Why Invest?

Greece offers a positive investment ambiance through a blend of various encouraging reasons which attracts hoards of investors and tourists alike in the country. Some of the major incentives to invest in Greece are Greece is an ideal and safe investment because of its relatively stable economy and political scenario in the Euro Zone. Greece holds an average GDP growth rate which is much higher than the other EU countries. The GDP growth rate for the year 2007 was 4%.

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Market Report

Greek authorities is considering such immense movies in terms of facilitating approach to its property business and making property venture in the nation quit easier and more charming. Administration has a submitted plan to grow tourism industry by 2013 approximately 50% and that it is drawing a great deal of attempt to set in motion an appealing real estate environment.  This implies that for capitalists there is potentially a development base of tourism rental need for any real estate property bought, and for all purchasers, the reality is that the government wishes to preserve the charm of Greece means that it should constantly be a charismatic place to purchase real estate.  This can be done by throwing any landholder some form of expiration scheme should they care to leave the business.

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Economic Overview

Greece has a mixed capitalist economy with the public sector accounting for about 40% of the GDP. The Greek tourism industry remains thriving and its contribution in the GDP growth is considered important for foreign exchange earnings.

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Visa/Residency Issues

Visitors can remain in Greece for a maximum of 90 days at a time. If you're a non-EEA national you must ensure that you have your passport stamped upon entering Greece (this may not be automatic if you arrive from another Schengen state) so that when you leave it's clear that you haven't overstayed the 90-day limit.

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Getting to Greece

An approximate flight time to Athens from London is 3 hours 15 minutes. Greece has sixteen international airports.

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Fees & Taxes

• Real estate owners are taxed on their properties that they own in Greece.
• The tax is applicable to individuals as well as companies owning property.
• Real estate transfer tax in Greece is payable on the sale of real estate only if purchased before 1.1.2006.
• The tax rate in Greece varies from 9%-11% depending upon the value and location of the property purchased.
• Purchaser is supposed to pay the tax.

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Greece

Basic Information

Greece Overview

Greece is a country in south-eastern Europe, situated on the southern end of the Balkan Peninsula. It is bordered by Bulgaria, the Former Yugoslav Republic of Macedonia and Albania to the north and by Turkey to the east. Today, Greece is a developed country, a member of the European Union since 1981 and a member of the Economic and Monetary Union of the European Union since 2001. Athens, Thessaloniki, Piraeus and Patra are the country's major cities.

Average Property Prices

• One-bedroom apartment.... £69,000
• Two-bedroom apartment..... £103,000
• Three-bedroom villa............. £165,000
• Four-bedroom villa............... £206,000

Buying Process

• Once you have made your personal research for the property you are looking for, it is very important to appoint a lawyer. The lawyer will check that all the mortgages are cleared on the property and the vendor holds the deeds for the property. The lawyer will also help you with the translation of the contracts and deeds.
• In order to purchase real estate in Greece everyone including the foreigners and Greek nationals must obtain a tax role number which is known as AFM in Greece. It could be obtained from any tax office in the country. The EU nationals can obtain AFM on spot only by showing their National ID Card, and non-EU nationals must show their passport to obtain their tax role number.
• In Greece, the authorities are really concerned about from where the money is obtained to invest in Grecian Real Estate. So in order to transfer money from the home country for the purchase of the property, a “Pink Slip” needs to be obtained by the Grecian Authorities. It will ensure the source of money to the authorities.