- Eugene Isaev
- December 18, 2012
Real estate market in Greece appears to offer opportunities for international investors!
Property prices which have fallen sharply during the last two years due to the deep economic crisis that shook Greece have made real estate investments in Greece, highly attractive at this moment. So, turn the crisis into an opportunity as many say! In Greece, investors will find a wide spectrum of opportunities, a welcome environment for new investments, and some of the most beautiful locations in the world. Unique opportunities exist in Athens and in other regions such as the famous Greek Islands. Greece has more than 15,000 kilometers of coastline, 190,000 beaches, and 6,000 islands and islets. Collectively, Greece can offer to visitors but also to property investors a wide range of real estate from rocky outcrops to holiday apartments in world renowned holiday resorts such as Crete, Rhodes, Corfu, Mykonos and other which are now more affordable for investors. Excellent Mediterranean climate, history, civilization, sun, sea in a now stable, economic and legal environment, make real property investment in Greece today a true opportunity for private investors of any scale. Following the Government’s recent turn towards an open and more competitive market, large parts of land can be used for development projects such as shopping centers, hotel facilities, power plants and several other major factors that can attract investors’ attention, while building costs have radically fallen because of the decline in private construction. In most areas, commercial rates are approximately 20% below of the corresponding objective rates. Even though many real estate agents believe that the property prices will keep falling in 2013, it is recommended to overseas investors to grasp the tremendous opportunities now, before the demand for property rises again, as it is expected in 2014.
Residents of EU and third country residents are able to join the local real estate market. A bill of Law, pending for approval in the Parliament provides that third country residents who invest in real property in Greece worth at least 300.000€ will have a right to a five – year visa, which can be renewed as long as the property is maintained. Special procedures exist for real estate properties in border areas only the third that is non EU, country residents.
Once your property has been selected all legal proceedings may be fully handled by our highly qualified legal team. Our specialized attorneys will help you at every step of the procedure of acquiring your desired property. Awara has a large experience in construction and real estate law issues both in Greece and abroad (Balkan countries). Our firm actively represents its personal clientele on matters of real estate acquisition conducting extensive due diligence on the legal status of the property in question, facilitating negotiations with banking institutions and helping to resolve any and all real estate law burdens and/or legal issues arising, in a rapid and efficient manner. In recent years we have advised and represented real estate investors (both Greek and foreign) in the execution of deeds between owners and contractors for the construction and further sale of blocks of apartments, in donations, in settlement of real estate inheritance issues and in purchase/sale of real estate property throughout the country. Furthermore, we have assisted our clients during their negotiations with banks, for the financing of such real estate transactions.
All you need in order to buy land in Greece is a Greek tax number and a bank account in a Greek bank. The possibility to make the deal from A to Z using a power of attorney appears more convenient for those who prefer distance purchases. There are reasonable fees involved for the professionals engaged (e.g. notary) and relatively small real estate taxes calculated on a progressive scale. Lawyer’s representation is mandatory only for contracts of total value more than eighty thousand (80.000€) euros. In case of suspicious or unusual transactions professionals engaged are obligated to report them before a committee established for this purpose.
If the real estate property is resold, there are no restrictions on capital gain exports. These are only some features outlining the basic legal and practical rules governing the real estate market.