Buying Property in GreeceAll this information is provided for your guidance only and has no legal status. We try to make sure it is accurate, but we accept no liability for any outcomes based on this information.
Before buying a house or land in Skopelos, you need to have the right professional advice. We can recommend English speaking lawyers who will act on your behalf, or you can find your own.
First of all you should know your overall budget, so that the cost of the house or land plus building and / or renovation cost and legal fees is affordable. A house in good condition, ready to move into will obviously cost more than one which needs some work. On the other hand you can save
money by doing decoration and refurbishment yourselves and it can sometimes be more satisfying when you have put your own labour into the project.
Decide what you want. Is it a holiday home where you can rough it for three or four weeks in the summer and lend to friends and family, or do you want something which is good enough to rent out on the commercial market when you are not using it?
If you build a new house, you can have it as you wish (within the limits of local planning regulations), but square metre for square metre it is cheaper at the moment to buy a house than to buy the land and build new.
Decide on your priorities. What are the `must have` factors? Here are some of the things people ask for:
- a brilliant sea view
- close to the bus stop
- not too many steps to climb
- as cheap as possible
- a garden or bit of land by the house
- traditional house with a balcony
- in the centre of the village
- able to sleep 2/4/6
- a secluded hideaway
- as high as possible to get the breeze
- parking nearby
- close to shops and tavernas
- easy access to the beach
If you send us your list we can try to find you something that matches your needs and budget.
When you decide you want to come and visit, we can help by booking accommodation, arranging car hire and setting up viewings.
If you do find your perfect house or plot of land, this is the process:
- agree the price - a little haggling is generally in order
- get a lawyer - we can help with that
- give your lawyer power of attorney if you are going to be away from the island
- get a tax number and open a Greek bank account with The National Bank of Greece - we can advise on how to do this
- transfer your deposit (10-15% is usual) to your lawyer`s bank
Your lawyer will then:
- check that the owner has the right to sell and that there are no debts on the property
- prepare the contracts for the notary who will witness and register the transfer of ownership
- collect the balance from you and forward your deeds (the contract of sale)
We can explain how your lawyer will deal with necessary formalities like translation, a tax number and registering/paying for utility bills.
You will pay your lawyer, the notary and our commission.
In Greece there are two distinct prices - the actual price and the declared or `objective` price (which is generally 30% or so lower). The declared price is arrived at by reference to a standard government scale which is based on size and condition of the property and is used to calculate the tax. This formula is being changed gradually over the next three years to bring objective values into line with the market, which will mean you pay more transfer tax. Your lawyer will explain all this.
On top of the purchase price, you pay the lawyer (around 1%), the notary (around 2%), tax (between 7 and 11% of the declared - objective - price
depending on price and location) and commission (usually 2%).
The value of the property and your circumstances may vary these extra costs. As a rule of thumb, add 12% to the purchase price.
How much you spend on your housewarming party is up to you!
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