Information on buying and renting a property. Real Estate in Greece and Cyprus.

Buying a house is time-consuming, difficult and very expensive, especially if something goes wrong! Get your house search off to a good start with our buying property guide. Make sure you find out about the property market and understand how the system of buying a home works as it might be very different from your home country. Also find out here about the different aspects of renting out your apartment or villa in this section of the guide.


The following property guides are courtesy of

www.justlanded.com

Property Guide for Greece

Property Guide for Cyprus

Introduction:
An introduction to buying property in Greece
Greece – land of the Gods and the ancient cradle of modern civilisation – is a country rich in culture, history and tradition.

Advantages & Disadvantages:
What to take into account
There are both advantages and disadvantages to buying a home in Greece, although for most people the benefits far outweigh any drawbacks.

Buying for investment:
What you should know
In recent years, Greek property has been an excellent investment, particularly on popular islands such as Crete, Corfu and Rhodes, and in the Peloponnese.

Estate Agents:
All you need to know to deal with estate agents
There are thousands of estate agents in Greece (over 2,500 in Athens alone) and many property sales in Greece, particularly those in resort areas and in towns, are handled by estate agents or developers’ agents, especially those involving overseas buyers.

Cost of Property:
Can you afford to buy property in Greece?
One of the major considerations (or the major consideration) for anyone contemplating buying a home in Greece is whether you can afford to buy a home there and if so, what kind of home can you afford and where?

Property Prices:
How much does property cost in Greece?
Greece has a fairly lively property market, although until the last decade or so it attracted few foreign buyers, mainly because of restrictions on foreign ownership.

Fees:
Extra costs when buying property in Greece
A variety of fees are payable when you buy a property in Greece, which usually adds between 10 and 15 per cent to the price, which is higher than in many other countries.

Inspections & Surveys:
What you need to know
When you have found a property that you like, you should make a close inspection of its condition.

Buying Off Plan:
How to buy property off plan
When buying an uncompleted property off plan, i.e. a property yet to be built or partly built, payment is made in stages.

Conveyance:
What is it and what does it entail
Conveyancing (or conveyance) is the legal term for processing the paperwork involved in buying and selling a property and transferring the deeds of ownership.

The purchase procedure:
Buying a house step by step
The first stage in buying a property in Greece is usually the signing of a preliminary contract drawn up by agreement between both parties, usually in consultation with their lawyers.

Completion:
The final step
Completion (or closing) is the name for the signing of the final purchase contract (deed), the date of which is usually one or two months after signing the preliminary contract, as stated in the contract (although it may be ‘moveable’).

Letting:
An introduction to letting your home in Greece
Many people planning to buy a holiday home in Greece are interested in owning a property that will provide them with an income, e.g. from letting, to cover the running costs and help with mortgage payments.

Rules & Regulations:
How to obtain a letting licence
If you let a property in Greece, you’re required by law to obtain a licence from the Greek National Tourist Organisation (EOT), which has offices in the main towns and on most islands as well as in the UK (Tel. 210-8707000, www.gnto.gr).

Contracts & Taxation:
What you need to know about contracts and tax
Most people who do holiday letting in Greece have a simple agreement form that includes a property description, the names of the clients, and the dates of arrival and departure.

Letting Rates:
Rental rates and how to increase your rental income
Rental rates vary considerably depending on the season, the region, and the size and quality of a property.

Using an agent:
All you need to know about letting agents
If you’re letting a second home, the most important decision is whether to let it yourself or use a letting agent (or agents).

Doing your own letting:
All you need to know to do it yourself
Some owners prefer to let a property to family, friends, colleagues and acquaintances, which allows them more control and with any luck the property will also be better looked after.

Introduction:
An introduction to buying property in Cyprus
Many people buy a holiday home in Cyprus with a view to living there permanently or semi-permanently when they retire.

Advantages & Disadvantages:
What to take into account
There are both advantages and disadvantages to buying a home in Cyprus, although for most people the benefits outweigh any drawbacks.

Legal Advice:
What you should know
It cannot be emphasised too strongly that anyone planning to buy property in Cyprus must take expert, independent legal advice.

House Hunting:
How to find your dream home in Cyprus?
There are many ways of finding homes for sale in Cyprus, including the following:

Estate Agents:
All you need to know to deal with estate agents
No one is allowed to advertise property (unless it’s their own) other than a registered estate agent, and the vast majority of property sales in Cyprus are handled by estate agents, particularly those where non-resident foreign buyers are involved.

Cost of Property:
Can you afford to buy property in Cyprus?
One of the major considerations (or the major consideration) for anyone contemplating buying a home in Cyprus is whether they can afford to buy a home there and, if so, what kind of home they can afford and where.

Property Prices:
How much does property cost in Cyprus?
This section looks at property prices in the five districts of the Republic.

Permission to buy property:
Application to the Council of Ministers
An EU national resident in Cyprus can buy as much land or property as he likes without restriction and without needing permission.

Fees:
Extra costs when buying property in Cyprus
A variety of fees are payable when you buy a property in Cyprus, although these are among the lowest in western Europe and usually total around 10 per cent of the purchase price. They’re detailed below.

Inspections & Surveys:
What you need to know
When you’ve found a property that you like, whether it’s an old or a ‘new’ building, you should make a close inspection of its condition.

Buying Off Plan:
How to buy property off plan
Buying off plan (i.e. a property that is being built or yet to be built) is probably the most common method of buying in Cyprus.

The purchase procedure:
Buying a house step by step
Foreign buyers, especially those from the UK, often assume that because legal and financial systems are based on the same principles as those in the UK, house-buying procedures will be the same.

Payment:
All you need to know about the payment process
If your property is a resale and you can move straight in, you will make whatever payment you’ve agreed with the vendor at this point.

Sale Contract:
The final step
When you’re satisfied with the outcome of all checks and all necessary payments have been made, you can sign a sale contract with the vendor.

Transfer of Inmovable Property:
How is it done?
Once your lawyer has been informed that the new title deed has been issued, he applies to transfer the property legally from the vendor’s name to yours.

Letting:
Restrictions to letting your home in Cyprus
Many foreigners let their properties illegally, whether through ignorance or in defiance of the law, and few are prosecuted. Nevertheless, there are ways you can let your property legally.

Letting Rates:
Rental rates and how to increase your rental income
Rates vary greatly according to the season, the region, and the size and quality of a property.

Using an agent:
All you need to know about letting agents
Despite the fact that short-term letting is illegal in Cyprus, you will find many agents offering a letting service and even a buy-to-let service.

Doing your own letting:
All you need to know to do it yourself
Some owners prefer to let a property to family, friends, colleagues and acquaintances, which allows them more control – and hopefully the property will also be better looked after – even though this is illegal in Cyprus without official certification.

Information Packs:
What they should include
After accepting a booking, whether through an agent or one you’ve generated yourself, you should provide guests with a pre-arrival information pack containing the following:





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