How to buy property in Greece for a Russian citizen

According to statistics, Greece is the leader regarding the number of purchased real estate by residents of other countries. There are several reasons for this. First, it has always attracted foreigners to its resorts, surrounding sea, and exquisite identity. Second, since 2014 in Greece, there has been a collapse in prices for luxury housing, creating a stir among realtors, developers, and wealthy people. Thus, how to buy an apartment in Greece has become one of the frequently asked for Russian-speaking search engines. Consider the benefits of this investment.

What gives buying an apartment in Greece?

Any trend does not occur out of the blue, so the practicality of buying a home has a logical justification.

First, buying real estate in Greece for a Russian citizen means an opportunity to protect their savings, given the economic instability of the Russian Federation;

Such a step allows you to receive substantial additional income from the rental of property, which will not be affected by domestic taxation and corruption;

Also, buying real estate in Greece makes it possible to open a business, rapidly restoring its financial well-being;

An important role is also played by the opportunity to calmly change the situation and fully relax near the Mediterranean Sea, drinking the original Retsina wine to the soothing rhythm of shirataki;

For those who want to get a residence permit and emigrate from Russia, buying an apartment in Greece opens the door to the world of the Schengen agreement, making it much easier to move around the European Union.

You should only consider the fact that the purchase of not every apartment makes it possible to gain the desired document. To do this, you need to purchase real estate in the amount of 250,000 € or more, which automatically allows you to provide yourself and your family with a residence permit.

Even a far from a complete list of all the benefits of the named investment shows that this technology has great potential. Consider the mechanism for making a purchase.

How to buy property in Greece for a Russian citizen?

This point is closely related to another question: how much does property cost in Greece? We will try to respond to each of these questions, discussing the price of apartments and the associated expenses.

So let's start over. To purchase a property in Greece, this is advisable to fly in person for a viewing. It is best done by air travel. The approximate cost from Moscow to Athens is around €125 per person. But, one should consider the fluctuations in pricing policy depending on the time of the year. So, it is most helpful to do this in the off-season.

Upon arrival in Greece, take care of the means of transportation around the country. The minimum car rental will cost from €35 per day, but given that some agents take care of the client's transportation, to save money.

Can arrange accommodation in most cities in Greece within €50 per day. This pricing policy is the same for both apartments and hotel rooms if you visit the lands of Hellas in early or mid-autumn.

Meals for seven days will be approximately €200 per person. Thus, the total estimate for a weekly stay in Greece for one person will be about €700 if you travel during the off-season.

The cost of housing is estimated at an average of €1000 per square meter and above. It all depends on the city, the condition of the apartment, and the area in which it is located. For example, one can purchase a one-room apartment in Athens with ​​37 square meters for 40,000 €. The same living space in Corfu will cost much less - 25,000 €. But in Pieria - the center of cultural, ecological, and sports recreation - even one-room housing of 21 square meters will cost about 38,000 €.

For example, consider the case of buying a house with a total value of 85,000 €. Realtor services will cost €2100 (2% + VAT 24% from 2%).

A lawyer's legal verification of the property will be another €1570 (1.5% + VAT 24% from 1.5%). The same amount will have to be paid for the services of a notary. Of course, you can not do without the tax on transferring ownership, for which you will need to pay €2630 (3.09% of the cost of housing, the building permit for which was issued before 01/01/2006; if the permit was issued after 01/01/2006, then the tax will be 24%). You must pay a registration fee in the real estate register, which is 0.6 percent of the thing's value (in this case, 500 euros). Also, arrange contacts (about 400 euros) to purchase the furniture and appliances (about 7500 euros).

Ultimately, a home worth €85,000 will cost the buyer, considering all associated costs, about €100,000.

A "luxury" tax of 0.1% (for the named value) to 0.3% (for property valued at over 300,000€) is imposed on purchases exceeding 200,000 euros.

The cost of maintaining a house in Greece

Besides the costs of acquiring real estate, it is necessary to consider the payment of utilities (approximately 175-€225 / month), maintenance of the common area in the house - elevator maintenance, lighting, cleaning, green spaces, security (200-€400 / year).

There is also an annual property tax ranging from 3 to €15 per square meter. In addition, you will need to file a tax return (approximately €100).

How much can you earn by renting out property in Greece?

Now let's talk about the opportunity to make money on real estate.

Apartments bring in the highest revenue during peak seasons, when thousands of tourists worldwide visit Greece. In-resort towns, rental prices rise to €100 / day (for an apartment with two bedrooms).

Without lengthy mathematical calculations, we summarize that, after deducting all taxes, such property will bring about €1000 of "net" profit per month. Thus, it is possible to "recapture" the cost of housing in a few years and start earning.

The recent period lasts in Greece from May to the end of September. In other months, the rental price drops. However, you can still count on a stable income throughout the year since the country is visited by vacationers and business representatives, for whom the off-season is an excellent opportunity to see their business partners.

Conclusion

On the one hand, the prices for housing in Greece are not small, but such a purchase opens up the possibility of doing business in a promising and popular European country. And if there is already an opportunity to invest in real estate, then it would be reasonable to consider Greece as a direction for such a deal.