How to Buy Here

Buying any kind of property in Greece is easy and straightforward – if you follow the rules !

Below, we have tried to answer the questions you may have. Please contact us is you need to know anything else.

Remember, we are here to help and have helped many, many people buy property here on the island. We know the professionals involved, notaries, lawyers, engineers, accountants and will be happy to introduce them to you. All speak English and some, other languages as well.

By law, there must be a translator present at the contract signing to translate from Greek into your own language. We will arrange this for you.

Because Skopelos is a relatively small island everything can be done quickly and easily.

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

Yes. Solicitors carry out necessary legal property surveys and conduct a property title check. They ensure the property is free of any mortgages, claims, rights-of-way and, in general, any legal encumbrances. In addition, solicitors ensure that all property taxes owed by the vendor have been paid.

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

Yes. A notary public is a government-appointed lawyer who processes and certifies all real estate transactions, including drawing up and reviewing all official documents, to ensure the legal transfer of the property.

Do I need an accountant when buying a property in Greece ?

You don’t need an accountant before you buy, but we strongly recommend you appoint one early on to help you with tax returns and explain property taxation laws to you.

I have heard I need a tax number in order to buy a property in Greece?

Yes. This tax number (AFM) is mandatory for all property buyers, including foreigners and permanent residents abroad. It is issued on the spot at tax offices, free of charge. All applicants must present their passport. If you have granted anyone a Power of Attorney, he / she can apply for an AFM on your behalf.

What is this tax assessed value or official price I keep hearing about ?

The Tax Assessed Value is the estimated monetary value of a property according to the Greek tax authorities. This value depends on things such as position, age, size etc. As a general rule, a property’s Tax Assessed value is significantly lower than its purchase price. You pay a one off tax at the time of buying based on this price. The UK equivalent would be stamp duty.

Do I need a Greek bank account?

Yes. All necessary payments associated with the purchasing of the property will be made through this account. This account will also help prove that funds used for the property purchase have come into Greece from another country and are, therefore, not taxable in Greece. Opening a bank account in Greece only takes a few minutes and requires no minimum opening deposit. All you need is your ID or passport and your AFM and a bill with proof of your address.

How much are the costs over and above the purchase price ?

We always suggest you budget for about 10 percent of the purchase price to cover all taxes, costs, commissions etc.

Can you walk me through the buying process?

The process is fairly quick and uncomplicated. As a general rule, you must:

Select your property.

Make sure financing for the purchase is secured.

Appoint your solicitor.

Apply for your Tax Registry Number (AFM).

Open a Greek bank account.

Sign an agreement detailing terms of the sale and payment schedule. At this time it is normal to pay a deposit of normally about 10 per cent to secure the property so that it is taken off the market.

Return to Greece to sign the final contract, after all legal work is completed.

Alternatively you may grant power of attorney to somebody to act for you during the buying process. This power of attorney can be made during your time on the island, or if there is not enough time you can do it at the Greek Embassy in your own country. We will send you a document prepared by the notary – in Greek – which you pass on to the relevant Embassy. We can give you all the details if you decide to follow this course. The poa also allows the person named to act on your behalf at the tax office, water and electricity companies, planning authorities etc.