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Cretan Facts

Crete is the largest Greek island, 168 miles long by 38 miles wide at its widest point.

Frequently Asked Questions

1. Can foreigners buy property in Greece?

Yes – Greece has been in the European Union since 1983 and the restrictions imposed for security purposes on foreigners owning property, were lifted in 1992 (except land in close proximity to military bases where a certificate will be acquired from the local military General).

2. Is the purchase of property difficult in Greece?

No – in fact the purchase process is simpler than in the UK. In summary, having selected your property, you will appoint an English speaking Greek lawyer (we can arrange this for you if required) to act on your behalf by giving him Power of Attorney (this is arranged through a Public Notary for a fee of approx. 50 euros). You will then pay a 10% deposit (non refundable should you withdraw) to secure your purchase and set the price with the vendor. Should the vendor withdraw from the sale, your 10% deposit will be returned with a further 10%.

Your lawyer will obtain your local tax number on your behalf, required by law here to be able to purchase.

Completion normally takes about 4-6 weeks, dependent on the readiness of the property sale documentation.

If you prefer, you can instruct the lawyer to sign the final contract on your behalf in front of the Public Notary (Government appointed body) who approves and records the transaction at the local Land registry offices.

Alternatively, you may wish to return to Crete to sign the contract yourself. In this case, the contract is translated word by word for you. (In accordance with Greek law).

3. Is there Land Registry?

Yes, as mentioned in 2. above. In addition to a very precise set of deeds, which establishes your ownership of the land and hence by Greek law, any property built on it thereafter, there is also now Land Registry in Greece.

4. What are the taxes/expenses involved in property purchase?

The total expenses are forecast around 8%, this covering your lawyer’s fees and purchase taxes – which in Greece are a one off payment at time of Land Purchase.

5. What other expenses apply if I live in Greece?

If you are not working, your only costs will be utilities – electricity and water. There is no Council tax and no Capital Gains tax in Greece.

6. What guarantees exist on new houses?

Houses are guaranteed for their life, while fittings are guaranteed for one year.

7. Insurance

We can put you in contact with a number of major Insurance companies.

8. Property management and Rental

We can also put you in contact with a locally based English company.

9. Furniture

We can also introduce you to local traditional furniture makers of help with other contacts.

10. If I decide to buy property, how do I pay for it?

Your appointed lawyer can make all transactions for you through a bank account here in Greece. Below is a typical schedule –

Payments are in stages as follows:

10% deposit – fixing price and holding property
30% - to complete plot purchase
30% - to commence with first construction stage
30% less 1000 euros – to commence with second construction stage
1000 euros on completion of house All prices are fixed in euros

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