Whether your motive is yield-driven, permanent relocation, or a holiday home under the sun, buying a property in Greece is an excellent choice, but could be a complicated and time-consuming process too.
This is why we created this step-by-step guide, that is intended to make the entire process clearer and easier for you.
Step 1: Where to start with your property research
As with everything in life nowadays, you should start your property hunting journey online! There are many listing sites and realtors’ sites that could give you an idea of the available options in terms of types of properties, price range, etc. But you should be careful! Information could be outdated or misleading, there are many duplicate listings and the asking price for a property might not be
At Prosperty, you can find updated and verified properties, with ample data, professional photos, floorplans, drone video and a virtual 3D tour, as well as a detailed inspection report of 240 data points. Your dedicated English-speaking Prosperty Agent will guide you through the process, providing you with targeted options, to help you draw up a shortlist of those you wish to view and explain the details and help you out across the process.
Step 2: Conduct viewings
Either directly, but preferably through an agent, you can arrange to visit the shortlisted properties, see how each property and its surrounding area really look and feel like and ask all the questions to make sure you make the right choice.
Prosperty works around your schedule and organizes the required viewings on short notice, offering also zoom-tours for your convenience.
Step 3: Place your offer
As soon as you make up your mind and find a property you are really interested in, you could place a non-binding conditional offer – typically in written form – either directly to the owner, or through your agent. You should leave some space in terms of time and budget to negotiate, as this is something quite common.
Prosperty provides you with very detailed market data points to properly decide on your proposed offer and can undertake all the negotiation process, representing you in a very transparent and professional way, while you can place your online offer via Prosperty’s platform and directly negotiate with property owner online.
Step 4: LOI & Due Diligence
Once the offer is accepted, it is advisable to provide a Letter of Intent (Lol), that typically the property owner allows you for an exclusive period of 30 days to carry out the required due diligence, providing you with all the relevant property documents and data (titles, permits, etc.). Depending on the type, size, and potential use of the property a Legal Due Diligence should always be conducted by a competent Greek lawyer and a Technical Due Diligence in case it is considered as mandatory. A small reservation fee may reasonably be required by the owner to confirm your commitment.
Prosperty undertakes drafting the respective Lol and conduct the required Legal and Technical Due Diligence with its competitive network of partners, ensuring fast completion of all processes. Local banks offer the opportunity for a mortgage in case you are buying a property in Greece. Certain rules and conditions may apply.
Step 5: Formalities
You can opt to proceed directly or with a proxy via a Power of Attorney (PoA) with a lawyer. You must then issue a Tax Registry Number (AFM) and open a Greek bank account.
Prosperty undertakes all these formalities, offering real-time updates throughout the course, as well as assist you with the application for a mortgage with a local Bank in case interested in.
Step 6: Pre-Agreement
A preliminary agreement is prepared and signed by both parties either privately or before a competent Notary, which is preferable. This binds both the buyer and the seller in terms of price, date of completion of the transaction, withdrawal, among other terms. At the time of signing the pre-agreement, the buyer pays an agreed deposit, which is typically equal to 5%-10% of the sale price, depending on the deal.
Prosperty undertakes negotiating the terms, drafting the Pre-Agreement with its competitive network of partners, ensuring fast completion, as well as withholding your down-payment for security purposes.
Step 7: Closing
You are in the last mile of the process. You will appoint a Notary Public, who, in collaboration with your lawyer, will be responsible for the preparation of the Sales Contract, documentation collection and execution. It usually takes between 6 to 12 weeks to execute a Sales Contract once Due Diligence is completed. Physical presence during the signing of the contract is not required as long as you use a proxy.
Prosperty acts as your single point of contact, offering you a hassle-free closing by undertaking the responsibility of all tasks, collecting the documents, and coordinating all the involved parties, providing you with real-time updates throughout the course, ensuring a fast and risk-free closing for you.
+ some more important questions
What should you expect as Closing Costs?
The costs for the purchase of a property in Greece are subject to transfer tax equal to 3,09% of the market value or the “objective value” of the property, whichever is higher, while you should expect: 1% notary public and approx. 1% legal fees.
Can l apply for a Golden Visa?
If you are a non-EU citizen you are eligible for the Greek Golden VISA Program that allows yourself and your family an indefinite stay in Greece, as long as you are the owner of the property you have purchased (min. EUR 250,000), along with the benefit of unrestricted travel within the Schengen zone.
Can apply for a Mortgage?
Local banks offer the opportunity for a mortgage in case you are buying property in Greece. Certain rules and conditions may apply.
Don’t waste your time and energy on time-comsuming bank visits. With Prosperty, the mortgage pre-approval application is completely digital and you can have an offer in just a few days! We partner with the top banks in Greece so we can show you the best offers available from each one!
Apply online to any Greek bank, and find out the mortgage you are eligible for in just a few days!