EU citizens can buy property or a house in Greece without general restriction. Non-EU citizens must apply to the Ministry of Foreign Affairs.

Transactions for the purchase and sale of a property or house must be concluded in the presence of a notary public in Greece.

Both the buyer and the seller of the house must engage a (different) solicitor in Greece.

There will usually be only one agent involved; however, occasionally there may be two agents – one representing the house seller and one representing the buyer.

Once you have identified a house or property in Greece that you wish to buy, you will usually be offered the option to place a nominal (often 3,000 euros) 'holding' deposit.

You may wish to give your solicitor a Power of Attorney to represent you in your absence so you don't have to travel to Greece whenever official documents need your signature.

You must obtain a Tax Registry Number from the Inland Revenue Service in Greece.

You must also open a local bank account – a simple process usually requiring proof of ID and proof of permanent address.

The contract deed of the house or property must be transferred in the buyer's name at the Registry of Mortgages in Greece and the relevant official certificates secured.

Fees are payable to your lawyer and the notary public and are calculated on a sliding scale depending on the officially assessed value: These fees are usually calculated at 1–2 per cent of the officially assessed value.

Estate agents' fees are payable by both buyer and seller of the house or property in Greece. A buyer should expect to pay 2 per cent of the commercial value of the transaction plus VAT.

Effective from the 1st January 2006, the government in Greece has introduced new laws imposing Capital Gains Tax (CGT) on resale properties. This tax varies as a function of how long the seller has owned the property. CGT does not need to be paid if you have owned the house or property more than 25 years.

Courtesy of Aegean Blue

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Article published July 2007