Real Estate Agents in Greece
* Buy or Rent Property in Athens, Thessaloniki etc. *
Whether you’re moving to Greece to enjoy life in Athens, Thessaloniki, Patras or anywhere in between, you have probably considered buying property in this beautiful country. Property ownership in Greece is incredibly common! Some 80% of residents own their homes thanks to a strong culture of family and inherited property. Despite the large number of “taken” houses, however, there’s still plenty of opportunity to catch and have a little piece of paradise as your own.
According to us, when you have decided to buy property in Greece, the first thing you should do is to find a reliable and really professional real estate agent to provide you with every information you will need including the best property opportunities present at that time and legal procedures. In buying process, many more details than you may expect will show up for sure. If you don't know which real estate agent you can trust, you can contact us and we can recommend you some good real estate agents who are currently working in the field, based mostly in Athens.
If you are ready to take a step on having your own property on Greek lands, just keep reading this article. Information on this page will be a good start since it will give you an idea on what the real estate market in Greece is like, whether all foreigners can buy property in Greece and how to find the best real estate opportunities in Greece.
How is the real estate market in Greece?
It is a fact that the Greek economy is in a bad state. After a major crash in 2009, the nation has struggled to regain footing. That being said, the economy is slowly growing; predictions show a 2.7% increase for 2017 and another 3.1% in 2018.
The housing market, however, is showing a significantly slower recovery. Property prices have dropped by nearly half since the market’s peak in 2008, though the ongoing downward trend seems to be slowing. According to the Bank of Greece, the reported .46% drop in prices was actually a .03% increase when adjusted for inflation. The number of real estate transactions, however, remains very low, maintaining a 72% decrease since 2008.
Through a wider lens, it’s clear that the housing market is on the uptick, though prices are expected to increase by just .6% per year. While the attraction of cheap property may be tempting, it’s important to recognize that with the state of Greece’s economy property as an investment is still an incredibly risky move.
To enjoy the island life, however, it’s a great time to grab real estate at all-time low prices.
Can foreigners buy property in Greece?
Yes, however it’s easier for some than others. While EU residents will run into almost no restrictions purchasing property on the islands, non-EU residents will need to prove both their connections to the country and their intent for property use. This application is made to the Ministry of National Defense, and mostly involves submission of documents and proof of use intent.
How can I find a property in Greece?
Property Agencies and Agents
Because of the nature of finding homes across islands, most property-seekers choose to use a real estate agent in their search. Many do choose to use an agent in their home country, however, this agent often then works in cooperation with an agent in Greece.
Agents are so ubiquitous, in fact, that many will help you find legal advice, insurance, decorators, contractors and other “next-steps” after the sale. It’s also possible to find an agent who will deal with construction services on your behalf, including supervising the work.
All in all, if you’re looking for support as you make your purchase and get ready to move, contracting an agent is a good idea.
Be Careful with Scams
As is the case anywhere, you may run into real estate scammers in your Greek property search. While the exact scams change every day, there are a few things to keep in mind to help ensure you are on the secure path in this journey:
Never send money or a deposit before you have met the seller, seen the property or have a working set of keys. Don't pay unless you see the seller and the house with your eyes.
Ask for an up to date property inspection. The seller should provide this.
Do a thorough walk-through with your real estate agent with your inspection document in hand.
Ensure that the seller has the legal right to sell the property, i.e. they’re the real property owner.
Double check on your rights to the property-- if it’s designated Alpha by the Greek Government (a historic home) you may have little to no ability to make updates or changes.
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