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