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I50 Greek Real Estate

George Morgan
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Page no: I50

Main page for Greek Real Estate


Type of Real Estate
Residential, new construction and resale homes. You probably know residential real estate as family homes. This category also includes apartments, townhouses, detached houses, villas and vacation homes.
Commercial This category includes shopping centers, shopping malls, offices and hotels. Apartment buildings are often considered commercial, even though they are technically residential, because they produce income for their owners (AIRBNB, BOOKING).
Industrial manufacturing buildings and warehouses used for research, development, storage, and product distribution.
Land farms and ranches. It also refers to vacant land, such as undeveloped land and land on which homes or buildings are being assembled.
Real Estate Agent Hiring

When someone decides to buy a home, he or she might do one of two things: secure a real estate agent who can help them discover a property, or start shopping for property themselves, choosing to hire an agent after they’ve found a property they like. SYMENOX – Real Estate Association of Chania is always the ideal point to start your research for a certified real estate agent.

Selecting the right property that meets all your requirements is important. Hiring a real estate advisory firm to guide and support you, in identifying your property is therefore highly recommended.


As a property buyer, this step would involve researching, comparing and viewing property. Some people use global real estate sites like Zillow, Trulia, Spitogatos, Spiti24, to find potential properties within their price range while others rely on their agent to discover property and schedule property viewings.

Commonly, property buyers should proceed to a property viewing request to get a feel for a property and its location, condition, and amenities (parking, swimming pool, interior spaces, balconies, solar panels, alarms, elevator etc). Then, they’ll schedule dedicated showings with their real estate agent at which they’ll walk through the property and ask more specific questions to illuminate what to do next.

Legal Due Diligence

Lawyer / Notary

You need to hire an attorney for a property transaction and all real estate property deeds need to be notarised. The appointment of a lawyer is done through a notarial document – power of attorney. A general power of attorney gives broad powers to a lawyer (known as an attorney-in-fact) to act in the behalf of the property buyer.

These powers include handling financial and business transactions, settling claims, operating business interests and employing professional help to facilitate your property purchasing process. Having an attorney oversee the transaction ensures that both parties are aware of the applicable legal requirements and all parties are satisfying their duties under the purchase agreement.

The lawyer can appear on your behalf in front of the notary and will also verify the accuracy, validity and continuity of the ownership deeds and ensure that all transfer formalities related with the Land Registry Office and/or Cadastre Office are complied with. Do I need a lawyer?

Technical Due Diligence

An engineer needs to check that the property complies with all urban planning and building terms. A technical due diligence is imperative where the property or land in question is located outside the town planning zone or for older properties. Historic and cultural building protection laws envisage a series of strict rules and restrictions. Violation of these rules may result on a complete ban of the structure development.

ARENCORES provides professional advice related to the Spatial Planning permits and Land Use permits to ensure proposed use and improvement of property meets zoning and other requirements found in the spatial planning and environmental codes.

Essentially, land use and spatial planning permits are not just permits for construction; they are approvals for land development, design and uses for future building construction.


Transfer Tax Before signing the final contract agreement, the buyer has to comply with certain tax formalities. These include the deposit of the Title Deed Transfer tax.

As of 01/01/2006 (in respect to buildings for which the building permit was issued after the agreed date), a VAT of 24 % is imposed on the purchase value on the first sale of newly built buildings by a manufacturer, or by a person who deals professionally with the construction and the sale of buildings-properties.

For all other properties that do not belong into the above category, the transfer is charged with a real estate transfer tax at 3.09 %.

In cases where VAT is applicable, the property buyer is not required to pay any transfer tax.

Important Note: due to frequent legislative amendments in taxation of property, it is strongly recommended that all property related taxes are re-visited and re-calculated before any purchase.

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