Whether your motive is yield-driven, permanent relocation, or a holiday home under the sun, buying a property in Greece is an excellent choice, but could be a complicated and time-consuming process too.
This is why we created this step-by-step guide, that is intended to make the entire process clearer and easier for you.
Step 1: Where to start with your property research
As with everything in life nowadays, you should start your property hunting journey online! There are many listing sites and realtors’ sites that could give you an idea of the available options in terms of types of properties, price range, etc. But you should be careful! Information could be outdated or misleading, there are many duplicate listings and the asking price for a property might not be
At Prosperty, you can find updated and verified properties, with ample data, professional photos, floorplans, drone video and a virtual 3D tour, as well as a detailed inspection report of 240 data points. Your dedicated English-speaking Prosperty Real Estate Consultant will guide you through the process, providing you with targeted options, to help you draw up a shortlist of those you wish to view and explain the details and help you out across the process.
Step 2: Conduct viewings
Either directly, but preferably through an agent, you can arrange to visit the shortlisted properties, see how each property and its surrounding area really look and feel like and ask all the questions to make sure you make the right choice.
Prosperty works around your schedule and organizes the required viewings on short notice, offering also zoom-tours for your convenience.
Step 3: Place your offer
As soon as you make up your mind and find a property you are really interested in, you could place a non-binding conditional offer – typically in written form – either directly to the owner, or through your agent. You should leave some space in terms of time and budget to negotiate, as this is something quite common.
Prosperty provides you with very detailed market data points to properly decide on your proposed offer and can undertake all the negotiation process, representing you in a very transparent and professional way, while you can place your online offer via Prosperty’s platform and directly negotiate with property owner online.
Your dedicated English-speaking Prosperty Real Estate Consultant will guide you through the process, providing you with targeted options, to help you draw up a shortlist of the assets you wish to view and explain the details and assist you with the entire process.
Step 4: LOI & Due Diligence
Once the offer is accepted by the owner, it is advisable to provide a Letter of Intent (Lol). Prosperty undertakes drafting the respective Lol, outlining the basic terms of the transaction such as agreed price, down payment (deposit), projected closing date etc.
At the same time a deposit is also given to reserve the property and take it off the market. Usually, a 5% or a 10% is required. Many other Agencies will advise you to wire the deposit to the Seller. This is where Prosperty makes the difference, acting like an Escrow Account Manager, securing the deposit payment. We step in and advise our buyers to transfer the deposit to our account until the day of closing. This way, if the Seller fails to compete (e.g. due to legal or technical issues that cannot be resolved) and Buyer wishes to cancel, we immediately return the deposit. This is the best way to protect you.
Once LoI is signed by all parties the Due Diligence period commences. It usually takes between 2-3 weeks to conduct a Legal and Technical Due Diligence depending on the type, size, and potential use of the property. A Legal Due Diligence should always be conducted by a competent Greek lawyer and a Technical Due Diligence is also mandatory.
Prosperty can assist you in this process and assign an Attorney and an Engineer to represent you. At this point, Seller is required to obtain all documents necessary both to the engineer and your attorney in order to begin with the Due Diligence.
Step 5: Formalities
Greece allows you to finalize the deal from a distance. You have the choice to proceed directly or with a Power of Attorney (PoA) with a lawyer. You must then issue a Tax Registry Number (AFM) and open a Greek bank account.
Don’t worry! At Prosperty we undertake all these formalities, offering real-time updates throughout the course, as well as assisting you with the application for a mortgage loan with a local Bank in case you are interested in.
Once you have an AFM and you have opened an account, you can also apply for a mortgage. Prosperty partners with the top banks in Greece and can assist you with the entire process, providing a mortgage pre-approval within 3 working days, while our experienced team helps with the disbursal process.
Find your dream home in Greece and let Prosperty take care of the rest!
Step 7: Closing
You are in the last mile of the process. You will appoint a Notary Public, who, in collaboration with your lawyer, will be responsible for the preparation of the Sales Contract, documentation collection and execution. It usually takes between 6 to 12 weeks to execute a Sales Contract once Due Diligence is completed. Physical presence during the signing of the contract is not required as long as you use a proxy.
Prosperty acts as your single point of contact, offering you a hassle-free closing by undertaking the responsibility of all tasks, collecting the documents, and coordinating all the involved parties, providing you with real-time updates throughout the course, ensuring a fast and risk-free closing for you.
Can l apply for a Golden Visa?
If you are a non-EU citizen you are eligible for the Greek Golden VISA Program that allows yourself and your family an indefinite stay in Greece, as long as you are the owner of the property you have purchased (min. EUR 250,000), along with the benefit of unrestricted travel within the Schengen zone.
Find out more about the Greek Golden Visa Scheme by reading our detailed blogpost –>