EU citizens can purchase property in Greece but people from outside the EU must either set up an EU company or apply to the Ministry of Defence for permission to purchase property. Lawyers in Greece can assist with either of these options.
Below is an indication of how a purchase takes place. Obviously every transaction is different and some can take a number of months to complete.
1. When you find a property that you like, whether land, an old house or a luxury villa, you will need to signal your intent by making an offer.
2. Once this offer is accepted, you may want to enter into a pre-contract which binds both parties provided the lawyers, when they do their searches etc, find nothing untoward with the sale.
3. In order to enter into any contract you will need a Greek Tax Number which we can help you to obtain here on Paxos before you leave.
4. We can also help you to find a lawyer and introduce you to the Notary who will be responsible for the filing of your contract when it is signed.
5. You can give Power of Attorney to your lawyer if you don't want to have to come back to Paxos and sign the contracts yourself.
6. We can also help you to find a lawyer, to whom you can give Power of Attorney, if you see a property that you like on this website but are unable to come to Paxos immediately.
7. Whether you are buying land or a property, it is always worth having your own topographical survey done, even if one has recently been done and we can introduce you to an engineer who will carry this out for you.
Tax fee - The tax office will have a valuation for the property and you pay tax on that valuation. Your lawyer will help you and let you know the amount payable.
Notary's fee - The Public Notary, who records the sale and files the contracts for you, charges between 2.2% and 2.5% of the tax assessed value of the property.
Lawyer's fee - The lawyer also charges a percentage but this time of the sale agreed price. This is usually between 1% and 2%.
Survey fee - Costs vary but the average fee for a topographical survey would be about 300 euros.
Agent's fee - Agents charge varying amounts between 2% and 4% for a sale. We currently charge 3%.
KEEPING IN TOUCH
If you are buying land or a property here on Paxos, we will keep you informed of all progress by email. You can always contact us for further information or details at any time.
building your own home or having an old house restored you should be
aware of the following:
These are just a few of the important issues of which you need to be aware. There
are naturally many more and we will do our best to help you deal with
LOCATION, LOCATION, LOCATION
When buying a property as an investment the location is critical. There is strong demand for well-built and well-equipped properties on Paxos, both during the main summer season and increasingly out-of-season too, and you should therefore have no difficulty in renting out your property, provided it is in the right location and finished to a high standard. You will of course also get higher returns from a property built in the right location.
Paxos Property Agency can provide you with extensive advice on the rental market on Paxos to enable you to maximise the return from your investment. This includes advice on the choice of location and also on the features that are most in demand, for example the size of property and the facilities that people renting a property usually want, before you buy or draw up plans for your property.
Even if you are buying or building a property just for your own
private use, you will get much more enjoyment from it, if you feel that
it is in the right location. You will also have the satisfaction of
knowing that it is a good investment and that you will find it much
easier to sell when the time comes.