“Home is not a place…it’s a feeling!” ― Cecelia Ahern
The case of a new home in Greece is a delicate and expensive issue that concerns many people not in Greece but all over the world. This question can be easily answered if we think that in the past buying something for your tastes was easier because there were so many choices for all tastes and wallets compared to today. But with the issues of the Greek economy in the years that followed, everything was frozen (loans, subsidies, construction and real estate market). Today real estate prices and new constructions have new prices, new requirements, new law and certainly more stringent criteria.
Advantages and disadvantages of building a new house in Greece:
- One of the biggest plus is that your home will match your taste from the walls to the small furniture and the layout will be approved by you and the architect of your choice.
- You will determine the budget for the construction and materials (tiles, sanitary fixtures and frames which are not predetermined by the manufacturer or the old owner in case of purchase).
- You will have the first word in the architectural design, the materials that to be used and all the details always in collaboration with the engineers who will carry out the design studies and oversee the work so that everything is done correctly.
The 2 key points of a new construction are:
- Prepare yourself for a lot of red tape when to issue and build a new house in Greece
- The trap of escaping from a pre-set budget.
DON’T forget to add into your budget:
- The supervision fees of engineers.
- Tax engineers and public taxes (VAT)
Advantages and disadvantages of a buying a new house in Greece as opposed to building it:
- One of the first benefits is Time. Finding a home is quicker than building.
- The budget. Depending on the area, period and your requirements, buying can be cheaper than a new house construction in Greece.
- You will save a lot of stress, nerves and discomfort. Coordinating and overseeing a construction was never easy.
Our advice would be to think carefully before buying or building a home in Greece. Thoroughly analyze these 2 options, consult experts and find the right solution for you. After all, you will spend most of your daily life there.
Get help from a specialist engineer for more technical and experienced ways of implementing the above tips. Experienced engineers & a real estate brokers certainly know how to offer you the right solutions for your requirements and will answer all your questions about constructing vs buying a new home in Greece.
Contact us and our team of experienced engineers will be happy to assist you!
Buying or Building a House in Greece F.A.Q.s:
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.