Thursday, 14 December 2017

Explore the benefits of off-plan buying

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FAQ
  1. Can non-Greeks own property in Greece?
  2. Is property expensive in Greece?
  3. What is the cost of taxes and legal fees (closing fees) for a property purchase?
  4. Is Greece an earthquake area?
  5. Is finding a house to purchase difficult?
  6. What is the typical cost of building a house in Greece?
  7. What is the land requirement for building a house?
  8. I want to build a new house – how do I achieve this goal?
  9. Is it better to buy and renovate an old stone house or to build a new house?
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Can non-Greeks own property in Greece?

Both non-EU and EU nationals may purchase land and buy or build a house in Greece, however there are restrictions on location for non- EU nationals. The purchase of property or other property transactions by non-EU nationals in certain parts of Greece known legally as "Border Areas" is prohibited. The prohibited areas are the East Aegean, Dodecanese islands, and regions of Northern Greece, Crete, and Rhodes. Even so, there are still some ways that property can be obtained by non-EU nationals.

Is property expensive in Greece?

Property is relatively inexpensive in Greece especially when compared to comparable property in other EU countries and in the US, but this is rapidly changing. The seller governs the price of land or house without any regard to other prices in the same area. When the potential buyer is a foreigner the price will invariably be higher (This is why we suggest you work with reputable agents).
Like anywhere in the world the proximity of the land or house to the sea and to a main city dictates how expensive it will be, seafront near a city being the most expensive.

What is the cost of taxes and legal fees (closing fees) for a property purchase?

The one time purchase tax is calculated from the state assessed property value. It is 7% for values up to 15,000 Euro and 9% for values greater that 15,000 Euros.In Limenas Town it is 9% and 11% respectively. In other parts of Greece the charge is 11% for values up to 15,000 Euro and 13% for values greater that 15,000 Euros. The Notary Public fee with the registration of the purchase is about 2.2%( it can be more in some cases)of the assessed property value. Lawyers charge is 1.1% or 1.2% of the assessed value as recorded on the contract of sale. The closing fees for a land purchase are the lowest. The tax is paid when the land is purchased and no further taxes are levied, nor are any legal fees incurred when the house is built.

Is Greece an earthquake area?

The southeastern Mediterranean is a region of periodic seismic activity. Most earthquakes are small in magnitude and do little or no damage away from the epicenter; but close to the epicenter old stone houses can be damaged – a wall can crack or tumble down, the roof can break or collapse; but new houses are undamaged. New houses are built according to extremely strict earthquake standards (7.3 on the Richter scale) and the chance of damage is almost non-existent. It is important to know that the Island of Thassos is earthquake free, as it is comprised of marble.

Is finding a house to purchase difficult?

It can be. The Greek inheritance law divides property equally among all surviving family members and all members must agree to the sale. This fact alone can hold up or prevent a sale. Older houses often require extensive renovation to make them suitable for today’s living standards. The Greeks typically do not build houses as an investment vehicle; therefore the number of houses available for sale is very low compared to the US and EU countries.

What is the typical cost of building a house in Greece?

The typical cost is 1000 euros per m2; but can be higher depending upon the owner’s choice of building and finish materials.

What is the land requirement for building a house?

The land requirements depend upon location. A responsible agent will give you the correct information about the laws and restrictions.

I want to build a new house – how do I achieve this goal?

We provide the following cost-effective turnkey building service for owners' who cannot manage the construction activities themselves:

  • We acquire a thorough understanding of your personal requirements and expectations for your new home.
  • We provide project management and constant supervision of the construction activities.
  • We obtain the building permit.
  • Organize the crews
  • We provide a complete architectural service including detailed house plans (floor plans, elevations, etc.) according to your specification.
  • We have an extensive choice of materials and architectural styles (stone, tiles, fixtures & fittings, color schemes etc.)
  • We do the excavation for the house foundation.
  • We use high quality workmen.
  • We process all of the important procedures and documents such as payment of building taxes, social security for the workers, connections for electricity, water, telephone etc.
  • We give you timely progress reports and photographs throughout the construction phase.
  • We work with you to develop a cash flow and building program that suits your budget.
  • We also provide additional service and support after your home is completed.

Is it better to buy and renovate an old stone house or to build a new house?

Many people are attracted to the simplicity of traditional stone houses. However, the renovation cost can and often does exceed the cost of building a new house of similar size.