Real Estate Library

Photos of Your Home Matter in Real Estate

11 Oct 2018, Market, by broosco team

  That saying "one picture is worth a thousand words" definitely applies also in real estate. Today, in the days of internet, the first impression buyers most often get of a home is from the photos on the websites that a property is promoted. With limited time and countless listings to review, buyers...

Greece begins a new chapter following the conclusion of its stability support programme

01 Oct 2018, Market, by European Commission

  Greece has successfully concluded a three year European Stability Mechanism (ESM) stability support programme with its place at the heart of the euro area and European Union secured. The successful conclusion of the programme is a testament to the efforts of the Greek people, the country's commitment...

Property transfer tax for buyers

21 Feb 2015, Tax, by broosco tax team (updated 26 Jun 2018)

  Property purchases in Greece are subject to taxation. Τhe purchase tax is paid by the buyer necessarily prior to signing the contract, when the transfer declaration is submitted by the parties to the local tax office, which makes an estimation of the property regardless of the declared price by the...

Reset of the Property Fee Certificate (TAP) to the property transfer contracts

20 Nov 2017, Legal, by Athina Ledaki, Lawyer/Accredited Mediator (CEDR) (updated 29 May 2018)

  The property fee is applied to all property types other than those belonging to the par.7 of the Law 2130 article 24 (communal and construction sites, public institutions, etc.). This burdens the owner on the 1st of January of each year of the property and in the case of usufruct or possession the...

Clarifications on Restrictions related to Property Transfers

05 Feb 2018, Legal, by Athina Ledaki, Lawyer / Accredited Mediator (CEDR)

  Following queries concerning the acquisition of property rights in specific areas of the Prefecture of Chania, we provide the following information: First and basic clarification: The prefecture of Chania does not belong to the border areas of the country- neither does Crete - therefore the legislative...

Renting a house through Airbnb becomes lawful – Conditions

12 Mar 2017, Tax, by Diomidis Batakis, Accountant

  The law 4446/2016 defines for the first time the terms and conditions for the short-term property leasing through digital platforms (Airbnb or others) and is effective from 1st of February 2017. Conditions The leaser or sub-leaser must be a person, registered to the “Registry of short-term Property...

The new law for illegal constructions

09 Oct 2016, Legal, by Athina Ledaki, Lawyer/Accredited Mediator (CEDR)

  The problem of illegal construction has been a serious issue for the Greek state for decades and is closely related to the way the state was formed and organised. The proposed by the Ministry of Environment and Energy bill seeks to establish a new framework of holistic view of the phenomenon of illegal...

Energy Efficiency Certificate (EEC)

08 Oct 2016, Engineering, by broosco engineering team

  When is the EEC required ?  The EEC is required In every property sale and rental agreement. (the exception for the properties below the 50 s.m. was abolished on the 01/01/2016). It's not necessary for buildings used as factories, agricultural establishments, gas stations, workshops, warehouses. In...

The Electronic Building Identity (EBI)

02 Oct 2016, Engineering, by Vasilis Kontezakis, Civil Engineer

  The Electronic Building ​​Identity​ (EBI)​​ aspires to contribute to a historic change ​in property management ​to the benefit of ​the ​property owners. Although ​originally ​described in the L.3843/2010 ​as a new institution, due to the complexity​​ and the need for clarification of ​many law provisions...

Cross border successions

13 Nov 2015, Legal, by Athina Ledaki, Lawyer/Accredited Mediator (CEDR)

European citizens’ choice to buy property in Greece has undoubtedly increased mobility of individuals within the limits of the European Union and has created several queries when it comes to the settlement of cross-borders inheritances as the application of multiple inheritance laws can create conflicts...

How to open a bank account in a Greek bank

05 Nov 2015, Legal, by broosco legal team

  Opening a bank account is strongly suggested in case you wish to proceed to the purchase of a property in Greece. It reassures the transparency of all transactions related to the purchase and provides all necessary tax proof to be provided annually to the Greek tax authorities for the needs of your...

Reduction of the notary’s fee

02 Nov 2015, Market, by broosco legal team

       Pursuing the joint ministerial decree 72386/8-10-2015 published on the 9th of October 2015, the previous decree 11376/31−12−2011 concerning the notary’s fees, was modified, so that paragraph 1 of article 1, according to which the notary’s fee for a transaction amount up to 120.000,00 Euros was...

Tips for signing a construction agreement

02 Nov 2015, Engineering, by broosco engineering team

  Construction is considered to be a risky business, especially when it comes to a foreigner’s decision to construct a residence in Greece. Choosing a contractor’s offer demands a good survey of the market, a trustful engineer and a legal counselor to draft the agreement. You will often face up to practices...

Private Agreement

29 Sep 2015, Legal, by broosco legal team

  A Property Buyer should know...   Signing a private agreement in order to "secure" a sale is usually the first thing you will be asked to do when the deal about the purchase of a new property is closed. This is simply an agreement which aims to prevent the seller from putting his property again in...

Be a farmer for a day in Crete...

14 Sep 2015, Market, by http://www.theguardian.com

  Emily Payne   Shy, directionless squeezing is not the way to bountiful buckets of milk. That’s what occurs to me, high in the sweet and fertile heartland of Crete, as I try to get to grips with the ancient art of goat-milking. Retaining a purchase on the teat while avoiding being nipped or kicked...

House prices in Greece back to their 1999 levels

10 May 2015, Market, by Kostas Ledakis, Economist

  2015 may not be the end of the world as we know it, but one thing is perhaps certain: it’s the end of the free-fall in prices home owners have suffered the past years. Nationally since 2007, home prices have dropped about 45%, in the hardest hits areas 55% or more. In 2014 prices fell slightly compared...

Property Transfer Tax in south and north Europe

02 May 2015, Tax, by broosco tax team

  Till December 2013 the property transfer tax in Greece raised to 9-11% on the declared sale price. Since January 1st 2014, when the Law 4223/2013 was implemented, Greece has adopted one of the lowest property transfer tax rates in Europe. (3%) As far as the annual property tax is concerned, each property...

Increasing interest in Greek property market

28 Apr 2015, Market, by broosco legal team

  The economic recession observed in Greece in the past five years has admittedly prevented people of considering it as a promising investing target. Property buyers were among them. Irrespective of how much you may enjoy holiday under the unique Greek light, putting money on a secondary residence still...

Holiday home rentals - EOT licence

26 Mar 2015, Market, by broosco legal team

  Pursuant to the Law 4254/2014 the houses of a surface of at least 80 sqm, with an independent external access, which are self-efficient and independent residences on independent plots (therefore not belonging in the category of the basic hotel tourist accommodation) are considered as Tourist Furnished...

Greece may strengthen the European Union

26 Mar 2015, Market, by www.ekathimerini.com

  For the past five years we have lived with such insecurity that whatever does not lead to a direct worsening of the situation passes for a victory. This is the case with last week's mini-summit in Brussels, which – one month later – reaffirmed the Eurogroup agreement of February 20. Only this time,...

Αcquisitive prescription

27 Feb 2015, Legal, by Athina Ledaki, Lawyer/Accredited Mediator (CEDR)

  Acquiring property rights in Greece may be an oral, non-written procedure, that is, not necessarily through a notary's transfer act. In fact "oral" property transfer was the rule back in the 19th century. That is the reason why it's very frequent when it comes to deed searching in case of a legal review...

Purchase of a property - The necessary authorisation

23 Feb 2015, Legal, by broosco legal team

  If you wish to proceed to the purchase of an estate property, it's advisable to appoint a Greek representative to help you through all the stages till completion, which mainly include applying for a Greek tax number and opening a bank account in a Greek bank, to be used to move your funds related to...

Residence permits for real estate owners in Greece - Documentation

23 Feb 2015, Market, by www.investingreece.gov.gr

  Applicants for a residence permit for real estate owners, valued at €250.000, must provide the following documents: Two copies of the application document; Two recent colour photos; Certified copy of a valid passport or travel documents recognised by Greeceand with the relevant valid entry visa,...

What is an Apostille?

23 Feb 2015, Legal, by broosco legal team

  Apostille is the documentary device by which a government department authenticates a document as genuine, thereby legalizing it for use in another member country under the terms laid out in 1961. Once a document has been Apostilled, thereby providing official government authentication of the signatures...

The property preliminary agreement

21 Feb 2015, Legal, by broosco legal team

  The preliminary agreement for ​the ​transfer or real estate property is a ​ contractual​  legal act under which the seller and alleged owner of the ​ transferred ​property, promises to the prospective buyer to appear and sign before the notary the final purchase contract. The main features of the preliminary...

Right of exclusive use on a property

19 Feb 2015, Legal, by Athina Ledaki, Lawyer/Accredited Mediator (CEDR)

  The exclusive (separate) ownership on a floor or a part of a floor (apartment) which is enforced by the articles 1002 of the Greek Civil Code and 1 etc. of the Law. 3741/1929 is legally an exception to the rule "superficies solo cedit", included in the article 1001 par. a`of the Greek Civil Code. Consequently,...

Home insurance

18 Feb 2015, Market, by Iacob Marinakis, Insurance Advisor

  Our home is one of our most important assets. It is one of our most precious assets in which we have invested both financially and emotionally. However, it is daily exposed to numerous risks caused by natural or man-made factors. Fire, explosion, earthquake, floods, burglary are unpredictable dangers...

Abolition of Compulsory representation by lawyers in property transfer notary's acts

14 Feb 2015, Νομικά, by broosco legal team

  By virtue of the Law 4093/2012,​ the representation by a lawyer in real estate transfer acts became optional for all parties since January 1, 2014. Practically this means that the parties may appear before the ​notary  in order to sign the contract without prior legal control of the property ​ to be​...

Establishing vertical properties in parcels outside the settlement limits

08 Feb 2015, Νομικά, by Athina Ledaki, Lawyer/Accredited Mediator (CEDR)

  The answer to the legal question whether a vertical ownership may be established in land located outside the city or village boundaries, where the general urban planning regulations for land parcels are applied, has been negative till very recently. The possibility of establishing vertical propertieswas...

Notary’s Fees

07 Feb 2015, Legal, by broosco legal team

  The notary prepares the deed which is signed in the presence of the parties and their lawyers, if appointed. The notary verifies the legitimate presence of the parties or their proxies, in case they are represented and attaches to the notarial act all the documents submitted. Following the contract...

Horizontal Ownership

06 Feb 2015, Νομικά, by Athina Ledaki, Lawyer/Accredited Mediator (CEDR)

  Horizontal Ownership is established when the owner of a building divides it in more than one independent properties, attributing a specific percentage of co-ownership on the plot and the building's common parts (roof, yard etc.) in each one of them.The most common type of horizontal property is the...

Vertical ownership or vertical co-ownership

01 Feb 2015, Legal, by Athina Ledaki, Lawyer/Accredited Mediator (CEDR)

  A vertical property ​consists in  the separate ownershipin one of ​many independent buildings or in parts of buildings which have been constructed in a single plot. ​This type of ​s eparate ownership refers to the building, while there is common ownership by specific percentages on the whole plot and...

Restrictions on the acquisition of property rights (ΙΙ)

20 Jan 2015, Νομικά, by Athina Ledaki, Lawyer/Accredited Mediator (CEDR)

  B. Defence areas - Maritime forts   The prohibition regarding the acquisition of property located in defence areas or maritimeforts is the other restriction laid down by the provisions of the Law 1892/1990 which still remains valid. It refers tospecific areas of the country including Crete, which are...

Restrictions on the acquisition of property rights (I)

19 Jan 2015, Legal, by Athina Ledaki, Lawyer/Accredited Mediator (CEDR)

  A. Border Areas   The Greek state since 1990 has introduced by law the prohibition to natural or legal persons to acquire any rights on properties located in the country's border areas. In order to carry out such property transfers the law demanded that a file is submitted by the prospective buyer...

Residence permits for real estate owners in Greece - Preconditions

16 Jan 2015, Market, by www.investingreece.gov.gr

  The following conditions must be fulfilled to receive a residence permit: The real estate property must be owned by and be in possession of its owners In cases of joint ownership, where the value of the property is €250.000, the residence permit is only granted if the owners are spouses with undivided...

Energy Performance Certificate

12 Jan 2015, Engineering, by broosco engineering team

  Buildings are responsible for 40% of energy consumption and 36% of CO2 emissions in the EU. While new buildings generally need less than three to five litres of heating oil per square meter per year, older buildings consume about 25 litres on average. Some buildings even require up to 60 litres. Currently,...

Hellenic National Cadastre

02 Jan 2015, Market, by www.ktimatologio.gr

  The NATIONAL CADASTRE & MAPPING AGENCY S.A. company is a Legal Entity of Private Law and its mission is the study, development and operation of the Hellenic Cadastre. The company was founded with a joint decision of the Minister of Economy and Finance and the Minister of Environment, Physical Planning...

Residence permits for real estate owners in Greece - who they apply to

01 Jan 2015, Market, by www.investingreece.gov.gr

  Introduction A residence permit is any documentation issued by the Greek authorities, according to which a third country citizen is given the right to reside legally within Greek territory,in accordance with the provisions of the European Union (Regulation 1030/02 as applicable). Different categories...

Foreigners double investment in Greek properties

05 Nov 2014, Market, by www.ekathimerini.com

  Foreigners doubled their investment in Greek property, mostly holiday homes, in the first half of the year compared to the same period in 2013, Bank of Greece data show. In the period from January to June 2014 a total of 117.4 million euros flowed into Greece to that end, compared with 60.3 million...

Succession in Greece

06 Oct 2014, Legal, by Athina Ledaki, Lawyer/Accredited Mediator (CEDR)

  Inheritance in Greece Inheritance issues involving property located in Greece are governed by the law of the foreign decedent's nationality, therefore if according to his country national law the applicable law regarding inheritance is that of the country where the property is located then Greek inheritance...

Engineer's Certificate, Ν.4178/13

22 Jul 2014, Engineering, by broosco engineering team

  The implementation of the Law 4178/2013, changed the status of transferring property rights significantly. With this legislative measure, the state transferred the responsibility and the cost of safeguarding the legality of a property from the competent services, firstly to the engineer and secondly...