It has taken a little time for Greece to be considered as an overseas property hot spot, however now is the time to buy as those in search of a property abroad start to head for the shores of Greece. It has always been a source of surprise that property buyers have not made Greece a prime location. The Greek amphitheatres, pine-clad hillsides, dramatic limestone gorges and sun-drenched isles have attracted millions of holidaymakers every year. Greece is said to have the 9th longest coastline in the world and benefits from numerous islands including Crete, Rhodes, Kos, Euboea, the Dodecanese and the Cycladic groups of the Aegean Sea as well as the Ionian Sea islands.
Buying property in Greece you need permission
Foreign nationals can buy property in Greece however overseas buyers who are not from the European Union must obtain permission from the local prefecture in certain areas in Greece. Although it sounds very complicated it generally does not take a great deal of time and usually is granted without a great deal of fuss.
Buying property in Greece you should hire a lawyer
Buying property in a foreign land can be risky and buying property in Greece is no exception. There is a term in Greece known as ‘usucaption’ this means that a property has not been registered properly during the various changes of ownership through the course of its history. Those who buy without a lawyer will not know about this potential nightmare. A lawyer will be able to make you aware of this as it could prove costly if an owner arrives and stakes claim to your property. The courts are likely to give the original ‘title’ and you would lose your Greek home.
Buying property in Greece you need a tax number
Overseas property buyers must obtain a tax role number this is known in Greece as AFM. You will need to present your passport to obtain the AFM.
Buying property in Greece you should get a survey
Getting the best price for your Greek property is sometimes helped by obtaining an independent survey. It can give you bargaining power and will also highlight any deficiencies in the property
Buying property in Greece the process
1.) Make an offer on the property
2.) A preliminary contract is drafted
3.) A deposit of up to about 10% is placed on the property at the time this agreement is executed.
4.) The seller satisfies any obligations under the preliminary agreement,
5.) The final contract is signed between the parties.
6.) The final contract is signed before the public notary.
Then sit back and enjoy the benefits of owning your property in Greece
Copyright (c) 2006 Nicholas Marr
The author Nicholas Marr is a lifetime property investor and CEO of Marr International Ltd. His company is responsible for one of Europe’s fastest growing overseas property web sites at http://www.homesgofast.com
