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Real Estate

The procedure of correction of the Initial registrations before the Cadastre Office

The properties are registered at the Cadastral Office and receive a special code number (called “KAEK”). Any correction of the initial registrations of the property can be performed easily following the administrative procedure of “obvious error”. the correction of the initial registrations has an expiration date....

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Opening a bank account in Greece by foreigners intending to acquire real estate property

Foreigners who wish to buy real estate property in Greece are not expressly required by the law to open a bank account with a bank in Greece; in practice, however, they need to open an account in order to be able to pay the real estate transfer tax. to open a bank account in Greece, where the account holder is a foreign citizen, it is the same as that required by Bank of Greece from Greek citizens ...

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Acquisition & Occupation of Real Estate Costs, Evaluation & Taxation

The costs of the  notarial act’s  signature includes  the notary's fee - which is usually paid by the purchaser, as well as the lawyer's and the estate agent’s (if any) fee for each party.The cost of the contract’s recordation, paid by the purchaser, includes the recordation fee of the Land Registry Office and/or the Cadastre Office....

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Acquisition & Occupation Of Real Estate: Basic Legal Framework, Property Rights, Procedural Issues Of Acquisition, Restrictions

The basic legal framework governing real rights in immovable property The right to property, as a fundamental right, is under the protection of the State, as provided in the Greek Constitution, Article 17, whereas it is stipulated that property rights cannot be exercised against the public interest. Within this context, the Constitution imposes a restriction or deprivation of property (expropriation) for the sake of public interest, always under the prerequisite of a prior compensation of the owner. Furthermore, the most significant source of property law lies in the third book of the Civil Code (articles 947-1345). Other provisions and property law rules exist...

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Supporting documents for real estate purchase agreements (2015)

1. Real property acquisition title. 2. Copy of construction permit for the real property, validated by the relevant town planning authority, where the permit has been issued after 17 March 1983. 3. Engineer certificate under Law 4178/2013 “on addressing illegal construction”. Where the real property is located in land not zoned, the certificate should also be accompanied by a surveyor’s plan dependent on the Hellenic Geodetic Reference System 1987 (HGRS87), unless it falls under the exceptions provided for in Article 2 of Law 4178/2013 (for example, real property on a beach zone, forest land, historical site, etc.). 4. Surveyor’s plan for the real...

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The investment of N.C.H. Capital Inc. in Kassiopi, Corfu and its complications

The full possession and the occupation of the property in question with a surface of appr. 120 acres (489,560 sq. m.) in the area of Kassiopi, Corfu was transferred by an individual to the Greek State without consideration, in order to settle inheritance tax obligations. A little more than half of this property was classified as forest area by means of an act of the Corfu Forest Directorate. The remaining surface of the property was classified as agricultural and grass land. Within the property there is a lake with a surface of appr. 3,5 acres named “Vromolimni”. Moreover, within the 489,560...

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Τhe real estate agency contract, according to recent Law 4072/2012

In Greece, the real estate agency contract is governed by the combined provisions of Articles 703-707 of the Civil Code, and the provisions of recent Law 4072/2012, which came into as of its publication in the Government Gazette, on 11.04.2012 (Volume A '86/2012). A real estate agent is defined by article 197 of Law 4072/2012 as the person or the legal entity who provides real estate agency services. Real estate agency service is the suggestion of an opportunity or the mediation for contracts relating to property and especially for contracts of sale, exchange, lease, leasing, establishment of easements etc. The conditions for...

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Acquisition of real estate property in Greece by non residents

A. Brief description of the procedure for obtaining real estate property 1. Finding the property - assistance of a real estate agent The buyer may seek the assistance of a real estate agent in order to find a property to acquire. Real estate agents usually provide their services according to a written mandate that they receive from the buyer. This mandate should include the amount of the broker’s fees and should specify the period during which it is binding. Real estate agent’s fees are not statutorily provided, therefore the parties may freely agree on that. However, in practice the fees are usually around...

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Taxation on the transfer of property-exemptions

As from 01.01.2006 (only for the buildings for which the building permit was issued after that date), a VAT of 23% is imposed on the first sale of newly built buildings by a manufacturer, or by a person who deals professionally with the construction and the  sale of buildings. For all other properties that don’t have the obligation to pay VAT, as above-mentioned, the transfer is charged with real estate transfer tax at a progressive scale (i.e. 8% for a value of property up to 20.000,00 € and  10% on the excess). Exceptionally, the acquisition of a primary residence is...

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