This article is for informational purposes only, and is not a substitute for professional advice from licensed attorney, financial advisor, or tax professional.
About the 2023 Housing Market in AthensThe housing market in Athens, Greece has experienced significant fluctuations in recent years. During the economic crisis of the late 2000s and early 2010s, the market suffered a major downturn, with a significant decline in housing prices and a drop in demand. However, since then, the market has started to recover, with prices stabilizing and demand rapidly picking up. Despite this, the market remains relatively affordable compared to other major European cities, making it an attractive option for those seeking a more affordable place to live. Overall, the Athens housing market is showing signs of improvement, but there is still room for growth and development.
The realistic purchase budget for Athens properties will depend on several
factors, including the location, property type, size, age, and condition. As of
March 2023, the average cost per square
meter for an apartment in Athens is around
€2,000 to €3,000 = (1X) However, here are some popular areas in Athens that you may consider when buying a property: Kolonaki – Lycabbetus. wealthy, upscale
neighborhood with high-end shopping, dining, and entertainment options. (3X) Plaka-Acropolis-Thiseion-
Psiri - Petralona- Koukaki. Historic vibrant neighborhoods with charming,
narrow streets and picturesque architecture, surrounding the Acropolis hill and
other popular tourist attractions. (2X, 3X,
4X) Glyfada –
Voula - Vouliagmeni. Coastal wealthy, upscale suburbs with beautiful beaches,
high-end shops, and a lively nightlife. (3X,
4X, 5X) Kifissia-
Politia – Ekali. Affluent northern suburbs with leafy streets, upscale shops,
and a variety of restaurants and cafes. (2X,
3X) Nea Smyrni –
Alimos – Hellinikon. Family-friendly neighborhood with parks, playgrounds, and
a variety of shops and restaurants very close to the sea-side. (2X)
Exarchia –
Pegrati – Kipseli. Vibrant neighborhoods
known for its alternative music and art scene, located near the Athens Museums
and City Center. (1X) What are the Benefits of Acquiring a New House
in Athens? What are the Benefits of Acquiring an older
House in Athens? How to Buy a House in Athens?Here are
the general steps to follow when buying a house in Athens, Greece: 1. Determine a Realistic Purchase Budget for Athens properties.It is important to keep in mind that prices can vary widely depending on the neighborhood and condition of the property. It is recommended to work with a reputable real estate agent who can provide guidance on pricing and help you find a property that fits your budget and preferences. Additionally, it is important to consider 10% additional costs such as closing costs, property taxes, and legal fees when determining a realistic purchase budget. 2. Search for properties that fit your budget
and preferences. Find
a reputable real estate agent who is familiar with the Athens housing market
and can guide you through the buying process. Hire Someone who speaks English 3. Once you
find a property you are interested in, negotiate
the price with the seller and sign a purchase pre-agreement. It is vital to
reserve your House as the market moves quickly. Pay a deposit to secure the
property and do not forget to sign a pre-agreement private contract before
transferring any sum of money. Your real estate agent can help you with this.
Also he can help you to apply for a
Greek tax number and open a Greek
bank account. 4. Hire a lawyer to a) conduct a title search and ensure that the property is free of
any legal issues, b) be present when signing
the final sale agreement and pay the necessary transfer taxes and fees, c) will register the property in your
name with the Greek Land Registry. Legal requirements: Familiarize yourself with
the legal requirements for buying property in Athens, including the necessary
permits, taxes, and fees. There are
several legal requirements for buying property in Athens, Greece. These
include: Permits:
Before buying a property, it is important to ensure that all necessary permits
have been obtained from the municipality, including a building permit and an
occupancy permit. Taxes: The buyer is responsible for paying several
taxes when purchasing a property in Athens, including transfer tax, property
tax, and value-added tax (VAT). The transfer tax is 3% on the property s objective
value. Fees: There are several fees associated with buying property in Athens, including notary fees, registration fees, and lawyer fees. Notary fees are based on the property's value and range from 1% to 2%. Registration fees are also based on the property's value and range from 0.475% to 0.775%. Lawyer fees vary based on the individual lawyer s fees and the complexity of the transaction. Cultural differences: Be aware of the cultural differences and customs in Athens that may affect the buying process and your overall experience.There are some cultural differences and customs in Athens that may affect the buying process and overall experience of buying a property. Some of these include:Negotiation: Bargaining is a common practice in Greece,
including when buying property. Buyers should be prepared to negotiate the
price and terms of the sale with the seller. Relationship building: In Greece, building a personal
relationship with the seller or real estate agent is important. This may
involve socializing and building a rapport before discussing business matters. Legal process: The legal process for buying property in
Greece can be complex and time-consuming. It is important to work with a
reputable lawyer to ensure that all legal requirements are met. Cash payments: Cash payments are still common in Greece,
especially for smaller transactions.
By
considering these factors, you can make an informed decision and ensure a smooth
and successful home-buying experience in Athens. M. Perantonis
|
Member of the Athens Realtors Association