Selling Property in Greece: A complete guide (2023)
Ready to make a bold move that could redefine your financial portfolio? The Greek real estate market is experiencing significant growth in the last couple of years, making it a prime opportunity for property owners to capitalize on their assets. Whether you’re a resident or an international investor, the process of selling property can be complex. This guide provides comprehensive insights into market trends, legal aspects, property management in Greece, and more. Let’s delve into the details of Selling Property in Greece. And if you’re looking to invest in Greece, these insights will prove equally valuable as you explore the real estate market’s potential.
Understanding the Current MarketÂ
As of 2023, the real estate market in Greece is experiencing a notable resurgence. Combining appealing properties, a growing tourism industry, and an improving economy has created a favorable environment for real estate sales. Athens, Thessaloniki, and the Greek islands continue to appeal to both local and international buyers. Investors seeking to sell their Greek properties are in an advantageous position as demand is rising.
Key Steps for Selling Property in Greece
1.Property Evaluation:
Start by obtaining an accurate assessment of your property. Location, size, condition and features all play a significant role in determining the price. Working with a reputable real estate agent specializing in the Greek market is prudent. They can provide information on current market trends, comparable prices and the property’s prospective value.
2.Documentation and Legalities:
The legal aspects of selling property in Greece can be complicated, particularly for non-resident sellers. Understanding the legal regulations and paperwork required for a smooth transaction is critical.
Work with a legal expert who specializes in Greek real estate transactions. They can walk you through the procedure and ensure that all relevant documentation is in order, such as the property deed, tax certificates and energy performance certificate.
3.Marketing Your Property:
Effective marketing is crucial for attracting prospective buyers in today’s digital era. Even if your buyers are on the other side of the world, you can provide them with a comprehensive view of your property through high-quality photographs, detailed property descriptions and virtual tours.
4.Engaging Property Management Services:
A property that is well-managed not only attracts prospective purchasers but also increases its overall value. Peace of Mind Services’ property management services in Greece can be incredibly advantageous for property owners seeking to sell. These services include thorough property legal checks of title deeds and ownership documents, technical onsite audits, valuation, marketing, arranging property viewings, and negotiating with prospective purchasers. Engaging a property management company can expedite the selling process, particularly if you are a foreign seller who may not be present in Greece during the transaction.
Tax Implications of Selling Property in Greece:
Understanding the tax implications of selling property in Greece is an important part of the process. Greece has its own set of property-sale procedures and taxes, and being aware could help you navigate the process efficiently to avoid any unwanted financial surprises.
Capital Gains Tax: If you sell a property for profit, you may be subject to Capital Gains Tax. The rate varies based on the property’s nature, the time you’ve owned it, and whether the seller is a resident or non-resident.
Property Tax: Property owners must pay an annual property tax based on the property’s market value. This tax rate can vary based on property size and location.
In addition, you must account for the real estate agent’s commission, which is typically between 2% and 3% of the selling price. When selling a property, your financial plan should account for these expenses.
It is essential to remember that tax regulations are subject to change and that the specific tax implications of selling a property in Greece can be affected by several factors distinct from your situation. To navigate the complexities of Greek tax law and ensure compliance, it is highly recommended to consult a professional tax consultant or legal expert familiar with the intricacies of the Greek real estate market.
Currency Exchange and Financial Aspects
As an international seller, currency exchange can significantly impact the sale of your property. Exchange rate fluctuations may affect the total amount you receive from a transaction. Consider online platforms to mitigate this risk. These platforms provide transparent and cost-effective currency exchange services, ensuring you obtain the best price for your property.
Selling Property in Greece is a profitable venture that demands an in-depth understanding of the market, the laws, and the power of proficient property management. Remember that success resides in collaboration with experts who understand the small details of the Greek real estate industry as you embark on this exciting adventure.
Are you prepared to begin the process of selling your property in Greece? Contact Peace-of-Mind Services for a thorough guide and knowledgeable assistance. Our services are designed to make selling your property effortless and stress-free. Embrace the magnificence of Greek real estate with confidence!
