The real estate market in Greece is in a large formative phase due to the current continually decreasing prices and the increasing buying interest, in particular by foreign investors.
The country-wide economic developments in Greece, however, have led to single-edged legal changes, in particular in the area of real estate tax law. A variety of legal changes through the introduction of numerous legislative reforms, but also several additional features like, for example, the introduction of the new land registry office, the legal requirement for the regulation of any illegal construction, and not least also the question of the settlement of transactions during the period of the capital controls introduced in 2015, can present many avoidable hurdles for many foreign potential investors, which ultimately restrict buying interest.
In particular, there are now numerous lucrative opportunities for purchase of, and investment in, high-quality real estate investments in Greece which would represent a favourable opportunity for many investors.
Against this background, the selection and involvement of expert consultants (solicitors, tax advisers) as well as competent technical specialists (building engineers, architects), is given particular importance in order to ensure the completion of a real estate acquisition in a legally clear and secure way, to the extent possible. This is the case both with regard to the selection of a suitable investment object as well as with regard to the legal analysis and structuring of the contracts, obtaining the necessary approvals and other certificates, the financing, fulfilment of fiscal obligations, etc.
With the knowledge of these features and the legal uncertainties which can result, particularly in the case of foreign investors – due to the lack of clarity and knowledge of Greek law as well as the internal domestic procedures and features to be complied with, the KPAG Kosmidis & Partner firm of solicitors offers supporting and accompanying legal advice in all relevant areas through its nationwide network of competent experts.
In the following points an overview of the main topics in the area of real estate law shall be provided for clarification and facilitation of the procedures to be followed within the context of real estate acquisition. As a precaution please note that this information is not legally binding and should, in no way, replace individual legal advice. The specifics and problems which can arise within the context of a real estate acquisition must be separately examined for each individual case, with closer identification and examination of the respective existing facts and circumstances in each concrete case.