Tagged: property

Buying Property in Athens

Buying Property in Athens – things to know about investing in the capital

The unique metropolitan lifestyle and the proximity to many Greek islands makes Athens an appealing option for local and foreign property buyers.

Buying property in Athens has never been more enticing.

It’s a city blessed by the gods with its crystal blue coastline, magical sunsets and mountainous landscape.

Greece has traditionally been a nation of home owners who proudly pass-on their properties to their children.

The resent economic crisis forces many to sell properties they can’t maintain.

With low residential prices and high yielding short-term rental income, investment from overseas buyers have surged in recent years, allowing many to make true their dream of owning a summer holiday house in Greece.

Why Athens and why now?

Athens offers an easy lifestyle against the backdrop of a buzzing and dynamic city that is steeped in history and legacy. The harsh economic climate has seen some positive change and exciting developments in food, art and culture, providing a much more rounded urban experience and making it one of the most exciting cities in Europe right now.

The sea and its southern coastline of Blue-Flag beaches are easily reached from the center, as are the many hills you can climb to admire its beautiful landscape from above.

Central Athens is built around the Acropolis.

 

The newly built Stavros Niarchos Foundation Cultural Center has been the most ambitious cultural and architectural project to date. The €617 million development by the prominent Greek shipping family was the largest donation made to the city so far.

Many central suburbs are in the midst of a reboot too, as gentrification takes hold in various pockets around town. The southern coastal districts from Piraeus to Vouliagmeni will get a boost thanks to recent plans to transform the major shipping and passenger terminal of the Port of Piraeus and its surrounding area. Plans are also in place to finally resurrect the former Athens airport near Glyfada, into a modern hub of residences, retail and leisure facilities.

The urban sprawl of Athens

Be prepared and do your homework

It goes without saying that you should find a reputable team of professionals to guide you through the purchasing process. You’ll need a Lawyer to protect your rights and a notary to transfer the property to your name.

When purchasing existing property, it’s also wise to have an engineer conduct an independent inspection to make sure your property is structurally sound and complies with relevant laws and regulations.

Property transfer Fees

  • Buyers tax fee 3% .
  • Greek tax file number (equivalent to a social security number): no fee
  • Real Estate Agency fees are usually between 2-2.5 % of the final purchase price.
  • Notary and Lawyer fees can be a fixed fee but no more than 1% each on the contract value.
  • All above are subject to 24%  VAT/GST.

 

===///===

An expert’s advice

Property consultant, George Sagirakis from National Real Estate has assisted many overseas buyers through the paperwork and overcoming language barriers to purchasing Real Estate in Athens and all around Greece.

We asked George to get his expertise and experience on buying property and Visa in Greece.

Q: George, as a property consultant, how can you assist overseas buyers wanting to invest in property and in obtaining the Golden Visa?

A: We usually come in when the client needs help to find a property or has decided on buying a property or has narrowed down options of properties they are interested in.

We all know that buying a property, either as an investment or to leave in, is going to be one of the most careful decisions we make and you should not throw good money away on an emotional decision or a decision made by ignorance.

Buying good property means  to gather  as much information as possible in advance, in order to make an educated decision and make sure that you get Value for Money.

Q: Where do people commonly find properties advertised for sale in Athens?

A: The most common methods are through Real Estate Agents or privately advertised properties. Walk-by signage is also great idea providing you have available time. We advice potential buyers to walk or drive around neighborhoods at different times of the day.

Athens, a city of rooftop living.

Q: What is a realistic time frame for someone from overseas coming to Athens to buy a place? Do they need to be physically present the entire time?

A: The time required to view, inspect, negotiate and close a property is more or less the same as in any country.

Property Buyers may appoint a specialist Lawyer or a Real Estate Broker to do all is required. Overseas buyers don’t have to be physically present in Greece for the documentations.

Q: What are the usual steps to buy a property in Greece?

A: A deposit of 2-10 per cent (depending on the type of property and its value) is usually required. When an agreement has been reached, the seller should provide all  legal and technical documents required by the Law.

Signed contracts will be lodged to the local Registry Office in your name/s as well as at the Hellenic Cadastre Office.

 

Rrenovating

Property owners no longer have to obtain a permit for minor repairs or upgrades. In some cases when an apartment is located in a building of historical heritage, the process can become more complicated and restrictive. This is one more reason why it’s a good idea for buyers to  consider appointing an architect-engineer before purchasing property, as they can potentially help quantify in advance, the cost and time involved to renovate a place.

 

Renting a property

Short-term or holiday rental income must be declared as if one were renting to a long-term tenant. Owners must now declare the property, names of renters and the duration of the lease.

 

Monemvasia, Castle, Peloponisos, Greece, Waterfront, Heritage

George Sagirakis was born and raised in Greece. He moved to Australia where he lived and worked in the retail and construction industry for over 22 years. He is now based in Athens and is a licensed Realtor. His second office is in Limassol, Cyprus.

George provides consulting services for Real Estate and renovations matters in Greece and Cyprus. All property management services are handled by registered Attorneys and/or Accountants.

George is experienced in Real Estate marketing, buying/selling/rending  as well as renovating residential and commercial properties, as well as assisting with all property-related matters such as obtaining certificates and permits.

You can contact George directly via this website.

DISCLAIMER: The information provided is general and should therefore NOT be considered as advice or consultation to act upon. Links to third-party websites do not constitute an endorsement or recommendation of products and services.

George Sagirakis

ENTERPRICE GREECE

https://www.enterprisegreece.gov.gr/en/greece-today/living-in-greece/residence-permits#top


Moving fast is the key to a good property deal

The competition to find a great property deal is high. So, what can you do to make sure you get there first?

By Zoe Dare Hall

Great property deals are about motivation and opportunity. The motivation of vendors and developers who have to sell, no matter what. And the opportunism of investors who know when to drive a hard bargain.

Surprisingly, the motivation to sell may not be that high now.

Lender forbearance is currently allowing borrowers in financial difficulty more time to sell…

So the competition to find deals is high. What can you do to get there first?

Present yourself to estate agents as a serious buyer who can make a quick decision. The best traction is ready finance and the ability to exchange quickly without borrowing or needing mortgage approval.

If you are immediately proceedable, you’ll be first on the viewing list.

Check the area that has what your tenants need. Is there handy transport and shops, is it near the university and good nightlife? Look at your competition on property sites to see what the going rent is and which properties take time to rent out – and do the maths thoroughly before make your move.

Visit the properties before you decide. If it’s a renovation project, get a survey done. Check the legal documents, either downloaded from the seller’s website or requested from the vendor’s solicitor and check with your own solicitor that there are no covenants that could affect the property’s value.

Another deal-sourcing method is to grill lettings agents about landlords who are seeking to reinvest elsewhere, either to free up funds or for retirement.

The property may come with the added advantage of the tenants in situ and furnishings. This could be a really good deal. You can track what the rental performance has been with the agent, including maintenance, improvements and voids.

Or if you are looking for new-build, target developers at key moments – when they are about to present the bank with client reservation fees as proof of funding, or near the end of construction, when they are keen to move on.

“Developers often get customers who decide not to buy after 12 weeks for silly reasons such as a leaky tap, so when we have a motivated client who can exchange quickly, they’ll offer discounts as high as 20 per cent in prime locations.”

Ultimately, the key to making a profit is the price you pay, not the price you sell for. Spot where an area or house is undervalued and make an offer, or look for sellers who revise their house price consistently over a short period as they probably need a quick sale.

“To help beat the competition, constant communication with estate agents is essential to ensure the investor is approached before the property hits the market.”


Aphrodite Gardens: Luxurious Resort in Paphos

Aphrodite Gardens is set to be a luxurious, gated resort residence in Paphos featuring good location, style, affordable prices and various amenities.

“Leptos Aphrodite Gardens” would be ideal for expatriates and locals who look for a combination of a holiday home and a permanent residence.

The exclusive “Leptos Aphrodite Gardens” has a selection of one, two and three bedroom apartments, penthouses, junior suites and detached villas for sale. It’s located in a prime area in Kato Paphos, within walking distance to all amenities and facilities and the Blue Flag sandy beaches. The area also offers an investment potential due its proximity to the planned Leptos infrastructure project, “Neapolis Smart Eco City”.

It comprises of 200 properties surrounding two large free form swimming pools, a children’s pool, landscaped gardens and green areas. Other facilities of the project include: Gated entrance with an entry code and Concierge at the gate, closed circuit TV with video recording, footpaths, irrigation system and sundecks.

All types of properties have underfloor electric heating, double glazed windows, kitchen granite worktops, ensuite bathrooms and satellite TV connection.

According to Leptos Estates, “In Leptos Aphrodite Gardens, emphasis has been given on creating the idyllic surroundings where the benefits of living in Cyprus can be enjoyed to the maximum. The Mediterranean lifestyle is about enjoying life to the fullest, finding the perfect balance between work and relaxation and having time to experience new pleasures in life.”