Greece is a country with a rich history and a huge, long coastline. It is distinguished by the fact that it consists not only of the mainland, but also of islands, of which there are over 227. All this attracts foreign investors who want to buy housing from a developer in Greece to receive rental income in a popular tourist destination.
Features of housing in new buildings in Greece
The country's unique climate makes its own adjustments to the construction process, so new construction homes in Greece from a developer is distinguished by a spacious layout, in which the living room is often combined with the kitchen, and large windows are used to maximize the flow of light and air. Almost every home includes spacious terraces or balconies for relaxing in the fresh air.
This is complemented by the real estate developers in Greece to increase the energy efficiency of apartments, which is why Greek real estate under construction is increasingly equipped with solar panels. The energy from them is enough to heat water and partially compensate for lighting costs.
Prices for new housing in Greece
Since Greece is very heterogeneous, the cost of new Greek housing varies greatly, and this depends not only on the proximity to the sea, as in other coastal states, but also on the island or mainland location. New buildings in Athens are the most expensive, and their cost varies from €2,500-€5,000 per sq.m. In Thessaloniki, prices are more modest: €1,800-€3,500 per sq.m.
But on the islands, prices for new buildings in Greece can reach €10,000 per sq.m. - this is the case, for example, on Mykonos and Santorini. Developers in Crete and Rhodes offer properties at a price of €2,000-€4,000 per sq.m.
Nuances when buying real estate in a Greek new building
Greece is open to foreign buyers, and many local banks are ready to provide them with a mortgage, albeit under stricter conditions than for local residents. By the way, you can join their ranks by obtaining a residence permit through a “golden visa” and investments, including in real estate (in the amount of €250,000).
So, first a preliminary contract is signed and a deposit of 10% of the transaction value is paid. Before signing the main contract, it is necessary to conduct a legal check of the property, for which it is better to use the help of an experienced lawyer or agency.
If the transaction is legally clean, then the full purchase and sale agreement is signed.
This happens in the presence of a notary, who confirms the legality of the transaction and registers the ownership with government agencies.
When buying a new building in Greece, it is important to take into account taxes:
- Property Transfer Tax. The rate is 3% of the assessed value of the property and is paid by the buyer when signing the main contract.
- Notary and legal services. Notary services are paid by the buyer and usually do not exceed 1% of the value of the property.
- Registration fees. After signing the contract, it is necessary to register the ownership in the Land Registry for 0.5% of the value of the property.
Popular cities and regions for buying a house from a developer in Greece
The most famous island is Santorini (Thira) - it is a tourist center of Greece and annually receives an average of 2 million tourists. Despite the modest land fund, new buildings are being built and are in high demand. But the prices per square meter are among the highest in all of Greece.
In second place are the islands of Crete, Mykonos and Rhodes. They are larger than Thira, and the prices here are more democratic. But there are many more beaches here, and the communication with the mainland is also better established.
On the mainland, the country's capital, Athens, is popular with both developers and investors. However, the tourist flow here is lower than on the islands. At the same time, the real estate market is wider and better suited for long-term rentals and permanent residence.
Guides on Buying New Builds in Greece
Frequently asked questions about new buildings in Greece
How much on average does a square meter of new housing in Greece cost?
Which areas are most in demand among people who buy new real estate from the developer in Greece?
The top 3 most popular areas also include Halkidiki and Crete. In these resort areas, housing is purchased mainly for recreation.
