Greece has long attracted visitors with its centuries-old history, stunning landscapes, and warm hospitality. In recent years, however, the country has also established itself as an extremely attractive destination for real estate investment. Whether you're looking for a vacation home, a rental property with good returns, or a strategic investment, buying property in Greece offers many advantages for foreign buyers.
At Stunning Blue, we specialize in real estate in Greece, offering a rich portfolio of properties for sale – from luxury villas on the Ionian coast to apartments in bustling city centers. Our goal is to provide you with comprehensive information and expert support throughout the entire process.
Why Invest in Real Estate in Greece?
The Greek real estate market offers several key advantages that make it attractive to foreign investors:
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Competitive Prices and Growth Potential: After a period of correction, property prices in Greece remain relatively competitive compared to other European countries. The market is showing steady growth, especially in popular tourist areas and large cities.
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Prime Location and Tourism Boom: Greece is a magnet for tourists, which ensures high occupancy rates and good returns from short-term rentals, especially for luxury villas and apartments in resort areas such as Lefkada, Corfu, or the Halkidiki region (Nea Iraklia, Nea Kallikratia). This guarantees a stable potential return on your investment.
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Golden Visa Program: For investors outside the European Union, purchasing a property in Greece worth over €250,000 entitles them to permanent residence through the Golden Visa program—one of the most accessible in Europe.
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High Quality of Life: The Mediterranean climate, rich culture, delicious cuisine, and friendly people make Greece an extremely attractive place to live or spend extended vacations.
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Developing Infrastructure: The country is constantly investing in improving its infrastructure, including roads, airports, and ports, which further increases the value of real estate in Greece.
Legal Aspects and the Property Purchase Process in Greece
The process of buying property in Greece is relatively straightforward but requires careful planning and expert assistance. Here are the main steps:
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Obtaining a Tax Number (AFM): This is the first and mandatory step for every buyer.
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Opening a Bank Account: This is necessary for making payments and transfers.
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Hiring a Lawyer: The lawyer will perform a legal due diligence of the property, check the documentation, and ensure there are no encumbrances, mortgages, or other legal issues. This is a critical step, especially for foreign buyers who may not be familiar with local legislation.
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Hiring a Notary: The notary draws up and certifies the purchase agreement. They are a neutral party who ensures that all legal requirements are met.
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Property Valuation: Although not always mandatory, a professional property valuation can give you a clear idea of the market value and ensure you are not overpaying. Stunning Blue also offers property valuation services.
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Signing a Preliminary Contract (if applicable): This specifies the terms of the transaction, the price, and the deadlines. A deposit is usually paid.
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Final Signing of the Contract: Once all checks have been completed and the documentation is in order, the contract is signed before a notary and registered in the relevant cadastre.
It's important to be aware of the associated costs, which typically include legal fees, notary fees, property transfer tax (approximately 3.09% of the declared value), and real estate agency commission.
Potential Return on Investment
Investments in Greece can generate significant potential returns through several channels:
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Rental Income: Particularly high in tourist areas, where vacation properties can generate significant income during the active season. Managing rental properties can be challenging, but the Stunning Blue team can refer you to reliable partners.
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Property Value Appreciation: With the recovery of the Greek economy and growing interest in the country, property values are expected to continue to rise, offering capital gains on future sales.
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Combination of Personal Use and Rental Income: Many buyers choose to use their property for personal use for part of the year and rent it out the rest of the time.