Buying property in Zakinthos, Lefkas, Corfu and Kefalonia
Buying property in Zakinthos, Lefkas, Corfu and Kefalonia?
We don’t blame you! To make sure you purchase is as smooth and hassle free as possible, we have provided answers to some frequently asked questions about the property purchase process in Greece.
Do I need a Greek lawyer to buy a property in Greece?
Whilst it is possible to buy a property in Greece without instructing a Greek lawyer, it is considered very unwise to do so.
It is important that you instruct a lawyer who is experienced in dealing with property purchases for foreign buyers. Your lawyers should also be independent (ie not connected with) the estate agent or seller in any way.
Property purchases contracts in Greece are signed in the presence of a Greek notary. The responsibility of the notary is to the transaction itself and to ensure that all taxes are paid etc not to the buyer or seller. They do not act for either party or advise you as to the merit of the purchase or advise of any issues etc that you need to be aware of (that is the job of your lawyer).
If you would like to get in touch with a lawyer to assist you with your property purchase in Zakinthos, Lefkas, Corfu, Kefalonia or anywhere else in Greece, contact us and we will be happy to provide you with a recommendation for a Greek property lawyer and a free, no obligation fee quote.
What are the legal costs involved in buying a property in Greece?
Lawyers Fees are typically 1% of the purchase price (sometimes more for very low value properties, sometimes less for very high value properties).
Notary Fees: You will need to budget for fees of the notary in addition to your lawyer. Notary fees are typically 1%-2% of the property purchase price.
Land Registry Fees will need to be paid when the property is registered to you. The fees are 0.76% of the property purchase price.
This is the same across the Mainland and all Greek islands including Zakinthos, Lefkas, Corfu and Kefalonia.
What is the rate of purchase tax in Greece?
Purchase Tax in Greece is 3% of the purchase price.
This is the same across mainland Greece and the islands including Zakinthos, Lefkas, Corfu and Kefalonia.
Is it usual to instruct a property surveyor in Greece?
It is recommended to hire an independent civil engineer to inspect property in Greece. They can advise you of any potential issues that you may not have noticed. They will also review the building restrictions/ regulations that may impact your purchase. Your lawyers should be able to suggest an engineer to assist you.
Who pays estate agent fees in Greece?
The buyer. Greek estate agent fees are approximately 2% of the purchase price plus VAT (24%).
Is it usual to make a below asking property offer for a property in Greece?
Yes. Greek banks are cautious about approving house loans so mortgages in Greece are not as easy to obtain as they are in many other countries. Therefore cash purchasers in Greece have a strong bargaining position. It is common to make an offer for a property lower than the asking price. Factors such as how long the property has been on the market and the popularity of the location will affect how much lower will be appropriate. Don’t be afraid to make an offer!
What are the top tips for buying property in Greece?
- Instruct a recommended Greek lawyer.
- Use a recommended currency broker to assist with the transfer of funds to Greece- it will potentially save you thousands of euros.
- Instruct a civil engineer to inspect the property
- Don’t pay or entrust any money to any estate agent before obtaining approval from a recommended Greek lawyer.
- Contact Worldwide Lawyers for initial information and recommendations for recommended contacts.
