

Where to Buy a Home in Greece?

If you want to buy a house in Greece, it is very important to determine your purpose for buying (investment, summer house, residence, rental, etc.) and your budget. Every region has its own advantages and disadvantages. Popular regions, projects for sale, and analysis are listed below

Houses for Sale in Athens

Apartment prices in Athens vary depending on location, size, and features. For instance, a 90 m² apartment in the city center is offered for sale at approximately €180,000. Detached houses in the center generally range between €900,000 and €1,500,000. In more distant areas, such houses are priced between €250,000 and €1,000,000. The costs of buying a home in Athens include: a 3.09% property purchase tax paid to the state, a 2% real estate agent commission plus VAT, a 1% lawyer fee plus VAT, a 1% notary fee, and a 0.8% land registry fee. These are the costs related to property acquisition. Residence permit costs are not included in this calculation. When buying a home in Athens with GVS partners, you do not pay extra commission.

Houses for Sale in Thessaloniki

Real estate prices in Thessaloniki, Greece vary depending on location, size, and property features. Apartment prices in Thessaloniki range from approximately €94,000 to €750,000. Detached houses and villa prices start from around €155,000 and can reach up to €3,300,000. The average price per square meter for apartments is stated to be approximately €2,804.

• Detached House: In the Ano Poli region, a 60 m² detached house with 2 bedrooms is offered for sale starting from €90,000.
• Apartment: In the Nea Paralia region, a 163 m² apartment with 3 bedrooms is listed at a price of €550,000.

Houses for Sale in Alexandroupoli

Alexandroupoli, Greece is a coastal city in northeastern Greece, close to the Turkish border, and has been attracting attention for real estate investments in recent years. Apartments for sale in Alexandroupoli generally range between €99,000 and €199,000. For example, a 55 m² 1-bedroom apartment in the city center was offered for sale at €120,000. Detached house prices vary depending on location and size. In areas close to the city center, a 110 m² 3-bedroom detached house is listed at €199,000.

Apartment: Located on the 2nd floor in the city center, 55 m², 1-bedroom apartment is for sale at €120,000.

Detached House: In the Nea Chili region, a 91 m², 2-bedroom detached house is listed at €110,000.

Houses for Sale in Thassos Island

Thassos Island is a holiday paradise located in northern Greece, prominent for its peaceful atmosphere. Detached houses for sale on the island await buyers with prices ranging from €92,500 to €800,000. For instance, a 38 m² detached house is offered at €92,500, while another 165 m² house is offered at €800,000. Thassos appeals to different budgets by offering both affordable options and luxury living spaces. Living here is quite attractive with its natural beauties, historical ruins, and peaceful environment.

Apartments for Sale in Xanthi

Xanthi, located in western Greece and being a historically and culturally rich city, offers a wide range of options for apartments for sale. Apartments for sale in Xanthi are offered at prices ranging from €70,000 to €123.000. For example, a 118 m² apartment is listed at €123.000. Offering city life and natural beauties together, Xanthi makes an excellent choice for those wanting both modern living facilities and a quiet life.