General Information

In the event that someone wishes to make a purchase or sale in Greece, one has to take into account every aspect and details required so as to ensure your investment. Therefore, there is information that the potential buyer or seller must be aware of and Domgreek is here to provide you with their knowledge and consultation in anything you need.

Useful Information

Below we provide you with some basic terms, that may be useful to you while examining your opportunities to make a purchase in Greece.

  • Purchase and Sale: determines the transfer of property ownership from the seller to the buyer, following to the deposit of the agreed price on the part of the later.
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  • Tenancy in Common: means that more than one owner have the right to use and possess the property.
  • Full Ownership: characterizes any ownership of property, when the owner is entitled to use the property in any legal way is deemed appropriate.
  • Lot: any area that is located within the approved city plan. The buyer of the lot must examine first of all the Building Factor (BF of land surface) of the lot, which refers to the allowable building surface and the Coverage factor (CF of land surface), which refers to the allowable surface that the building may cover on the land.
  • Parcel: areas located outside the city plan
  • Planning Regulations: the total of standards specified by the Planning Authority of the city, according to the approved city plan, with regard to the characteristics of each property, the allowable uses thereof, the building and coverage factors (in case of a lot) and generally the overall details required for an organized and rational integration of your property in the city plan.
  • Starting Price: the starting price of the property depends on whether it is found in an area, where the system of objective tax values is currently in force or not. In the first case the starting price of the property is determined by the Ministry of Finance, while in the second case, based on the particular factors, as specified by the local Tax Office.
  • Objective Value: it is the value attributed to the property, as it is derived from the multiplication of the starting price of the property with standard factors, which are specified by the State.
  • Commercial Value: the agreed price between the buyer and the seller as a fee payed for the transfer of property.
  • Return Document/ Tax Return: Following to a property purchase or sale, both contracting parties of the purchase agreement are obliged to submit a return document and pay the respectable taxes, as it is required (such as the property transfer tax and tax on overvalue of real properties)
  • VAT Identification Number: upon presentation of your identification card, you can easily acquire a VAT Identification Number, by the competent financial authority. This is a unique number for each citizen and in a way it constitutes a financial ID for every Greek citizen. In the event that someone resides abroad and wishes to realize any kind of investment in Greece it is mandatory to issue a VAT Identification Number.
  • Apostille: a seal by an official authority, that legalizes the authenticity of any document in order to be directly used in Greece or abroad.

What should I know regarding property-purchase in Greece

There are a number of questions regarding purchasing a property in Greece, and Domgreek is in a position to answer all your questions before you even ask.

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Is it necessary to use a lawyer?

Property purchase and sale constitutes an integrated process regarding the transfer of property rights, which might be involving risks not only for the buyer but also for the seller, if they are not familiar with the parameters they must take into account. At this point it is necessary to hire a lawyer. It should be noted that in the past years, the representation by a lawyer was necessary at any case. Nowadays it is no longer necessary to use a lawyer, although legal representation seems to be particularly valuable, as it ensures the validity of the process and the complete, legitimate and accurate nature of the titles of ownership, in order to carry out the purchasing process as soon as possible. Domgreek, in cooperation with lawyers, specialized in Real – Estate business , is near you throughout the whole process, in order to guide in every step of the way.

The need of a notary

The execution of the final transfer agreement constitutes legal obligation of the notary and legal need, as the notary draws up the official document which ensures the legal interests of both contracting parties of the purchase agreement. The notary is obliged to read the agreement in detail to the contracting parties in order to ascertain that it is understood by them and that no questions will arise in the future. The final transfer agreement is then signed in the presence of a lawyer and the process is completed with the payment of the agreed price. Our agency maintains cooperation with skilled lawyers, who can guarantee the valid and quick execution of the agreement.

What costs does the purchase and sale process entail?

In the event that you wish to buy a property in Greece, you must be ready to undertake the costs for the services of the Real-Estate agency, which will have helped you, find the chosen property. Our payment is agreed upon signature of the assignment, according to the market prices (plus VAT). The buyer must also bear the costs that arise from the legal representation throughout the purchase and sale process. The level of remuneration for the lawyer depends on the services provided and it is agreed between the lawyer and the client. The notary costs will also be borne by the buyer, and the level of the notary fee is specified by the Law and it is the same for all the citizens, and it amounts to 0,8% of the property value (plus 23% VAT for property value over 120000€). The buyer is also obliged to pay a transfer of property tax, which after 2014 is estimated to 3% of the property value, as specified in the notary act. Finally the buyer needs to transcribe the property at the property in the land registry or the Hellenic Cadastre, which incures an extra charge of κατά 0,475% - 0,575% (plus VAT).

The costs entailed by the sale of a property include originally the services provided by the engineer, for the issuance of an energy certificate and certificate of legality (if not already existed) and the fee of the engineer agreed between the parties. In addition, whenever that is necessary, the seller is also obliged to pay a betterment tax, in case the property that is to be sold, was acquired after 1995. At this point it should be noted that the payment of the said tax is postponed to 31/12/2016.

Useful Links

For any information regarding matters of Real – Estate you can call us, in order to suggest you some useful links that maybe helpful to you, while trying to find information in relation to the property management and the purchase and sale process.

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For more detailed information please visit: