Topic: Investment Opprotunities

This Year…… BUY YOUR GREEK INVESTMENT PROPERTY !!!

Currently, Greece property prices are relatively low compared to those in some other European countries, which makes Greece very attractive for capital investment. Moreover, Greek living standards are much higher than, in Bulgaria or in Montenegro, while the crime rate is extremely low. Main benefits of buying a property and residing in Greece are safety and serenity, rich history and ancient monuments, warm Mediterranean climate and locals speak fluent English.

Foreign investors can apply for the Greece Residence Permit (Greece Golden Visa), which allows Greece permanent residence, in a European country. To be eligible for High Net Worth Immigration to Greece, Investors just need to buy a property valued at 250,000 Euros, and they can include their family members and dependents in the application. Therefore, buying property in Greece is a fast and efficient method of obtaining the Greece Residence Permit for High Net Worth Individuals from non-EU countries.

Outlined below are Greece Regions popular with foreign property buyers:

 

Attica Region

 

The Attica region comprises diverse landscape, with mountains, beautiful beaches, and historical monuments. Athens is the main city of the peninsula, and the whole country and is the capital of Greece. Today this metropolis is the heart of economic and cultural life in the country. Millions of travelers and tourists from all over the world visit Athens every year to see numerous cultural and historical monuments, the most popular of which is Acropolis. The Attica region includes the following cities:

  • Athens
  • Eastern and Western Attica
  • Piraeus

 

Northern Greece (Western, Northern and Eastern Macedonia)

 

The Northern Greece region is famous for Mount Olympus, and Thessaloniki, the second largest city of Greece. Thessaloniki is famous for its sea-port which ranks the second (by its freight turnover) after Athens and plays a vital role in Greek economy. The city is also known for its rich historical heritage and its modern cultural life. The Northern Greece region includes the following cities:

  • Halkidiki Peninsula
  • Thessaloniki
  • Kavala and Thassos Island
  • Pieria (Litochoro, Katerini)
  • Kastoria

 

Central Greece and Thessaly

The Central Greece and Thessaly region has a varied climate – dry and mountainous inland and mild on the coast. The contours of its landscape, too, are very diverse: thickly wooded green slopes, hills with pines, oaks, poplars and fast-moving streams separated by flat lands, plateaus and lakes. Delphi is among Greece’s most visited cities for its archaeological site, ancient footpaths and vistas of the Corinthian Gulf. Similarly, Meteora is very popular for archaeological sites and rocky towers. The Central Greece and Thessaly region includes the following cities:

  • Delphi and Parnas mountain region
  • Euboea Island
  • Magnisia, Kardiza, Larissa
  • Meteora Monasteries

 

Peloponnese region

The Peloponnese region is the region with the richest history in Greece – many of the legendary towns and heroes from Greek mythology are all related to places on this peninsula. Geographically, the region is very diverse, including high mountains, rivers, lakes, fertile valleys and long sandy beaches. Argolis is known as the historical site of Mycenae, Larissa Castle, and Epidaurus, with its Grand Theater. The Peloponnese region includes the following cities:

  • Arcadia and Argolida
  • Corinthia
  • Laconia and Messenia

 

Crete Island region

 

Crete is in the southern part of the Aegean Sea, the largest island in Greece, and the fifth largest island in the Mediterranean Sea. Here, you can admire the remnants of ancient civilizations, explore glorious beaches, impressive mountains, fertile valleys and steep gorges. The region of Chania, on the western side of the island, is dominated by the impressive White Mountains, and its famous National Park. The Crete Island region includes the following cities:

  • Chania
  • Heraclion
  • Lasiti
  • Rethymno

 

Ionic Islands region

The Ionian Islands are situated in the western coastline of Central Greece, an island cluster comprising twelve small and large islands whose total surface area comes to 2,200 square kilometers. Zakynthos, Ithaca, Corfu (Kerkyra), Kefalonia, Lefkada, and Paxi are the six, large Ionian Islands. The Islands are popular with tourists who enjoy the excellent hotel accommodation, restaurants, diving centers, sea sports, cultural events, and historic monuments and museums. The Ionian Islands region includes the following cities:

  • Corfu (Kerkira)
  • Kefalonia
  • Lefkada, Zakinthos

 

Aegean Islands region

The Aegean Islands include the islands of Crete, Rhodes, Samos and Santorini, have historically been the main wine-producing region in Greece. The Aegean Sea covers an area of more than 83,000 square miles. Santorini is the most famous wine-producing island, renowned for its dry, minerally white wines made from Assyrtico. In addition, the Aegean Islands are known for steep terraces, wedged into the mountainside, known as pezoules. The Aegean Islands region includes the following cities:

  • Cyclades: Andros, Paros, Milos, Santorini, Mykonos
  • Dodecanese: Rhodes

 

Steps To Buy Property in Greece

 

Non-Greece citizen Buyers must comply with the following procedures:

1. Drawing of a Power of Attorney – Completed by a Greek Notary, in the presence of an accredited translator (compulsory). This Power of Attorney authorizes the lawyer whose name is stated in this document to act on the foreigner’s behalf and draw up and execute the property purchase Agreement.

2. Registration as Taxpayer and opening of Bank account in Greece – The authorized lawyer, acting in the name and on behalf of his principal (buyer), registers him as a tax payer in Greece and opens a bank account in a state bank (in the buyer’s name).

3. State Property Registry checks – The Greek Lawyer thoroughly checks the state Property registry for the property history and for other details (such as existing or previous mortgages, encumbrances or other charges, existing and previous contracts and agreements concerning the property). After the lawyer completes the property checkup, he draws a report, signs and certifies it and delivers it to the prospective buyer.

4. Title Transition Tax statement – The Greek Lawyer draws a Title Transition Tax statement and submits it to the local tax body.

5. Principal Property Purchase agreement – Both parties (Buyer and Seller) sign the Principal Property Purchase agreement, in the presence of a Notary and an accredited translator. After the agreement is signed, the lawyer registers it in the State Property Registry which is the final, and compulsory stage of the property purchase transaction.

6. Buyer Receives All Documentation – After the Principal agreement is signed, the Buyer receives all the documentation, which are duly notarized and translated into their native language, along with the Construction Permission, Power Consumption Certificate, Property layout plan and its topographical plan.

Documents Required for Greece Property Purchase

Since 2011, the property purchase procedure in Greece has been simplified, and is now very fast and efficient. It can take only 10 working days until you receive full title of certain Greek properties.

Registration of Real Estate – Documents required:

  • Valid international Passport
  • Valid Tourist or Business visa that allows entry to Greece

Opening a Bank Account in Greece – Documents required:

  • Valid Tourist or Business visa that allows entry to Greece
  • Document confirming permanent residence (Passport of the country of residence)
  • Letter of employment confirmation (official document confirming the main professional activity of a potential buyer)
  • Copy of the recent tax return

Greece Residence Permit

For information about the Greece Residency by Investment – Residence Permit (Greece Golden Visa) to become a Greece Permanent Resident (High Net Worth Immigration to Greece), eligibility criteria, and how our Immigration Consultants can assist you, click on the following VisaConnect website page:


Buying Property in Athens

Buying Property in Athens – things to know about investing in the capital

The unique metropolitan lifestyle and the proximity to many Greek islands makes Athens an appealing option for local and foreign property buyers.

Buying property in Athens has never been more enticing.

It’s a city blessed by the gods with its crystal blue coastline, magical sunsets and mountainous landscape.

Greece has traditionally been a nation of home owners who proudly pass-on their properties to their children.

The resent economic crisis forces many to sell properties they can’t maintain.

With low residential prices and high yielding short-term rental income, investment from overseas buyers have surged in recent years, allowing many to make true their dream of owning a summer holiday house in Greece.

Why Athens and why now?

Athens offers an easy lifestyle against the backdrop of a buzzing and dynamic city that is steeped in history and legacy. The harsh economic climate has seen some positive change and exciting developments in food, art and culture, providing a much more rounded urban experience and making it one of the most exciting cities in Europe right now.

The sea and its southern coastline of Blue-Flag beaches are easily reached from the center, as are the many hills you can climb to admire its beautiful landscape from above.

Central Athens is built around the Acropolis.

 

The newly built Stavros Niarchos Foundation Cultural Center has been the most ambitious cultural and architectural project to date. The €617 million development by the prominent Greek shipping family was the largest donation made to the city so far.

Many central suburbs are in the midst of a reboot too, as gentrification takes hold in various pockets around town. The southern coastal districts from Piraeus to Vouliagmeni will get a boost thanks to recent plans to transform the major shipping and passenger terminal of the Port of Piraeus and its surrounding area. Plans are also in place to finally resurrect the former Athens airport near Glyfada, into a modern hub of residences, retail and leisure facilities.

The urban sprawl of Athens

Be prepared and do your homework

It goes without saying that you should find a reputable team of professionals to guide you through the purchasing process. You’ll need a Lawyer to protect your rights and a notary to transfer the property to your name.

When purchasing existing property, it’s also wise to have an engineer conduct an independent inspection to make sure your property is structurally sound and complies with relevant laws and regulations.

Property transfer Fees

  • Buyers tax fee 3% .
  • Greek tax file number (equivalent to a social security number): no fee
  • Real Estate Agency fees are usually between 2-2.5 % of the final purchase price.
  • Notary and Lawyer fees can be a fixed fee but no more than 1% each on the contract value.
  • All above are subject to 24%  VAT/GST.

 

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An expert’s advice

Property consultant, George Sagirakis from National Real Estate has assisted many overseas buyers through the paperwork and overcoming language barriers to purchasing Real Estate in Athens and all around Greece.

We asked George to get his expertise and experience on buying property and Visa in Greece.

Q: George, as a property consultant, how can you assist overseas buyers wanting to invest in property and in obtaining the Golden Visa?

A: We usually come in when the client needs help to find a property or has decided on buying a property or has narrowed down options of properties they are interested in.

We all know that buying a property, either as an investment or to leave in, is going to be one of the most careful decisions we make and you should not throw good money away on an emotional decision or a decision made by ignorance.

Buying good property means  to gather  as much information as possible in advance, in order to make an educated decision and make sure that you get Value for Money.

Q: Where do people commonly find properties advertised for sale in Athens?

A: The most common methods are through Real Estate Agents or privately advertised properties. Walk-by signage is also great idea providing you have available time. We advice potential buyers to walk or drive around neighborhoods at different times of the day.

Athens, a city of rooftop living.

Q: What is a realistic time frame for someone from overseas coming to Athens to buy a place? Do they need to be physically present the entire time?

A: The time required to view, inspect, negotiate and close a property is more or less the same as in any country.

Property Buyers may appoint a specialist Lawyer or a Real Estate Broker to do all is required. Overseas buyers don’t have to be physically present in Greece for the documentations.

Q: What are the usual steps to buy a property in Greece?

A: A deposit of 2-10 per cent (depending on the type of property and its value) is usually required. When an agreement has been reached, the seller should provide all  legal and technical documents required by the Law.

Signed contracts will be lodged to the local Registry Office in your name/s as well as at the Hellenic Cadastre Office.

 

Rrenovating

Property owners no longer have to obtain a permit for minor repairs or upgrades. In some cases when an apartment is located in a building of historical heritage, the process can become more complicated and restrictive. This is one more reason why it’s a good idea for buyers to  consider appointing an architect-engineer before purchasing property, as they can potentially help quantify in advance, the cost and time involved to renovate a place.

 

Renting a property

Short-term or holiday rental income must be declared as if one were renting to a long-term tenant. Owners must now declare the property, names of renters and the duration of the lease.

 

Monemvasia, Castle, Peloponisos, Greece, Waterfront, Heritage

George Sagirakis was born and raised in Greece. He moved to Australia where he lived and worked in the retail and construction industry for over 22 years. He is now based in Athens and is a licensed Realtor. His second office is in Limassol, Cyprus.

George provides consulting services for Real Estate and renovations matters in Greece and Cyprus. All property management services are handled by registered Attorneys and/or Accountants.

George is experienced in Real Estate marketing, buying/selling/rending  as well as renovating residential and commercial properties, as well as assisting with all property-related matters such as obtaining certificates and permits.

You can contact George directly via this website.

DISCLAIMER: The information provided is general and should therefore NOT be considered as advice or consultation to act upon. Links to third-party websites do not constitute an endorsement or recommendation of products and services.

George Sagirakis

ENTERPRICE GREECE

https://www.enterprisegreece.gov.gr/en/greece-today/living-in-greece/residence-permits#top


Aphrodite Gardens: Luxurious Resort in Paphos

Aphrodite Gardens is set to be a luxurious, gated resort residence in Paphos featuring good location, style, affordable prices and various amenities.

“Leptos Aphrodite Gardens” would be ideal for expatriates and locals who look for a combination of a holiday home and a permanent residence.

The exclusive “Leptos Aphrodite Gardens” has a selection of one, two and three bedroom apartments, penthouses, junior suites and detached villas for sale. It’s located in a prime area in Kato Paphos, within walking distance to all amenities and facilities and the Blue Flag sandy beaches. The area also offers an investment potential due its proximity to the planned Leptos infrastructure project, “Neapolis Smart Eco City”.

It comprises of 200 properties surrounding two large free form swimming pools, a children’s pool, landscaped gardens and green areas. Other facilities of the project include: Gated entrance with an entry code and Concierge at the gate, closed circuit TV with video recording, footpaths, irrigation system and sundecks.

All types of properties have underfloor electric heating, double glazed windows, kitchen granite worktops, ensuite bathrooms and satellite TV connection.

According to Leptos Estates, “In Leptos Aphrodite Gardens, emphasis has been given on creating the idyllic surroundings where the benefits of living in Cyprus can be enjoyed to the maximum. The Mediterranean lifestyle is about enjoying life to the fullest, finding the perfect balance between work and relaxation and having time to experience new pleasures in life.”