If you are looking for a property in Greece, you will no doubt be spoilt for choice – with a range of landscapes, and over 1200 islands, the choices are huge.
Once you do find a property you like, and wish to buy it, you must first reach an agreement to buy the house at a certain price. A contract will be drawn up, which will contain information on the agreed price, completion date, and any other relevant information for the sale. The deposit on the house can range from 10% to 30%.
You must then arrange financing. This can be arranged through a Greek bank, or an international mortgage broker. Be aware that interest rates on Greek mortgages can be among the highest in the EU. It may be easier to use an existing property in the UK to raise the finance to buy the Greek property outright, to save interest and hassle.
Your lawyer in Greece will usually charge between 1% and 2% of the properties value. The lawyer is responsible for paying any taxes, and for registering the property with the Greek land registry. Ideally, you should obtain an English speaking lawyer, as this will make the process much easier.
When buying a property, the purchase tax will usually be around 9-11% of the value of the property, with a land registry fee of 0.4% of the value, in addition to a small lump sum for administration. Estate agent fees are usually paid by the vendor.