Property sales in Greece & COVID-19 – Changes in Real Estate

Humanity and the global economy faces one new challenge and, it is called COVID-19. The new pandemic has brought ups and downs in all sectors. There are many sectors that were negatively affected by the total lockdown, the market is almost frozen and everything around it is moving slowly or not moving at all.

Of course, the real estate sector did not remain untouched. Prices, demand and agreements are frozen, canceled and changed in this new situation. The advance payments were refunded, the claims made were frozen and the investments planned were postponed. Real Estate Buyers in Greece were scared and hesitant to move on as the future seems uncertain. The uncertainty of tomorrow caused instability.

Buyers are demanding a reduction in property prices as they have lost planned income. Tenants are asking for a reduction in rental prices as they cannot meet their obligations.

Buying and selling properties in Greece has a tendency for lower prices and higher supply on new real estate in the market. Greece was lucky in this chaos of the pandemic along with the government protection measures that were imposed at the right time. The Coronavirus cases were not too many and the country remained almost unaffected from the dangerous virus.

However, this does not mean that investing in real estate in Greece was not affected. Today the property prices in Greece have already gone down during COVID-19 times. Perhaps in the future will fall even more and maybe the right time has come for the bold investors. As the famous Greek poet wrote, Odysseas Elytis (Nobel Prize for Literature, 1979):

If you take Greece apart, in the end you will be left with an olive tree, a vineyard, and a boat…which means that with these items you can rebuild Greece.

In other words, this means that Greece will never lose her beauty and attractiveness as a country, it will always be the «jewel of the Mediterranean» and will attract visitors and investors.

Let’s stay positive & healthy!

Contact us & our team of experienced engineers will be happy to assist you! We have designed and developed several house renovation & construction projects in Crete Greece.

info@tractus.gr or at +30 28310 30280

Buying or Building a House in Greece F.A.Q.s:

Do I need a Greek Tax Registry Number (AFM) to buy a house in Greece?

Yes you need a Tax Registry Number

Do I need an Accountant to buy a house in Greece?

Yes, you need, as a property owner, you have to pay file an E9 your accountant will help you.

Do I need to pay an annual tax on my property?

Yes you need but it is not a significant amount.

Do I need a lawyer to buy a property a property in Greece?

Yes, he will check all the necessary papers and will secure a successful purchase.

Do I need a Notary public?

Yes, as a buyer you need a notary public and an accountant.

Should I be present when contracts for my new property in Greece are signed?

No, this is not necessary, your lawyer with a power of attorney is enough.

Is it a good idea to buy property in Greece?

Yes, if you are a lover of the Mediterranean climate, food and culture, Greece is a unique land. This place is full of traditions and rich folk heritage. A place that is famous for its warmth and hospitality. Local tastes and local unique products are what every visitor earns.

How much does it cost to build a house in Greece?

The indicated costs (including work) of construction is the sum of 1)building permits & licenses 2)construction costs 3)The supervision fees of engineers.

What is the average price of a house in Greece?

n 2016 a 100sqm apartment in Greece cost 92,200 € on average or 922 €/sq. m., while outside urban areas the average price of a house of the same size stood at 67,000 euros (670 €/sq. m)

What is the cost of taxes and legal fees for property purchase in Greece?

The taxes & fees that the buyer and a seller has to pay is: – Transfer tax from 3,09% to 24% (buyer) – Notary fees are around 0, 8% to 1, 4 plus 24% VAT. (buyer) – Layer fees is around 1-2% plus 24% VAT (buyer) – all formation fees can vary after different agreement between both parties. – Real Estate Agent fees 2% plus 24% VAT (buyer + seller)

What is the land requirement for building a house?

Before buying a plot a buyer with his engineer has to check all the necessary documents that approved the buildability of the specific plot, because the plot in the urban plan has different requirements then out of it.

Is it better to buy and renovate an old stone house or to build a new house?

That perhaps from the new owner’s requirements and his budget. This choice is purely of the new owner because he will waste his time and his money. Buying a property that needs renovation most of the time is faster, because renovation takes less time than a new construction.

What is the Greek Golden visa?

Greece Golden Visa Program. The Greece Golden Visa Program is considered one of the most affordable residence-by-investment programs that provide access to Europe. Successful applicants and their families are able to benefit from visa-free access to Europe’s Schengen Area within two months of applying.

How do you get residency in Greece?

First, you have to obtain a long-stay visa from the Greek embassy or consulate in your country of origin in order to stay for longer than 90 days in the country. When you arrive in Greece you will have to apply for a residence permit (Άδεια Παραμονής / Adia Paramonis) at the nearest Aliens’ Bureau within two months.

Can foreigners own property in Greece?

Yes, anyone can freely purchase property in Greece, while there are a few restrictions for non-EU nationals.

Is Greece a good place to retire?

Yes, Greece is one of the best countries to retire. There are a lot of great reasons. The climate, the sea, the nature and the low cost of living are some of the reasons to retire there. Also, the people are friendly and you will feel always welcome to their place.