Greek Property Market

Greek Mortgages

A great benefit of buying property in Greece is that the process of obtaining a mortgage is relatively simple and remarkably similar to what we are used to in the UK.

Greek Property Market

Get a Free Quote Introduction to the Greek Property Market

For many years the British have had a love affair with Greece, whether as a holiday destination or as the perfect place to purchase a second home. The property market in Greece is reasonably buoyant at the moment and there are some parts that are obtaining high prices, even by European standards.

Important Issues with the Greek Property Market
One of the main factors that would appear to be slowing down the property market in Greece, where foreign buyers are concerned, is the unwieldy and often unsatisfactory conclusions. There is no central land registry in Greece as there is in the UK; this can cause problems when attempting to ascertain who owns the land and also who owns the property built on the land.

In Greece, it is possible to purchase land, only to discover that all the trees and buildings on the land actually belong to someone else. Discovering true ownership can be both costly and time consuming.

Furthermore, planning applications in Greece are often very difficult to predict. Greece as a whole is very aware of it status as an underdeveloped haven for those looking for a quieter life style. For this reason, there are very detailed rules about what can and cannot be built on any given plot of land.

For example, it is quite common to have a restriction such as a 200-square metre property requiring a 4,000-square metre plot and the building being restricted to no more than two storeys high. These sorts of restrictions are common, not just for new builds but also for renovations and extensions.

Therefore, anyone looking to purchase a cheap renovation project may find themselves losing out; so, if the plan is to create a large mansion you may be sorely disappointed!

Despite these disadvantages, the Greek property market is thriving with more foreigners prepared to purchase in Greece, particularly with the increased number of cheap flights that now service many of the Greek Islands.

Bear in mind that Greece is largely made up of islands, some are larger than others and all have their own unique charm. The property market on each island differs dramatically, so what may be a good buy on one island is anything but on another.

Summary
Bullet Point The Greek property market is generally very buoyant, at the moment, although this varies from island to island; more specific information should be sought on individual locations;
Bullet Point bureaucracy and the difficulties faced in establishing ownership has slowed the Greek property market;
Bullet Point be aware that planning permission is notoriously difficult to achieve in Greece and, therefore, any renovation should be considered carefully before making an offer.

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Typical Interest Payments

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2.89%

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2.89%

Discounted Rate

2.99%

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2.99%

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3%

 

 

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