| Perhaps it was the attention drawn to Greece when | | | | The country of Greece is dotted with some of the |
| the Olympic Games were held there in 2004. Perhaps | | | | most extraordinary resort, vacation and holiday |
| it was the entry of Greece into the European Union. | | | | destinations to be found anywhere in the world. |
| No matter what the primary reason, Greece has | | | | Tourists from around the globe can be found flocking |
| begun to attract an ever growing number of foreign | | | | to Greece each and every year. |
| nationals who are investing in real estate in that | | | | An ever growing number of foreign nationals have |
| country since the turn of the century. Indeed, to | | | | turned to purchasing vacation or holiday properties in |
| utilize an overused term -- when it comes to real | | | | different locations around Greece for two primary |
| estate, Greece is hot. | | | | reasons. First of all, and as was noted, Greece is a |
| The greatest deal of real estate activity in Greece | | | | very popular travel and tourist destination. Thus, |
| involves property that is used for vacation or holiday | | | | many of these people are making the purchase of |
| purposes. In point of fact, some of the fastest | | | | this type of real estate for their own, personal |
| moving real estate markets in all of Europe are those | | | | purposes. Through the ownership of this type of real |
| that are located in Grecian resort communities. | | | | estate, people -- including extended families -- can |
| Literally thousands of people from a wide range of | | | | enjoy extended holidays in Greece. |
| different countries can be found snatching up real | | | | In addition to purchasing vacation properties for their |
| estate in one or another of the various Grecian | | | | own usage, some farsighted individuals are purchasing |
| resort areas. | | | | this type of real estate so that they can then, in |
| Foreign nationals have also invested heavily in | | | | turn, rent or lease these properties to other |
| commercial properties in Greece, particularly in the | | | | individuals. Because of the large number of people |
| larger cities in the country. This includes investment in | | | | who travel to Greece each and every year, this type |
| properties that house retail operations and | | | | of real estate investment is proving to be very |
| enterprises as well as office buildings. The demand | | | | profitable for a significant number of foreign nationals. |
| for office space within Greece -- again, particularly in | | | | Specific steps to buying real estate property in |
| the major cities -- has increased dramatically since | | | | Greece |
| Greece became a part of the European Union. | | | | On many levels, buying real estate in Greece -- |
| Investment Property in Greece | | | | particularly if you are a foreign national -- can be a |
| Again, in the aftermath of the Olympic Games, many | | | | rather complicated and sometimes confusing process. |
| real estate analysts maintain that the country -- | | | | However, by understanding the process up front, and |
| particularly in and around Athens -- has been | | | | by understanding the various requirements and |
| overbuilt, at least to some degree. This is a natural | | | | regulations that apply to foreign nationals seeking to |
| result in the aftermath of the Olympic Games and | | | | buy real estate in Greece, a foreign citizen can |
| other large scale events such as the World's Fair. | | | | successfully acquire property in Greece. |
| In any event, this renders Greece an ideal locale for | | | | As a general rule, a foreign national actually can |
| investment in real estate of all sorts -- industrial, | | | | purchase real estate in most parts of Greece. |
| commercial, residential, holiday property. This factor, | | | | However, a foreign national who is not from a |
| coupled with Greece's admission into the EU, renders | | | | European Union nation must obtain the prior approval |
| it a prime spot for realty investment. A significant | | | | from the local prefecture in certain areas in Greece: |
| number of foreign nationals have been attracted to | | | | some regions of northern Greece, Rhodes and Crete. |
| the profitable Grecian real estate market at the | | | | Many real estate agents aid foreign nationals in |
| present time. | | | | obtaining the necessary permission in these areas. |
| Residential Real Estate in Greece - Single Family | | | | Obtaining this permission from a local prefecture |
| Properties | | | | generally does not take a great deal of time and |
| Low cost single family dwellings are rather difficult to | | | | usually is granted without significant fuss. |
| find in the Athens metro-plex. If a person is | | | | Before anyone -- a citizen of Greece, the EU or |
| interested in residential housing in that part of the | | | | another foreign national -- can purchase real estate in |
| country, the best bet at this point in time is | | | | Greece, that person must first obtain a tax role |
| apartments (which will be discussed in more detail | | | | number, known in Greece as AFM. This number is |
| shortly). | | | | easy to get and can be obtained at any tax office in |
| Understanding the functionality of the Athens | | | | the country. The tax number can be obtained from |
| residential market, there are a number of different | | | | these offices on the sport. Citizens of Greece or |
| areas beyond Athens in which single family residences | | | | another EU nation need only show their government |
| can be purchased for a reasonable amount of money. | | | | issued ID card. Citizens of other countries must show |
| In addition, in different resort areas around the | | | | a passport to obtain the AFM. |
| country there are some splendid (and pricy) villas and | | | | Grecian authorities are very concerned about where |
| other properties that are attractive to well heeled | | | | a foreign national is obtaining money to purchase real |
| foreign nationals who want second homes and | | | | estate in Greece. As a consequence, a person from |
| holiday properties. With little difficulty on the hunt, a | | | | another country interested in buying property in |
| person with a bankroll to spend, can locate and | | | | Greece will need to obtain what is known as a "pink |
| purchase these types of homes. | | | | slip" for wire transfers of money from abroad. The |
| Finally, there are farmsteads in different parts of | | | | purchaser has to be able to demonstrate where the |
| Greece that are on the market. Some foreign | | | | money is coming from and if he or she cannot, |
| nationals have taken to purchasing these types of | | | | Grecian governmental authorities will consider any |
| properties which they then renovate and turn into | | | | money wired into the country as income and will tax |
| magnificent second or holiday homes. Oftentimes, | | | | it accordingly. |
| these properties can be purchased on the cheap and | | | | In addition, money to purchase real estate in Greece |
| improved with only a moderate investment and | | | | must come directly from a Grecian bank and bank |
| expenditure. There are some foreign nationals who | | | | account. Therefore, before a person can actually |
| have taken to buying and then improving these | | | | make a purchase of real property in Greece, he or |
| properties after which they put them on the market | | | | she will need to open a bank account. Provided that a |
| and turn a tidy profit. | | | | person has proper documentation, and provided that |
| Residential Real Estate in Greece - Apartments | | | | a person has the pink slip to demonstrate the origin |
| With the return of the Olympic Games to Greece, | | | | of the money involved, it is not difficult to open a |
| there was a boom in the number of apartments that | | | | bank account in Greece. |
| were being constructed in that country, particularly in | | | | A public notary -- who is an independent official -- |
| and around Athens -- the site of the games. Once | | | | oversees the real estate purchase process. Once an |
| the games concluded, there was a general consensus | | | | offer is made on the property, a preliminary contract |
| that developers had overbuilt apartments in Greece, | | | | is drafted. A deposit of up to about 10% is placed on |
| again particularly in and around the capital city. | | | | the property at the time this agreement is executed. |
| With this said and understood the apartment market | | | | (The deposit is not refundable unless the seller |
| in Greece (most especially in and around Athens) | | | | somehow disrupts or ends the sales process or |
| truly has become one that favours buyers at this | | | | unless clear title to the real estate cannot be had in |
| point in time. Consequently, many foreign investors | | | | the time allotted under the preliminary contract.) |
| have been active in purchasing apartment properties | | | | After the buyer obtains his or her financing, and the |
| in Greece. Many such foreign property buyers have | | | | seller satisfies his or her own obligations under the |
| realized outstanding deals in the apartment market in | | | | preliminary agreement, a final contract is signed |
| Athens and in surrounding communities at the present | | | | between the parties. |
| time. | | | | With the execution of the final contract, the |
| Holiday Property in Greece | | | | ownership of the property will be conveyed legally to |
| As has been mentioned previously, the vacation or | | | | the buyer. The final contract is signed before the |
| holiday real estate market in Greece is "hot." Indeed, | | | | public notary. In addition, according to Greek law, the |
| the demand for vacation real estate has continued to | | | | real estate agent or agents who have been involved |
| increase each and every year since the turn of the | | | | in effecting the sale must be present for the signing |
| century. | | | | of the final contract. |