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Buying Property In Greece in 2021

In the middle of the Cyclades archipelago, there lies the beautiful island of Naxos. The childhood home of Zeus and the birthplace of the god Dionysus, this island is the largest island of the Cyclades.

For many, Greece is a distant dream, but for those willing to step out of their comfort zone, this beautiful country has so much to offer.

Are you interested in buying property in Greece? Keep reading to learn more about how to find and purchase properties for sale in Naxos, Greece.

Why Move to Naxos, Greece?

The main port of Naxos, Chora, is home to a gate that is the remnants of a temple to Apollo–the sun god. It is no surprise that the ancient Greeks of Naxos built a temple to him here–the whole island is filled with sunlight for most of the year.

People move to Greece, and specifically to Naxos, for many reasons. If you want Greek citizenship, buying a house in Greece can get you a Golden Visa. If you are looking for a vacation home, the low cost of living in Greece can make that investment worthwhile.

Whatever your reason for buying property in Naxos, Greece, you are guaranteed to find sunlight, the beautiful Aegean Sea, and welcoming people to greet you upon your arrival.

The Advantages of Buying Property in Greece

There are quite a few advantages to buying property in Greece. If you are looking into buying property in the Cyclades, here are a few advantages to doing so.

Affordable Cost of Living

Compared to the rest of Europe, real estate in Greece is incredibly affordable. You can find a variety of choices for high-quality investments, all at reasonable prices.

If you are planning to rent out your new property for passive income, this has a very high chance of success, especially in popular areas with tourists.

Wherever you decide to live in Greece, you will be saving money compared to other European countries. For example, living in Greek cities like Thessaloniki and Athens is significantly lower than the cost of living in cities like Rome, Paris, or Madrid.

Amazing Weather and Relaxed Island Living

Greece has more than 300 days of sunshine every year. That’s right–300 days. If you are coming from a rainy part of the world, this amount of sunshine might seem like heaven!

Winters are short and mild, which is a draw for many retirees. Summers are not humid but dry and breezy and full of beach days, drawing in tourists and ex-pats of all ages and backgrounds.

If you are worried about your professional career and your social life, don’t be. The Internet is available all over Greece, and new residents in Naxos will continue their work remotely without any trouble.

When you aren’t working, there are many opportunities for social activities on Naxos, and the people here are very welcoming to newcomers.

A Safe and Accessible Destination

Greece is known worldwide for its beauty. There are beautiful islands like Naxos, majestic mountains, and 15,000 kilometers of coastline to enjoy.

Buying a property in Greece puts you in close contact with three different continents–Europe, Africa, and Asia. This opens up traveling opportunities and can save you money on travel expenses.

The whole country has modern transportation systems. From the metro system in Athens to the ferries that reach out to the farthest islands, you won’t have trouble finding your way around.

Greece also has one of the lowest crime rates in Europe. This means that you and your family can move here and feel safe in doing so.

How To Buy Property in Greece

So you know deep down that Greece is the perfect place for you and your family–now what? Here are the five steps you need to follow to purchase a property in Greece.

Step One: Find a Real Estate Agent and Employ a Lawyer

As you start your journey towards buying property in Greece, you should start with finding a reliable, professional real estate agent.

Many people think that they can go through this process independently because of all of the information available on the internet. However, a real estate agency is full of agents with the personal experience and knowledge needed to help you move through this process with minimal stress.

Finding a good agent is the most important thing you can do to ensure your success. The next important step? Finding a lawyer.

Your lawyer will help to perform all due diligence for your property investment. Depending on the lawyer, they can also help you with any immigration processes you need to go through. This is especially important if you are buying a property to obtain Greece’s Golden Visa.

Step Two: Get a Non-Resident Tax Identification Number

Before you can start exchanging money, working towards citizenship, or buying property, you need to conduct financial business in Greece.

To do this, you will need to get a Non-Resident Tax Identification Number (AFM) from the Greek tax authorities and open a bank account at a Greek bank. This is a necessary step if you want to buy a property in Greece.

Step Three: Make An Offer and Pay the Deposit

Once you have a team of professionals and a Greek bank account, you are ready to conduct your search, find your dream home, and make an offer! Your real estate agent will help you by finding properties that match your needs and your price range. They will also be a point of contact between you and sellers.

Once you have found your perfect Naxos beach home, you can make an offer. If it is accepted by the seller, your lawyer will present you with an initial purchase agreement for you and the seller to sign.

Once the paperwork is signed, you will need to pay a ten percent deposit to reserve the property until the sale is finalized. This is a common practice in Greece and should be expected for all property investment transactions.

Step Four: Conduct a Title Search

The next step is to conduct a title search.

Your lawyer and agent will check to see if there are any outstanding charges made against the property. They will find out if any taxes have not been paid. They will also look into if the original construction was completed per the local planning laws and regulations.

This will ensure that you don’t run into any legal or financial problems later down the line. This is where many problems can arise, so be aware that if you are trying to purchase an older Greek property, there may be difficulties that cause delays.

It can take anywhere between four and six weeks for this process to be completed. Once everything is put into order, and your lawyer and agent are happy with the state of the property, you will pay the balance of the purchase price of the property, as well as all other taxes, fees, and government duties.

By the end of this step, your lawyer will have copies of the title, be satisfied with all sale documentation, and appoint a notary to prepare the contract deeds as we move into the final step of this process!

Step Five: Complete the Sale!

You’ve made it to the final step of buying property in Greece! Now it is time for the buyer and the seller to sign a contract deed with a notary present.

If you cannot be there (which may be likely if your home country is far away), your lawyer can sign if they are granted power of attorney.

After all, parties have signed the necessary documents, the transaction will be registered in the public record, and the sale will be finalized!

Are You Ready to Move to Greece?

While the process of buying a property abroad can be long, with the right team behind you, it can be the best investment of your life. With amazing sunshine, fascinating folklore and history, and welcoming people, Greece is a great choice for your new investment property. 

Whether you are looking for a vacation home or a whole new life and a whole new passport, buying property in Greece can open a world of possibilities for you and your family. 

Are you ready to start your adventure on the island of Naxos? We can help you take the first step. Learn more about What We Do on our website!