Greek housing market news
Owners of property in Greece are smiling again since property prices in Greece have been increasing and returning to pre-crisis prices. According to the data from the Bank of Greece, prices in Athens have increased 44.6% in the last four years and in Thessaloniki 32.2% during the same time.
Demand for housing in Athens has boomed as foreign buyers are looking for apartments with the aim of exploiting them. At the same time Greece’s financial environment has been more stable than ever. The country has emerged as a top touristic destination, it has exited from the bailouts, it has reduced property tax, and it is currently considered an investment destination with reduced risk. This stability has created a trend and has driven the Greek housing market among the top destinations for investment. It is also of great importance that the increase of property prices, both for sale and for rent, and the demand for housing does not seem to have been affected by the war in Ukraine.
The bureaucracy of selling a property in Greece and transcribing the property purchase and sale contract has also decreased significantly. Many of the processes have become digital and the time needed for closure has decreased by at least 30%. Still, the seller of the property has to collect many documents including the Electronic Building Identity, the tax and social security clearance as well as certificates issued by the Municipality and by the Cadastre. The buyer in turn is burdened with the due diligence of the property’s legal status, which is conducted by a Lawyer.
Themida’s associates in Greece have a vast experience in property transfers and have represented buyers and sellers in numerous purchases and sales of properties. The representation is put in effect with a Power of Attorney and it usually includes collection of the required documentation, negotiation of the terms of sale/purchase, representation at the Notary on the day of the Deed and wire transfer of the price of the sale. The client provides a Power of Attorney to Themida’s associates and in accordance to the client’s wishes they proceed to each step of the sale/purchase.
If you are thinking about exploiting, selling or purchasing a property in Greece, now is a good time to act. Contact Themida and ask for a first consultation to meet us and find out more about our services.
