What You Should Know before You Buy a House in Athens

 About the 2023 Housing Market in Athens

The housing market in Athens, Greece has experienced significant fluctuations in recent years. During the economic crisis of the late 2000s and early 2010s, the market suffered a major downturn, with a significant decline in housing prices and a drop in demand. However, since then, the market has started to recover, with prices stabilizing and demand rapidly picking up. Despite this, the market remains relatively affordable compared to other major European cities, making it an attractive option for those seeking a more affordable place to live. Overall, the Athens housing market is showing signs of improvement, but there is still room for growth and development.

The realistic purchase budget for Athens properties will depend on several factors, including the location, property type, size, age, and condition. As of March 2023, the average cost per square meter for an apartment in Athens is around €2,000 to €3,000 = (1X)
For example, a one-bedroom apartment with 60 square meters of living space in a central location in Athens could cost around €150,000 to €180,000. A two-bedroom apartment with 100 square meters of living space in a similar location could cost around €250,000 to €300,000.
However, here are some popular areas in Athens that you may consider when buying a property:
Kolonaki – Lycabbetus.  wealthy, upscale neighborhood with high-end shopping, dining, and entertainment options. (3X)

Plaka-Acropolis-Thiseion- Psiri -  Petralona- Koukaki.  Historic vibrant neighborhoods with charming, narrow streets and picturesque architecture, surrounding the Acropolis hill and other popular tourist attractions. (2X, 3X, 4X)

Glyfada – Voula - Vouliagmeni. Coastal wealthy, upscale suburbs with beautiful beaches, high-end shops, and a lively nightlife. (3X, 4X, 5X)

Kifissia- Politia – Ekali. Affluent northern suburbs with leafy streets, upscale shops, and a variety of restaurants and cafes. (2X, 3X)

Nea Smyrni – Alimos – Hellinikon. Family-friendly neighborhood with parks, playgrounds, and a variety of shops and restaurants very close to the sea-side. (2X)

Exarchia – Pegrati – Kipseli.  Vibrant neighborhoods known for its alternative music and art scene, located near the Athens Museums and City Center. (1X)

It is important to consider your lifestyle, budget, and personal preferences when selecting a city area to buy a property in Athens. It is recommended to work with a reputable real estate agent who can provide guidance and help you find the right neighborhood and property that fit your needs.

What are the Benefits of Acquiring a New House in Athens?

Acquiring a new house in Athens, Greece comes with several benefits. Firstly, new houses are often built with the latest technology and energy-saving features, resulting in lower utility bills and a more comfortable living environment. Additionally, new houses typically require less maintenance and repairs than older houses, reducing the overall cost of homeownership. New houses also often come with a warranty, providing peace of mind for the homeowner. Finally, acquiring a new house in Athens provides an opportunity to customize the house to your personal preferences, including selecting finishes and materials, resulting in a more personalized and enjoyable living space. These houses are built after 2000. (1X+)

What are the Benefits of Acquiring an older House in Athens?

Acquiring an older house in Athens, Greece comes with several benefits. Firstly, older houses are often located in more established neighborhoods closer to the vibrant-touristic center. Secondly, some older houses often have a unique character and charm that cannot be replicated in new houses. These houses often have architectural features that are not commonly found in modern houses, such as bigger bedrooms, high ceilings, ornate moldings, and detailed woodwork. Additionally, older houses are often more affordable than newer houses, allowing buyers to acquire a larger home or a home in a more desirable location. Finally, older houses can be renovated and updated to modern standards, adding value and improving the overall living experience. Older houses typically are built between 1930 and 1970. A second generation of houses are built after 1971 until 1999. (1X-)

How to Buy a House in Athens?

Here are the general steps to follow when buying a house in Athens, Greece:

1. Determine a Realistic Purchase Budget for Athens properties

It is important to keep in mind that prices can vary widely depending on the neighborhood and condition of the property. It is recommended to work with a reputable real estate agent who can provide guidance on pricing and help you find a property that fits your budget and preferences. Additionally, it is important to consider 10% additional costs such as closing costs, property taxes, and legal fees when determining a realistic purchase budget.

2. Search for properties that fit your budget and preferences. Find a reputable real estate agent who is familiar with the Athens housing market and can guide you through the buying process. Hire Someone who speaks English

3. Once you find a property you are interested in, negotiate the price with the seller and sign a purchase pre-agreement. It is vital to reserve your House as the market moves quickly. Pay a deposit to secure the property and do not forget to sign a pre-agreement private contract before transferring any sum of money. Your real estate agent can help you with this. Also he can help you to apply for a Greek tax number and open a Greek bank account.

4. Hire a lawyer to a) conduct a title search and ensure that the property is free of any legal issues,  b)  be present when signing the final sale agreement and pay the necessary transfer taxes and fees, c) will register the property in your name with the Greek Land Registry.

By following these steps, you can ensure a smooth and successful home-buying experience in Athens. It is important to work with professionals throughout the process to ensure that your interests are protected and that all legal requirements are met.

 

Legal requirements: Familiarize yourself with the legal requirements for buying property in Athens, including the necessary permits, taxes, and fees.

There are several legal requirements for buying property in Athens, Greece. These include:

Permits: Before buying a property, it is important to ensure that all necessary permits have been obtained from the municipality, including a building permit and an occupancy permit.

Taxes: The buyer is responsible for paying several taxes when purchasing a property in Athens, including transfer tax, property tax, and value-added tax (VAT). The transfer tax is 3% on the property s objective value.
The property tax is an annual tax paid to the local municipality, and the amount varies based on the property's size and location. The VAT applies to new properties and is 24% of the purchase price.

Fees: There are several fees associated with buying property in Athens, including notary fees, registration fees, and lawyer fees. Notary fees are based on the property's value and range from 1% to 2%. Registration fees are also based on the property's value and range from 0.475% to 0.775%.
Lawyer fees vary based on the individual lawyer s fees and the complexity of the transaction.

It is important to work with a reputable lawyer and real estate agent who can guide you through the legal requirements and ensure that all necessary permits, taxes, and fees are paid.

Cultural differences: Be aware of the cultural differences and customs in Athens that may affect the buying process and your overall experience.

There are some cultural differences and customs in Athens that may affect the buying process and overall experience of buying a property. Some of these include:

Negotiation: Bargaining is a common practice in Greece, including when buying property. Buyers should be prepared to negotiate the price and terms of the sale with the seller.

Relationship building: In Greece, building a personal relationship with the seller or real estate agent is important. This may involve socializing and building a rapport before discussing business matters.

Legal process: The legal process for buying property in Greece can be complex and time-consuming. It is important to work with a reputable lawyer to ensure that all legal requirements are met.

Cash payments: Cash payments are still common in Greece, especially for smaller transactions.

By considering these factors, you can make an informed decision and ensure a smooth and successful home-buying experience in Athens.

M.Perantonis

Reposted at CityProperties Real Estate blog