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Buying property in Skopelos island Greece

Purchasing Property in Skopelos Island, Greece
Purchasing property in Greece is not like purchasing property in other countries, but, whatever you are looking for, you will not encounter problems provided you go through recognised, reputable solicitors and real estate agents operating under legal permits. Even so, there are certain questions that prospective buyers frequently ask before deciding to go ahead. Here are our answers to some of them.

What should I know about property prices in Greece?

Only in recent years have people from outside Greece been purchasing property here and in general the Greek people are fairly new to the concept of selling property at all! In previous generations houses were usually kept within the family and if the family couldn’t maintain their properties they often became ruins. This was accentuated by both rural depopulation and the world Diaspora of the Greek people and a though this situation has provided an opportunity to purchase some wonderful pieces of property today it has also left us with a situation where people are often not versed in the trading and pricing of houses and land. Therefore, to keep an even view of the market in Skopelos we don’t always publish prices on the website but ask you to contact us directly.To give an overview of the price range, however, is useful to those who are looking for property in Skopelos and we can say that a house in Skopelos Town can be as little as 40,000euros, an average of 150,000euros for something that can be lived in straight away, or up to 300,000euros for something special (and big) and of course as nearly all properties on the island are fairly unique any variation of the above can occur and there very special residences which appear vary rarely which fetch prices up to 900,000euros! Similarly land for building varies greatly by location, aspect, view and amenities and can be from 40,000euros – 100,000euros for a plot for one house on average and then for larger plots any multiples of the above.

There are no restrictions on citizens of EU countries buying property anywhere in Greece. Some restrictions apply to non- EU citizens buying property in areas designated as “border areas”. Non-EU citizens should apply to the Local Prefectural Authorities if they want to buy property in certain parts of Northern Greece, Crete, Rhodes, the Dodecanese islands or islands in the eastern Aegean Sea. (This does not apply to Skopelos.)

The transfer of property ownership is always executed in the form of a notarial deed. When the actual agreement is drawn up by the notary and signed by the contracting parties two lawyers are present; one on behalf of the seller and one on behalf of the buyer. Your lawyer is there to ensure that you are not cheated, that the title deeds are without impediment, and to determine the objective taxable value of the property.

Before the actual sales agreement is signed, your lawyer will conduct a thorough search of the archives at the Land Registry office to make sure that there is no impediment or obstacle to the transfer of ownership and that the title deeds are in order. This does not take long and it will soon be time for you to sign the sales agreement/contract at the office of the notary.

It is normal to deposit 10% of the agreed purchase price when the preliminary agreement is made. You may lose your deposit if you change your mind. If the seller changes his mind, he is obliged to return your deposit to you.

Written preliminary agreements may be dispensed with if the property is not of very high value or if it is obvious that the transfer of ownership will be completed in a relatively short time. Where a preliminary agreement is drawn up, it states who the parties to the agreement are, what the property is, what price has been agreed how the money will change hands. It also includes any other conditions agreed upon.

The notary will want to see that all the necessary documents (tax, deeds etc.) are in order before drawing up the sales agreement /contract. You should have at least enough money for the deposit ready to hand. You would not like to miss a good opportunity because you were too slow with the deposit. The deposit also reduces the likelihood of the seller accepting a better offer.

The deposit

The deposit commits both buyer and seller.

One of the differences between purchasing property in Greece and purchasing property in other countries is that most buyers have ready money; there is no chain involved, so it does not take long for the transfer of ownership to be completed. You should have at least enough money for the deposit ready to hand. You would not like to miss a good opportunity because you were too slow with the deposit. The deposit also reduces the likelihood of the seller accepting a better offer. If the search at the Land Registry office reveals an impediment, your deposit will be returned. If the seller simply changes his mind, he must return the deposit plus 100% in compensation.If the buyer changes his mind he forfeits the deposit. In effect, the deposit binds both buyer and seller to their word.

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