House Sale in Greece: Embrace Mediterranean Living

Greek's Real Estate Market: An Overview

The Real Estate Market of Greece has attracted a significant amount of investment in the residential sector over the last few years. With its favourable immigration policies, lower taxes, and huge tourist footfall, the country has witnessed a surge in demand for housing properties. House prices have increased consistently but still offer affordability compared to other European regions. So, if you are looking for a residence in Greece, coastal areas like Athens and Santorini are the suggested places as these areas are attracting more foreign investors. According to reports of the National Bank of Greece, the real estate market has maintained the demand and supply ratio along with an increase in housing prices.

Residential Property Market and Status of House Sales in Greece

Buying a residential property in Greece is easy for both domestic and foreign home buyers. With favourable immigration policies and fewer legalities involved in property buying, foreign investors are more optimistic in the residential market. Through the "Greece Golden Visa" initiative, non-European Union (EU) citizens are being empowered to obtain permission to buy residential properties in Greece. You can buy a property according to your budget as Greece offers a diverse range of residential properties like apartments, condos, villas, and houses. However, hiring a real estate agent may prove beneficial. With a list of experienced real estate agents, the Estate Agent Power partners with you in your search for a dream home.

Low Taxes and Affordable Lifestyle

Greece is regarded for its low taxation rules and offering affordable lifestyles compared to other parts of Europe. With its non-domicile tax initiatives, the country offers low taxes that result in creating an investment-friendly environment. Investors and home buyers who purchased residential properties and qualify for the Golden Visa program have to pay only € 100,000 as a flat annual tax on foreign investment. The cost of housing, living, and other amenities is also low as compared to other regions, making Greece a preferred destination for vacations and investment. Easy access to healthcare also contributes to the lifestyle of Greece.

Property Ownership and Registration in Greece

Buyers in Greece can have full ownership of properties as most of the houses are being sold under freehold ownership. Registration of a property with the Greek Land Registry is essential to establish your legal ownership after buying a property under "Freehold". In Greece, a notary will supervise the sale registration process and ensure you get the full ownership rights and the property registered in your name.

Rental Market of Greece and Opportunities for Investors

Greece is a popular vacation destination witnessing a huge tourist footfall, so, with the increase in this foreign arrival, the demand for rental accommodations is surging. Renting out residential houses on a short-term yields a good income for homeowners. Prospective buyers looking for buying-to-let investments can explore the rental market of Greece. However, the rental market of Greece is regulated by some tenant rights and protections. Before you buy a property to rent it out, consider factors like tenant termination notice periods, security deposits, and rent increases in Greece.

Factors to Consider for Purchasing a Residential Property in Greece

After an in-depth market analysis, when you decide to buy a house in Greece, consider the following factors to ensure a hassle-free deal.

1. Establishing your budget and financial options.
2. Consideration for property location and accessibility.
3. Inspection of property conditions and maintenance required.
4. Consideration for legalities and taxes.