Property for Sale in Greece

Foreigners may purchase property in Greece. Recent changes in Greek law now permit foreign ownership of property in previously sensitive areas such as Crete and Corfu.

There are few UK type estate agents, but a growing number of property consultants. The best people to approach for advice and assistance on this subject are multi-lingual lawyers. The British Embassy has a list of Greek lawyers who correspond in English.

It is usually more expensive to buy real estate in coastal and Island resorts in Greece but beneficial when re-selling to own property in such areas. Crete is popular for winter residency.

Once an agreement has been reached as to the price, a contract is normally drawn up and would include price, completion date and any other relevant information for the sale. A deposit can range from 10 - 30% and a mortgage can be secured by either a Greek Bank or an International Mortgage Broker. The contract is signed and an agreement is reached between completion before a Notary who will normally charge around 1-2% of the property value as his fee

Greece is slowly changing is mortgage and lending criteria system which used to be quite difficult - to fall in line with other EU countries but beware as interest rates in Greece can be among the highest in the European Union. Some people have used their existing properties at home to raise finance to buy their Greek property outright thus saving on interest and hassle. Mortgages are available on residential properties through a couple of International Mortgage Brokers.