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Both EU and non-EU nationals may purchase land and buy or build a house in Greece.
The purchase of property or
other property transactions by foreigners in certain parts of Greece known
legally as "Border Areas" is prohibited. The prohibited areas are the East Aegean, Dodecanese islands, and regions of Northern
Greece, Crete, and Rhodes.
Property is relatively inexpensive in Greece especially when compared to comparable property in other EU countries and in the US.
The seller governs the price of land or house without any regard to other prices in the same area. When the potential buyer is a foreigner the price will invariably be higher.
Like anywhere in the world the proximity of the land or house to the sea and to a main city dictates how expensive it will be, seafront near a city being the most expensive.
The one time purchase tax is calculated at between 7% and 9% of the assessed property value for plots of land. For apartments and houses the charge is between 11% and 13%.
The Notary Public fee is between 1% and 2% of the assessed property value. Lawyers charge between 1% and 2% of the assessed value as recorded on the contract of sale.
The closing fees for a land purchase are the lowest. The tax is paid when the land is purchased and no further taxes are levied, nor are any legal fees incurred when the house is built.
The cost of
living is substantially lower than in most countries, yet one can expect a
comparable standard of living and a wonderful quality of life. Add a very low
crime rate, low pollution, and plenty of sunshine, sea and mountain views,
clean/warm seas and you have an extremely
attractive package.
A
couple living in Greece can expect to require a basic monthly income of approximately
834 Euros.
A realistic example (assumes no house mortgage and no automobile loan):
| Food purchase |
240 |
| Two people eating out eight x per
month |
100 |
| Garden maintenance |
120 |
| Internet cost |
25 |
| Water cost |
15 |
| Electricity cost |
40 |
| Home Insurance |
15 |
| Car Insurance |
50 |
| Petrol
500 km at .75 euros per liter |
44 |
| Discretionary expenses |
200 |
| Total monthly expenses |
834 |
The southeastern Mediterranean is a region of periodic seismic activity. Most earthquakes are small in magnitude and do little or no damage away from the epicenter; but close to the epicenter old stone houses can be damaged – a wall can crack or tumble down, the roof can break or collapse; but new houses are undamaged.
New houses are built according to extremely strict earthquake standards (7.3 on the Richter scale) and the chance of damage is almost non-existent.
It can be. The Greek inheritance law divides property equally among all surviving family members and all members must agree to the sale. This fact alone can hold up or prevent a sale.
Older houses often require extensive renovation to make them suitable for today’s living standards.
The Greeks
typically do not build houses as an investment vehicle; therefore the number of
houses available for sale is very low compared to the US and EU countries.
The typical cost is 1050 euros per m2; but can be higher depending upon the owner’s choice of building and finish materials.
What is the land requirement for building a house?
The land requirements depend upon location. In a village area the land requirement can be as little as 500 m2. Along a country road, 750 m2 is required. Otherwise 4000 m2 is required.
| We provide the following
cost-effective turnkey building service for owners' who cannot manage
the construction activities themselves: |
We
acquire a thorough understanding of your personal
requirements and expectations for your new home. |
We
provide project
management and constant supervision of the construction activities.
|
| We
provide a complete architectural
service including detailed house plans
(floor plans, elevations, etc.) |
We give
you a legal fixed price building
contract in your native language. |
| We obtain
the building
permit. |
We have
an extensive
choice of materials and architectural styles (stone, tiles, fixtures & fittings, color
schemes etc.) |
|
We do the excavation for the house foundation |
We
process all of the important procedures and documents such as payment of building taxes,
social security for the workers, connections for electricity, water, telephone etc. |
|
We use high
quality workmen. |
We give you timely progress reports and photographs throughout the construction phase. |
| We work
with you to develop a cash flow and
building program that suits your budget. |
We
also provide additional service and support after your home is completed.
|
I
Many people are attracted to the simplicity of traditional stone houses. However, the renovation cost can and often does exceed the cost of building a new house of similar size.
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