Everyone knows that the Greek real estate market is booming, but there are also many pitfalls to avoid. Here are several major traps to steer clear of:
Multiple Sales of One Property
There are still quality properties available in Greece, but they are relatively few. Many people value a particular property, and unscrupulous agents may sell it to multiple buyers simultaneously, collecting the money upfront and explaining later. This lack of integrity can waste a lot of your time. Currently, property prices in Greece change almost monthly, so not only will you expend energy selecting a property, but you may also end up spending more money.
Pay Attention to Handover Time and Title Deed Division
Many agents in the market now promote entire buildings that have been renovated or newly decorated, which can be a good project. However, pay attention to the handover time and whether delays will affect your residency application timeline. Can you apply for residency before the renovation is completed, or only after? Additionally, ensure that the newly divided and renovated properties have separate title deeds for each unit, as this directly impacts the transfer of ownership and your future immigration status.
Inflated Property Prices
Properties in Greece are generally affordable, so many agents inflate prices excessively. Property prices in different regions of Greece are relatively clear: around €2000 in the city center, over €3000 in the north, and over €3500 in the south. If the price exceeds these significantly, there is likely something wrong with the property. For example, if you spend €300,000 to buy an 80 square meter property in the city center, you are undoubtedly being taken advantage of, regardless of how much the property is renovated or decorated!
The Greek market is booming, and good properties are becoming increasingly scarce, turning it into a seller's market. However, you must not act blindly; maintain a proper mindset and clarify your needs to reasonably avoid various pitfalls in property acquisition, and choose a reliable and ethical agency.
Since 2012, European countries have gradually introduced property investment immigration programs. From 2012 to 2013, Portugal and Cyprus were quite popular; from 2015 to 2016, Spain became the focus; in the first half of 2016 to 2017, Malta was in the spotlight; and since 2017, Greece has been favored by the market. However, how much longer can Greece remain popular? How long can property prices maintain their current status? It is uncertain, so if you have this need, you should act quickly before prices rise and properties become unavailable, leading to regret later!