01603~700007Can I buy property in Crete?
If you are a European Union citizen then you can buy property in Crete just as easily as in your own country. It is also possible for non - EU nationals to buy property but certain conditions apply.
Do I need a lawyer?
Yes. You must appoint a local lawyer to perform the necessary legal procedures and carry out a thorough property title check.
ARTEC can recommend English speaking lawyers or, alternatively, you can appoint your own.
Do I have to open a Greek bank account?
You will need to open a Greek bank account, which is a simple process, in order to make the necessary payments. This will also provide proof that the funds for the property purchase have come into Greece from another country and are therefore exempt from tax.
Will I have to pay a deposit?
A deposit of 10% is usually required to remove the property from the market and begin the contract preparation.
What other costs are involved in buying a property?
In addition to the legal fees you will need to pay Property Transfer Tax (this is dependent on the property tax banding).
We recommend that you allow approximately 12- 15 % of the purchase price to cover these expenses. **
Do I have to be present at the signing of the contract?
No. You can appoint a Power of Attorney, usually your lawyer, to act on your behalf and sign the contract in your absence.
How long will the buying process take?Providing that all the necessary documents are in order, it is possible to complete the property purchase within 4-6 weeks.
What if the property I buy needs building or renovation work?
Architects and building teams who can prepare the designs, undertake the required building work and obtain the necessary permits are available to us in Crete.
Do I need a license in order to rent out my property?
No, not if you plan to offer your property for long term private rental.
Yes, if you want to have an income by promoting your property through the tourist industry, via tour operators, tourist offices, or your own promotion.
Under Greek law you must obtain a license from E.O.T. (the Greek Tourist Organization) A license will be issued if your property meets the required conditions and safety standards.
Do I need to learn Greek?
If you want to fully integrate into the community then learning Greek is an advantage. Local people will appreciate your making the effort to learn even just a few basic words and phrases.
** Please note that from January 2006 all new building permits are subject to 19% VAT, which will be added to the objective value of the building.
