Buying guide: Greece

Real name: The Hellenic Republic

Population: 11.2m (UN, 2009)

Currency: Euro

Capital city: Athens

Major cities: Athens, Peloponnese, Cyclades, Crete

Languages: Greek (English is widely spoken, especially in widely regarded tourist areas)

Climate: Part of Greece’s unfailing charm is the allure of its Mediterranean climate and oodles of sunshine. The summers are hot and dry, though often relieved by stiff breezes, especially in northern and coastal regions, and rainfall is limited. Winters are relatively mild, particularly in the lowlands, with the odd snow-capped mountain in the north.

Location: Set on the southernmost tip of the Balkan Peninsula, Greece is located in Southeast Europe. Neighbouring countries include Albania, the former Yugoslav Republic of Macedonia, Bulgaria and Turkey.

Economy:
Inflation rate (consumer prices): 1 percent (2009 est.)
GDP (official exchange rate): $338.3bn (2009 est.)
GDP (purchasing power parity): $339.2bn (2009 est.)
GDP (real) growth rate: -2.5 percent (2009 est.)

Having adopted the Euro in 2002, Greece subsequently noted increased consumer spending and economic growth, largely thanks to new access to competitive loan rates as well as to the low rates of the Eurobond market. The country now ranks as the 27th largest economy in the world, signifying a high standard of living, although a rising rate of unemployment and inefficient government bureaucracy may cause problems. The country is predominately service led and its major industries include tourism, food processing and shipping.

Property facts
Restrictions
Both EU and non-EU nationals may purchase land as well as buy or build a house in Greece, and as a member of the EU, there are no restrictions to fellow EU member citizens buying property here.

However, the purchase of property, or other property transactions by foreigners in certain parts of Greece known legally as ‘Border Areas’, is prohibited. Such areas are found in the East Aegean, on the Dodecanese Islands, and in regions of northern Greece, Crete, and Rhodes.

Forms of ownership
All property in Greece is freehold.

How safe is it?
Greece enjoys a low crime rate; violent crime is practically non-existent – especially outside the largest cities – and armed robbery is almost unheard of. Local buildings are designed to meet the stringent EU standards, and are required to be in total compliance with regulations for earthquake protection.

Property in Greece is under the protection of the state so all homeowners in the country have equal rights and responsibilities.

Mortgages
It is possible to get a mortgage in Greece. To apply through local banks you will need your passport and two year’s proof of income. All closing costs must be paid before funds are released from the bank.

Some builders and developers also offer their own mortgage facilities on their properties for sale.

The buying process
As a rule, the buying procedure should be quick and uncomplicated. You can expect the average property purchase process to take between 48 hours and two weeks, though it can take up to three months. It is expected that you will pay a deposit between 10-20 percent of the agreed purchase price and this seals the deal between you and the seller. All transactions will take place in Euros and you will need a bank account to be set up to handle costs for your legal advice and bills. It is advisable to hire a lawyer, notary, accountant and land surveyor to guide you through.

Before anyone – a citizen of Greece, the EU or another foreign national – can purchase real estate in Greece, they must first obtain a tax role number, known locally as an AFM. Your representative will need this to complete your purchase, check title deeds and ensure that there are no outstanding issues with your property, as well as to sign the contract on your behalf.

Lawyers will also deal directly with the Public Notary on your behalf; responsible for drawing up your contracts, witnessing the signatures and payments, and registering the new ownership of your property. When this process is complete, the lawyer will provide you with a copy of the deeds, the original of which is placed with the land registry department. At this point, the property is all yours and you can start unpacking those boxes!

Choosing an area
With over 200 islands to choose from (that is if you count tiny blocks of rock as potential) the choice is all yours. From the hustle and bustle of historical Athens to the unspoiled charm of Crete, you will need to make a list of the reasons that you plan to move to Greece and start ticking boxes as you go along.

Once you have narrowed down whether it is urban or island life that you covet, you will also need to assess the styles and sizes of properties on offer, as well as their respective price tags. Just about everything from chic city apartments to the iconic whitewashed island cottages are available and prices start from around €20,000.

Viewings
Expert realtors will be queuing up to help you narrow in on your dream home and you will easily find them online or through magazines. Many also offer specialised inspections trips and will help to arrange your flight, transportation and accommodation. Once you have found a property and proceeded with the purchase, a 3-5 percent commission is usually owed to successful realtor.

Legal representation
Seeking independent, English-speaking legal advice is a vital part of the process and trustworthy realtors will recommend this. If you’d rather not involve your estate agent, you could contact the British Consulate for guidance.

The sale
Most sellers will be willing to negotiate slightly on the price of your chosen property, so get ready to haggle or ask your realtor to do this for you. Be sure to learn everything there is to know about your property.

Area guide
North Greece
A region of contrasts, the north primarily combines Thessaloniki, Halkidiki and Pelion.

As Greece’s second largest city, Thessaloniki – or Salonica – is an urban stretch with a population of over one million. It is one of the country’s major economic players and, as a result, boasts numerous industrial, commercial and cultural draws. Rebuilt in the 1920s, it promises all the comforts of modern living, as well as a vast selection of properties from traditional neo-classical houses to contemporary apartment blocks. Life here is more up-tempo than in most other parts of Greece; the city has a thriving night scene, as well as great restaurants, ouzeries, boutiques and luxury hotels.

Both Halkidiki and Pelion, on the other hand, offer more laid back elements of Greece and plenty of rural escapes. Halkidiki is a tourist haven, with golden beaches, sheltered bays, picturesque gulfs and modern resorts, while Pelion feels like an undiscovered jewel of lush greenery and shingle beaches. Eco-thinking is high on the agenda here and most homes have been built to blend in with their environs, simply accentuating the peaceful pace and stunning surroundings.

Central Greece (Attica)
As the largest city in Greece and one of the oldest in the world, Athens is also the Greek capital. With a history spanning almost 3,000 years, today it is a thriving metropolis with over 3.3 m inhabitants. Culture-lovers are naturally drawn to the city thanks to its 148 theatrical stages, romantic open air garden cinemas and state-of-the-art music hall, while cosmopolitan city-lubbers love the commercial centres packed with modern boutiques, malls, restaurants, cafes and nightlife hubs. The city is also rapidly becoming a leading business centre in the EU.

With the return of the Olympic Games to Greece in 2004, there was a boom in the number of apartments constructed, particularly in and around Athens; thus, modern city complexes are relatively easy to come by. The city’s four suburbs are particularly affluent districts, with a gorgeous selection of traditionally-built houses and villas.

Peloponnese
A place for all seasons, the Peloponnese Peninsula is an expanse of land in the southernmost part of mainland Greece. The region is rugged; it combines the welcoming scent of the sea, the mountains, olive trees, and vineyards, and has proved to be a popular property hotspot for those seeking an air of the unspoiled.

Properties here include sprawling farmhouses with acres of rural land, villas, apartments and traditional stone village houses. There are also plenty of plots for sale if you prefer to craft your own home from scratch.

Ionian Islands
Down on the west coast of Greece, the Ionian Archipelago comprise some of the most popular Greek islands, as well as some that feel completely undiscovered. These include Corfu, Paxi, Lefkas Lefkada, Ithaca, Kefalonia, Zante and Kythira.

Each has its very own style and aura, with varying degrees of international influence. There is no shortage of charming spots to choose from, and you could opt to set up home surrounded by ancient olive groves, mysterious monasteries or the islands’ famous turquoise-blue waters.

Dodekanisa
Dotted with over 160 isles, only 26 of the Dodekanisa archipelago are inhabited. In these parts you’re actually just a stone’s throw from Turkey, so there is a beautiful blend of east-meets-west to be enjoyed.

The Dodekanisa Islands are made up of Astipalea, Leros, Simi, Nisyros, Kalimnos, Karpathos, Kastellorizo, Kos, Patmos, Rhodes, Tilos and Kasos. Each is extremely picturesque, with traditional architecture and quaint seaside villages. And while this is one of the best places to experience Greek life without any of the tourist trappings, there is still plenty on offer including great eateries and exciting nightlife – not to mention the crystal clear waters and white-sand beaches.

Cyclades
This cluster of 39 (24 inhabited) islands are some of the most popular holiday destinations in the world, including Amorgos, Anafi, Andros, Antiparos, Delos, Ios, Kea, Kimolos, Folegandros, Milos, Mykonos, Naxos, Paros, Santorini, Serifos, Sikinos, Sifnos, Syros and Tinos.

Blending very distinctive features – such as quaint cobblestone alleys and natural wonders – with a very active and cosmopolitan night scene, there’s no debating the magical allure of the Cyclades.

Crete
Crete, the southernmost of all the Greek Islands, is also the most popular spot for foreigners to purchase property. The island is a brilliant mix of myths, legends, rugged coasts, dramatic scenery and plenty of rural escapes to explore. The region has some major cities if you fancy a more cosmopolitan location, but much of Crete is typified by a get-away-from-it all attitude and plenty of relaxing down time.

Sporades
Only four of the 11 islands in this archipelago are inhabited – Skiathos, Skopelos, Alonnisos and Skyros. Skiathos has an international airport and boasts some of the best and cleanest beaches in the whole country, making it a very popular destination for both holiday makers and property buyers.  Alonnisos and Skyros are both largely unspoilt and appeal for their simplistic charm and tranquillity.