BUYING  PROPERTY IN GREECE & THE GREEK ISLANDS

Buying a property in Greece is comparatively straightforward and, perhaps surprisingly, can be speedier than in England. The stages of the procedure are quite simple. The buyer must appoint his own lawyer to act for him in the purchase and must also appoint a notary public who will prepare the contract and agree the terms with the buyers lawyer.

A deposit, usually 10% is paid to the lawyer and the balance is paid on completion of the transaction.  If the property is to be a newly built one, bought off plan, some builders accept stage payments during the course of construction.

A deposit should never be paid to an estate agent or directly to a seller.

If you need to raise finance for your purchase, Greek banks grant mortages to foreign buyers and Euro interest rates are comparatively low.

Once a buyer has had an initial meeting with the lawyer, a power of attorney can be given to the lawyer which will enable him to deal with and complete the transaction on behalf of the buyer.  This can save both time and expense for the buyer.

There are now virtually no restrictions on EU citizens buying a property in Greece but some restrictions still remain on  buyers from outside the European Union, in particular if the property is situated in what is technically a border area.