First and foremost, the off plan buyer in Greece must get a lawyer – preferably a local one that is familiar with local customs and bye-laws. Not only is this highly recommended, it is actually a requirement of the law if the property is valued at more than €12,000. After a property and price are decided upon, a deposit of 10-30 percent of the purchase cost is paid and a pre-contract agreement signed – if the buyer backs out after signing this agreement, the deposit is forfeit, whereas if the seller backs out the deposit is returned, along with an amount of around the same as the deposit as a penalty fee – so at least if the seller backs out of the sale the buyer can make a bit of cash!

After the buyer’s lawyer has checked with any local rulings and the Land Registry that the purchase is above-board, and when a Greek tax number has been obtained from the Greek Tax Authorities the contract signing and sale can go through. As is the norm this must be witnessed by a Notary, who usually charges a two percent fee for their services. Once the sale has been confirmed and monies transferred, all extra fees are payable by the buyer – the lawyer’s fees, the Notary fees, Land Registry fees, community tax and the purchase tax, which ranges from 7-13 percent, depending on a number of factors. There are no stipulations associated with being a foreign buyer, and once a property is purchased the owner is treated exactly like any domestic property owner – this can even include tax rebates in some circumstances.