What you need to know before buying a house in Greece
Imagining yourself at the very heart of history or surrounded by Greece‘s wonderful landscapes and scenery is the first step towards purchasing your own property in this land of myths, sunshine and sea.
It’s best to thumb your nose at the idea of adopting a purely financial approach and instead take the time to put together a project with a view to the long term and focus on enjoying the kind of quality of life that’s so rare to find anywhere else.
Over the course of 20th century, the Greeks developed a culture of property investment and ownership. Many families have ended with property portfolios made up of multiple flats and houses. Investing in bricks and mortar was seen as both a virtue and one of life’s basic principles. The economic crisis and changes in the tax regulations have led to large numbers of properties being placed on the market.
Though you do have to be prudent faced with the huge range of properties on the market, due, on the one hand, to the state of the buildings and, on the other hand, to the legal and regulatory status of the properties placed on the market, buying in Greece is definitely a valid option that can turn out to be a profitable move.
Prices still at attractive levels
Though property prices in Greece are still considered amongst the lowest to be found, the cost of carrying out renovations is something to take very seriously into consideration, and getting the help of professional estate agents makes a great deal of sense in this respect.
When choosing the actual property itself, account also needs to be taken of its intended use, i.e. is it a rental property, a primary residence or a holiday home ? The economic structure of the investment needs to be properly thought out and appropriate for the option chosen. Though construction costs have remained stable, rental costs have risen markedly over the last couple of years. The rates of return on investment are all the more attractive as a consequence.
Though the banking sector has recently recovered from the issues that weakened the country’s economy, the more easily accessible finance now available as a result requires substantial guarantees from the buyer. These arrangements are disadvantageous to local buyers and, as a consequence, advantageous to international buyers.
But it’s essential not to lose sight of the basic facts. Though prices per square meter have remained low in working-class areas, those in more reputable and fashionable areas can easily reach €1,000 per square meter and more.
The idea that everything is for sale at knock-down prices in Greece is an illusion that very quickly dissolves once you actually explore the market.
Nevertheless, there are still some very attractively priced properties available given the status of Athens as a major European capital, and given the desirability of living in villages and towns on islands or by the sea. Additionally, you can’t put a price on the kind of quality of life Greece offers, or the magic of its climate.
With its many years of experience to call on, MOBILIA real-estate can help you no matter what your particular case may involve. Acting on your behalf as a negotiator and facilitator, the agency can provide you with help and support throughout the administrative process, enabling you to overcome the obstacles your project will no doubt face.