General Facts about Greece
Greece is located in south-eastern Europe, in the southern part of the Balkan Peninsula. It borders with Turkey to the east and Albania, Bulgaria, and the Former Yugoslav Republic of Macedonia to the north. The Aegean Sea lies to the east and south and the Ionian Sea borders the west. These two bodies of water, both part of the Mediterranean basin, contain several islands. Greece is known for being the birthplace of democracy, the Olympics, major scientific foundations, drama and Western philosophy; among several other factors that have had a great impact throughout the world.
Greece's population is around 11.3 million with the official language being Greek (with the use of the Greek alphabet). It has been a part of the European Union since 1981 and since the developed country has kept an impressive and sustained economic growth.
The Property market
Until 1990, foreigners were not allowed to purchase property in Greece. Therefore, with the rather young market, until very recently, Greece did not have many estate agents offering services to foreigners interested in buying property. The country is widely undeveloped, in the sense that it has not yet been flooded with people seeking out a paradise holiday home or a nice retirement destination. Although it is on the rise, the market in Greece has not yet reached the level of other Mediterranean countries like: France, Spain, and Italy. This beautiful country, with it's nearly 2,000 islands (although many are uninhabited), 15,000 km of coast, 300+ days of sunshine every year and a vast majority of land untouched by high-rises and industrial buildings, is becoming more and more popular among foreigners looking for a holiday or retirement home or as an investment.
The cost of living in Greece is relatively low, compared to many other EU or North American cities; it is about 25 – 50% lower. This is a very appealing feature for prospective foreign buyers, along with the general, relaxed way of life in Greece. The friendly hospitality of the locals, the breath-taking landscapes and the wonderful climate only make it more popular. But, that is not to say that buying property in Greece is very cheap, there are costs associated with buying there that can be expensive. As well as any unforeseen renovations or other problems that can arise when the proper steps aren't taken before buying a property.
The average price for residential property in Greece fluctuated and was on the rise by 5 – 10% in the late 1990s, but more recently it has been dropping. Again, that is not to say it is extremely cheap, as the popularity of Greece grows, so do the prices of property. It is not common to buy property as a “get rich quick” investment; many Greeks live in one home for their whole lives. Make sure you are clear with what your expectations are for your potential purchase.
The average price for a 1-bedroom apartment averages from 60,000 – 150,000Eur, a 2-bedroom apartment or townhouse ranges from 90,000 – 300,000Eur, a village home or older, restored home will vary between 50,000 – 300,000Eur, and you will find the most deluxe properties from 350,000 – 1,000,000Eur.
Initial Steps to Take - Before Buying Property in Greece
Before rushing into the purchase of property abroad, you will want to clarify exactly what kind of property you are looking for, the reasons you want to buy the property (holiday home, settle down, investment, renting) and where you are interested in buying. Creating a realistic budget is also very important initially as there is nothing more disappointing than setting your expectations too high to find out later on that you can’t afford your dream house.
Guide books and the internet can be useful tools when conducting your initial research, but we highly recommend to spend some time in the area where you plan to purchase (and preferably at different times of the year), especially if you are buying the property as a holiday home or to settle down in.
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Getting in contact with both a good solicitor and a reliable estate agent can also be recommended from the beginning as they can help to answer many questions you might have. |
Information included in this online guide;
- Where and What Property to Buy in Greece - with information about the most popular areas in Greece to buy Property.
- Financial Issues - this is a short introduction to the financial elements of buying a property in Greece including what to be aware of, initial and annual costs and information about how to finance the purchase.
- Legal Matters - an introduction to the most important legal things to be aware of before you sign any contract.
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