After years of recession Greek real estate is recovering.slowly but surely. Property prices are expected to increase due to massive investment in the economy and infrastructure so purchasing property here as an investment is a lucrative option.

It is very straightforward for EU residents to purchase property as there are hardly any restrictions. However, non-EU residents will need to prove both their connections to the country and what their intentions are for the property as an investment. They will need to submit more paperwork and be transparent about the intended use of the property.

The cost of real estate in Greece depends mainly on the type of property and its location.    Property prices  range approximately from 1800€ – 6000€ per sqm  depending on the location and the condition of the property.

Foreign buyers prefer  working with real estate agents and buyer’s agents to find the appropriate property investment.  Some agents collaborate with agents from their home-country which makes   the process much easier and more convenient.  The home buying and investment process can get complicated and while you’re no expert, you do want to make sure you’re doing it right by turning to someone who is. This would involve working with a buyer’s agent. Buyer’s agents can also help you find legal advice, insurance, decorators, contractors and other “follow-ups” after the acquisition. They can represent you and deal with construction services on your behalf, including supervising the work.  So, assigning a buyer’s agent proves to be much more convenient and far less stressful.

Foreign buyers prefer  working with real estate agents and buyer’s agents to find the appropriate property investment.  Some agents collaborate with agents from their home-country which makes   the process much easier and more convenient.  The home buying and investment process can get complicated and while you’re no expert, you do want to make sure you’re doing it right by turning to someone who is. This would involve working with a buyer’s agent. Buyer’s agents can also help you find legal advice, insurance, decorators, contractors and other “follow-ups” after the acquisition. They can represent you and deal with construction services on your behalf, including supervising the work.  So, assigning a buyer’s agent proves to be much more convenient and far less stressful.

While purchasing your property through a real estate agent will give you a good idea of the location itself, it can be difficult to get an honest feel for the area unless you have  been there yourself.  So, a trip to Greece may be necessary before making your final decision.

As always, you may run into real estate scammers. There are a few things to keep in mind to ensure you are not deceived:

The most popular types of property for sale in Greece are villas, but there are other options that may work better for you or be more affordable. For example, there are apartments, with panoramic sea views and beach access, which you’ll find significantly cheaper to maintain.

Although is not mandatory, a technical survey of the property is highly recommended as planning and/or structural issues may occur that could render the sale unreasonable or the investment inappropriate.

Buying a property in Greece requires some caution. Many properties are listed and they demand a lot of laborious upkeep and plenty of modernization.

It is advisable to get an honest idea of any problems or necessary maintenance issues especially on island homes, although one may find well-kept, up to date homes there, as well.

Based on Greek law,  the utilization and commercial exploitation of land in areas regarded as forested by the forestry commission means the land cannot be developed. Quite often detecting such areas requires  legal representation by a lawyer to determine whether or not the land can be developed on or not from the Town Planning Authorities in the area where the prospective property is.

There are specific prerequisites for property acquisition in areas close to the  borderlands.  Strict restrictions apply and investors must conduct detailed research into such plots well in advance. Foreign investors must refer to the official public  list available which specifies such areas, as a special permit is required for these locations.

Plots of land outside urban or residential areas often have limitations regarding the extent to which they can be developed. In many cases plots cannot be divided up into smaller sections.

Greece has become a top vacation destination because of its diverse landscape and endless coastline. Therefore, purchasing a coastal property is a guaranteed investment.

However, some of the real estate that is situated close to the coast may be illegal to build on or require very specific permits for construction in accordance with the legislation of the relevant State authorities.

In areas near historic monuments and ancient ruins, development is either prohibited or only allowed under very specific conditions. In most cases, special authorization is required by the Ministry of Culture.

Property investors must also be aware that there are areas in Greece where once demolition and bulldozing starts on the foundations, ancient ruins may come to light and the development could be blocked by the Ministry of Culture indefinitely. Such cases are few and far between but they can be time consuming and costly.

Areas of exceptional natural beauty are under a special environmental protection scheme. Both the purchase and development of real estate near such areas may be hindered by the Ministry of Environment due to restrictions that apply.