Buying property in Greece: the main pros and cons

For more than a decade, Greece has been one of the  most popular tourist destinations. Some are interested in the rich ancient history of the country and numerous architectural sights. Other way of life of the Greeks. But there are also those who wish to purchase property, either for frequent visits or to change their permanent residence. Find out more about property in Greece for sale. 

A few words about the Greek economy

It is no secret that Greece has recently experienced  a serious economic crisis , which has greatly affected the economy, and this has led to a  decrease in property values . However, even low housing prices did not affect demand, because when investing, each investor calculates the risks, and at that time, buying a home was in question, as the economy was falling apart, right before our eyes. And no one wants to lose money.

Today, the Greek economy has reached a  stable level  and does not slow down. This also affected the value of real estate, which increased significantly and again became attractive to foreign investors. Yes, and prices have not soared much yet and remain even below the pre-crisis levels.

Greece has a very large selection of diverse real estate from large five-star hotels to small studio apartments. most European investors prefer to buy free-standing buildings, such as villas or small houses for 4 families, as they prefer silence and solitude on vacation.

Pros or why it is worth buying a house in Greece

Most recently, most investors did not even look in the direction of Greece, as the crisis crippled the country's economy very much. But today, the situation has stabilized and there are many more people who want to buy a house by the sea.

• Real estate prices are relatively low . Most of the objects have their own land plots. For such villas, foreigners usually pay a small amount of money for maintenance, no more than 40 euros for every 100 sq.m. per month. At the same time, utilities are paid at the minimum cost, and water and heating - only according to meter readings.
• Residents are very friendly, talkative and responsive , so you can safely ask for help. And in any cafe or bar, you can find friends for a few minutes who will quickly help you deal with the problems that have piled up.
• Beach lovers can  enjoy the sun all year round , as the sun shines here for more than three hundred days. And in winter, the air temperature does not fall below zero even in the coldest period.
• Those wishing to have a Golden Schengen must purchase real estate in the amount  of 250,000 euros . This is the lowest figure in Europe, in most countries this indicator for residential properties starts  from 300,000 euros . Moreover, not only the owner, but also all family members receive a visa.
• Air traffic in Greece is also well developed, as is tourism. Therefore, getting home will not be difficult.
• For those who prefer to  rent out real estate , so as not to stand idle in vain, the conditions are also optimal. It is enough to sign an agreement with the manager who will look after the house. He, for an additional fee, will find tenants and look after them. This is especially true during the peak tourist season, when there is not enough housing for everyone.
• The farther from the coastline, the lower the value of the property. For example, the price for a one-room apartment near the sea is  80,000-120,000 euros , depending on the housing complex. But already in the opposite part of the city, from where to get further to the water, the cost of such apartments starts  from 40,000 euros .
• The standard of living in the country is acceptable . Food prices are low, and health insurance is relatively inexpensive, and medical services are satisfactory.

Cons of buying

Buying a property has both positives and negatives. Therefore, before deciding to buy, it is better to first study all the pitfalls so that in the end they do not become big troubles.

• For those wishing to purchase real estate, it is imperative to  have an account in any state-owned Greek bank . At the same time, the account must have at least the amount determined by the state.
• Real estate on the islands, as well as the living conditions themselves, are  significantly higher than on the mainland . Most of the islands do not have fresh water, so it is brought a couple of times a week on special barges. Most of the island shops are closed for the winter, which is used by the remaining merchants and significantly increase the prices of products. And this happens not only on the islands, but also on the mainland in small fishing villages. Most Greek residents only come to their houses on the islands in the summer season and serve tourists. At the end of the tourist season, they leave for their warm apartments in large cities, away from the sea, as in winter the sea winds blow through the island villas. Many tourist centers are empty during the winter, which greatly depresses those accustomed to noise and running around.
• Prior to the purchase, each buyer must pay  a special transfer tax . And a year after the purchase, you must file a tax return.
• For those who decide to rent out housing to tourists, one should take into account  the high competition  in this market. There is a lot of free real estate in resort towns, so competition may not allow you to get such a desired income.
• It is very difficult to arrange a property on your own when buying it, because it is a  very long and complicated procedure , so you will have to pay extra to a notary or realtor for collecting the necessary documents.

Output

Thus, it turns out that buying property in Greece carries  more advantages than disadvantages . When buying a house worth  from 250,000 euros  , you can get  a residence permit , which gives you the right to do business in Greece and allows you to move freely around Europe. In addition, so that real estate does not stand idle, it can be rented out, as the influx of tourists to Greece only increases every year.