The process required to transfer the ownership of properties in Greece is set to go online as of October, senior government officials say.
The Digital Governance Ministry has tabled in parliament a bill to shift the procedures online- in a bid to gain competitiveness of the country’s real estate sector and help draw foreign investment to the residential housing sector.
With the help of a notary, property deals will be done online via gov.gr that will hook up the different government services involved, such as the tax office and the national cadastre.
Speaking in parliament, Digital Governance Deputy Minister Giorgos Stilios, who is overseeing the implementation of the country’s national cadaster (Greek land registry), said that “now the transfer will take place in the notary’s office without the need to obtain 17 documents from 11 different public services.
“We are ready, and technically, this will apply to 100 percent of real estate in Greece, in two months,” he said.
Stilios also announced that “the cadastre (ktimatologio) will be 90 percent complete by 2023, two years earlier than announced,” adding that today 2 percent of owners in different areas are holding up procedures for different reasons.
With this bill, the two percent will now stop blocking everyone else from being able to access dozens of digital services and facilities, added the Deputy Minister.
This article was first published here.
For more Real Estate News & Views on Greece and Europe’s South, head to The Greek Guru.
Designed and built in the 1960s and set in Kardamyli, a charming seaside town in the Peloponnese, the Patrick and Joan Leigh Fermor House is considered one of Greece’s most beautiful properties.
Sir Patrick Leigh Fermor, was born in London in 1915 and passed away in 2011; he was a well-known author, scholar, and war hero, who is also celebrated as one of the finest travel writers of his generation. As a member of the British Military Mission to Greece, he played a prominent role in the Cretan resistance during the Second World War. A true Philehellene; Sir Fermor was a great admirer and lover of Greece and spent a long time looking for the perfect spot along the Aegean Sea to build his dream home.
In the 1960s Leigh Fermor and his wife Joan chose to spend the rest of their lives in the Peloponnese. It was here in the olive-tree-filled countryside that Fermor ended up building a charming stone house with the assistance of his architect friend, Nikos Hatzimichalis.
Design and Layout
Boasting an authentic charm, the villa features traditional white-washed walls, exposed stone, and pebbled floors. Outside you will find a massive Mediterranean garden of cypress and olive trees, as well as wildflowers. The property also features a pool and a private stretch of beach.
The Main House comes with three suites, the writer’s studio right next to it, which is formed into the Traditional House, as well as the Guest House, adjacent to the Main House.
Staying at the Patrick and Joan Leigh Fermor House
This historical house can be rented as a whole villa, encompassing the Main House, Traditional House, and Guest House, to accommodate parties of up to ten people. It can also be rented as individual self-contained suites, the Traditional House and Guest House, each sleeping up to two people, and the Main House, sleeping up to six people.
Donated to the Benaki Museum
In 1996, the couple donated their house to the Benaki Museum, with the Museum’s mission being the couple’s expressed desire that the house will remain open to the public and host writers and researchers. The restoration works at the building and the landscape surroundings were completed so that the original character of the property is meticulously preserved. Aria Hotels, in collaboration with the Benaki Museum, have undertaken operation of the property during the three-month rental period with particular sensitivity to its unique legacy, offering guests a rare residential experience of authentic Greek hospitality.
What’s nearby
While staying here, guests can visit the Tower of Mourtzinos, in the historic village of Old Kardamyli. Close by are charming cafes, the church of Agios Spiridon, which dates from Byzantium, and the historical Museum of Greek Culture. There are also plenty of beaches to choose from including Ritsa, Chalikias, Salio, Dolphins, Kalamitsi, Foneas, and Neo Proastio.
For more details about visiting, head toariahotels.
Buyers looking for a beachfront home on a Greek island are faced with a mixed market as asking prices on Serifos, Naxos and Paros rise rapidly, but drop on Skopelos and Patmos.
Demand has been picking up in Greece’s residential housing market in recent months as the economy rebounds from last year’s steep pandemic-induced recession and easing travel restrictions help attract foreign buyers.
Real estate agents say that buying activity from foreign nationals has been mostly focused on southern Athens, along the coastal area called the Athens Riviera, and the islands.
Data collected by Spitogatos.gr shows that the asking price for homes on the islands of Serifos, Samothrace and Poros topped the list jumping in the last year by 26.2 percent (to 2,649 euros/sq.m) 23.1 percent (to 1,066 euros/sq.m) and 20 percent (to 2,000/sq.m) respectively.
Next on the list come Antiparos, Naxos, Kythnos and Paros with hikes in selling prices reaching 17.6 percent (3,823 euros/sq.m), 15 percent (2,697 euros/sq.m.), 12.8 percent (2,255 euros/sq.m) and 12.5 percent (2,812 euros/sq.m) respectively
More than eight in ten potential home buyers on the Greek islands are foreign nationals, according to Georg Petras, CEO of Engel & Völkers in Greece, with strong interest coming from central European countries,
Strong interest is noted especially from Central Europeans coming from the DACH regions (45 percent from Germany, 15 percent from Switzerland and 10 percent from Austria) as well as the Benelux countries and the USA.
Price drops
On the downside, asking prices on the islands of Thasos, Ikaria, Skopelos and Patmos showed the biggest drop, falling 9.2 percent (1,309 euros/sq.m), 7.1 percent (1,300 euros/sq. m), 5.6 percent (1,062 euros/sq.m ) and 5.2 percent (3,359.7 euros/sq. m) respectively.
Next come Leros, Lesvos and Kea where asking prices dipped by 3.4 percent, 2.8 percent and 2.7 percent.
Demand solid demand for a holiday home in Greece, market experts warn that a recent property tax hike in the country may weigh on demand.
In June, the Finance Ministry announced an increase in the ENFIA property tax bill paid by property owners on popular islands, such as Mykonos and Rhodes.
The tax value of some homes on Mykonos, for example, jumped to 3,800 euros per square meter, from 1,200 euros. Sharp increases also appear in districts on the islands of Rhodes, Kos, and Kefalonia. The changes will take effect as of January.
This article was first published here.
For more Real Estate News & Views on Greece and Europe’s South, head to The Greek Guru.
Corfu has long been an isle of refuge and respite. Unsurprising then, that recent years have seen this Greek island sanctuary welcome waves of worldwide visitors, many hoping to eclipse the pandemic beneath the Mediterranean sun. From creatives to billionaires and their friends, a flurry of activity is transforming once summer-only residences into cozier year-round homes.
With a rare 360-degree view of the Ionian sea, this family residence is full of natural light and a colour palette inspired by the Mediterranean below. Set on 2.9 acres, Anassa is located just off the main road to Agni Bay, and was built with local stone, maintaining the traditional character of the island.
Offering privacy throughout, the estate features three properties, including the main home and two villas. The main home boasts six bedrooms with en-suite bathrooms, a steam room, gym and cinema. The interiors are elegant and romantic, furnished in pastel tones it has an elegant yet cozy feel.
Double gates open up onto a tarmac driveway which leads to a large garage and there is also an elevator, which leads to the main entrance of the villa and its guesthouse.
Outside you will find a terrace carved into the rock, providing natural protection for the shaded lounge/ dining area, which leads to a free-form infinity pool with spectacular sea views. From here you can also walk down to a small private cove, which is the ideal spot to relax and enjoy the crystal clear waters.
Taking its cue from the immutable light of Greece, every aspect of this 12.8 million € listed property exudes a radiance that captures all its guests. With bright white interiors and a large outdoor lounge overlooking the azures of the private pool and the bay below, this property is the perfect retreat for those seeking privacy within a gated community.
Just a short walk away from the picturesque Agni Bay, an unspoilt sandy beach on the north east of Corfu, it’s just under 30km from Kerkyra town, which is less than an hour’s drive.
Since he took a deep dive into the real estate world in 2003, working as a manager for what was at the time Greece’s biggest online network, Spitogatos.gr, Theodore Syrogiannopoulos changed course for a few years working with a major global business that bought and refurbished incredible homes and spaces worldwide.
Soon after he took the role of Sales Manager at the biggest portal of real estate in Greece before deciding to run his own agency, We Properties. Here he offers IN+SIGHTS GREECE a past-present-future perspective on real estate in Athens, sharing his know-how for the ultimate rental/buying experiences in the Greek capital.
During your almost two decades of working in Greek real estate, what are the major changes that you’ve seen happen?
First were the 2004 Olympic Games. That period the pushed prices up. Then was the announcement of the VAT on new building permits and the madness of the banks that were very generously giving mortgages out. All that came to a screeching halt with the arrival of the Greek financial crisis.
In 2015 things became chaotic, everyone seemed to be involved in real estate. I had a client who was working at a hospital as a nurse and at that time was running 38 properties! Of course, he then quit his job at the hospital. Also, one out of three phone calls for rentals was for Airbnb’s so you can imagine how this demand pushed up the prices.
Within the period of 12 months, in some areas, the prices almost doubled. Koukaki is a good example of this phenomenon. It’s one of my favourite neighbourhoods and was mostly an area filled with students and youths but now it is a big ‘hotel’. And all the students moved to other, more affordable neighbourhoods like Kipseli.
We witnessed some good changes too. Parts of Athens’ centre that was once neglected or abandoned have had new life breathed into them. Buildings that stood empty and neglected for years have now been renovated. Cool new cafes and restaurants, supermarkets and stores have popped up.
To what degree did the Gold Visa phenomenon from foreign buyers shopping Greek real estate impact the market?
It was around 2015 when a lot of foreigner investors flooded to Athens, buying houses and buildings. Most transactions in parts of the city’s centre were actually from foreigners. Some of them through the Golden Visa program and some for investments – lots were from Chinese and some good deals were also made from Israeli investors. In previous years, because of the Greek financial crisis, the market had gone down. New taxation on properties and lots of bad tenants had pressured owners to sell their properties so the prices had tumbled. From there emerged many new opportunities that are still being enjoyed now.
Since the early spring of 2020, lockdown and Covid-affected life have become a global reality… that means spending a lot more time at home. In Athens, what kind of properties are people interested in purchasing right now?
Today, people are looking for bigger houses that are renovated or in great condition. More people want to have a garden, a big veranda or a rooftop as they are spending more time at home. Also, more people want to find homes with an extra room to be used as an office. Previously, Greeks would famously spend most of their free time outdoors going to restaurants, bars, theatres, and so on, while now with the “new” and “indefinite” situation, buyers and renters need more comforts in the place where they spend most of their day.
Along the same lines, more people are looking to move to areas where there is a park close by, greenery, or seaside suburbs so they can enjoy the scenery when they head outside.
What would be your number one tip for people looking to buy or rent in Athens?
Around the Acropolis and Koukaki areas, you can now find more properties on the market, whereas for several years everything had become an Airbnb. Owners now want to rent their properties out on a long-term basis and a big advantage is that most of them have been renovated in recent years.
I would also advise you to not be afraid to make an offer on a property you have your eye on, even if it’s lower than the asking price. With the right chemistry, you might be surprised to find there may be flexibility available and you can purchase the property of your choice.
The Covid-19 pandemic has pulled the brake on Greece’s real estate market, freezing deals and prices on housing, but pockets of demand have emerged from foreign buyers looking at property on Greek soil.
Interest from investors located mainly in European countries, led by UK nationals, has increased in recent months as they search for property either for investment purposes or to be used as a holiday home, real estate agents report.
Demand has been focusing mostly on homes on the Athens Riviera, the southern beach stretch running from Piraeus to Sounio, as well as islands such as Mykonos, Crete, Corfu, and Paros.
Homes worth 7 to 10 million euros are on investor radars but the majority of enquiries concern properties in the range of 500,000 to 1.5 million euros, Christos Mourdoukoutas, sales analyst at Algean Property, tells IN+SIGHTS GREECE.
“They are mainly looking for a place in a prime location that is close to international airports – popular holiday destinations and the Athenian Riviera – which could offer a good yield too, since their interest is usually related with investment purposes,” he says.
Growth in Greece’s real estate prices had been growing steadily, recovering from a ten-year slump, when the pandemic hit. Data from the Bank of Greece, the country’s central bank, showed that prices last year jumped 7.3 percent and then by an annual pace of 6.9 percent in the first three months of this year.
Since then, local buyers and home owners have adopted a wait-and-see stance due to the uncertainty caused by the pandemic and the recession at hand.
Due to travel restrictions, interest in buying Greek assets comes mostly from nearby European nations as investors from further away are still having a hard time getting to the country. This is a trend seen globally, with real estate investors currently preferring their own regions due to travel restrictions.
Market officials say that buyers from China, who have been a main source of foreign investment in Greek homes in recent years, are still showing strong interest in Greek homes.
A key reason why buyers remain keen on Greece is that prices in the country remain well below levels seen in other European countries. Additionally, yields offered on homes on islands, such as Mykonos, exceed the 8 percent mark, ranking among the highest in Europe, according to data provided by Algean Property.
The country’s successful handling of the pandemic over the lockown period earlier this year boosted its appeal as a safe destination, with homes offering privacy and large areas sought after.
“We see that more than half of those interested have accelerated their decisions and want to invest in a private vacation and place for relaxation. For many, the pandemic has led to a review of their priorities, resulting in them speeding up decisions to leave their jobs and are now seek to buy a luxury property for the rest of their lives,” Savvas Savvaidis, president and CEO of Greece Sotheby’s International Realty told Kathimerini.
In March, Sotheby’s handled one of the biggest deals to take place in the residential market in Greece in recent years. An Australian business owner purchased a villa in Corfu for 12 million euros, with the sale going ahead normally despite the lockdown period. It is Sotheby’s third sale above 10 million euros in Greece in the last year.
Οwning property in Greece brings with it some exciting prospects but what exactly do you do with it?
Greek laws are complex, the market is constantly changing and finding the right people to work with is a key challenge in an economy that lacks the stability seen in many other parts of the world.
The action plan depends on the type of asset owned, whether it is an apartment or a block of land. Those who have in their possession a stand-alone home or an apartment may have less to do but face many factors when making a decision.
With the arrival of Covid-19, the trend in the market right now is clear.
Home owners in Greece have been removing their apartments from short term rental platforms at a fast pace and putting them up for regular long-term rents. The number of visitors looking for a place to stay in the country for a few nights has dried up amidst the pandemic and not expected to see any strong growth any time soon.
The increase in supply has driven rents lower in some areas though prices are generally holding ground. Data from home classifieds site Spitogatos.gr shows that the price of renting in central Athens in the second quarter of the year eased 0.64 percent from the first three months of the year, to 9.38 euros per square meter. Having a place in southern Athens, in areas like Glyfada and Voula, may fetch you 10.37 euros (sqm), while in the northern suburbs the monthly rate is 8.46 euros (sqm), according to the site.
Those in possession of a block of land, have more work to do.
Architect Katerina Sirouni tells IN+SIGHTS GREECE that to get the ball rolling, the first step is the due diligence process.
“In the event of inheritance, I would recommend them to consult with a notary public to guide them on the steps needed to be taken as well as inform them on any possible hidden surprises,” she says.
“After dealing with the ‘not so fun’ challenging process of ensuring ownership rights, the next step is to answer the question of what to do with the land. Factors such as up-keeping expenses need to be considered if keeping the property but it’s important any decisions should not be based on emotional connections,” she said.
Whether a land owner wants to build their own Graceland in Greece or looking for something smaller, there will be large demands on their time and budget. Some estimates place the cost of constructing a home at about 1,200-1,300 euros (sqm).
“It’s important to connect with your architect and discuss all the possible challenges and contingencies involved from making design choices to maintaining a realistic budget. From ideas to completion, there are three main phases to follow. Based on the zoning restrictions of what can be built and the factors of the plot such as size, shape and orientation, we work on a concept design which leads to the final design layout,” says Sirouni.
“The next phase involves issuing the building permit with a team of other engineers needed to implement the project, structural and mechanical. The final issuing may vary, depending on specific approvals that may be required. Once the permit is issued, we’re all set to go,” she adds.
Having spent his childhood in Greece, Christopher Nicholas decided to buy a flat in Athens and describes the challenges and the joys.
By Christopher Nicholas
Buying a place in Athens was an easy decision to make. I went to school in a suburb of the city and have been returning ever since, always happy to reconnect with friends on my way to the islands. Most of all I love the ever-evolving array of the city’s cultural and culinary options, and its energy and chaos are the perfect antidotes to my quiet life in Geneva where I live, working for the Red Cross.
Why Metaxourgeio?
You may be wondering why I chose to create my Athens base in an area that could be described as a little sketchy. It’s artistic and edgy, with happening places, but definitely not one of the capital’s most attractive neighbourhoods.
In fact, it largely came down to budget and convenience. I wanted something central and properties in the historical centre or one of the trendier areas like Mets or Pangrati were not in my price range.
Discovering the Charms
However, I have become increasingly enchanted by my new neighbourhood. I’m discovering a community steeped in a rich and fascinating history. “Metaxi” means silk, and the area got its name from a silk factory built here in the 19th century, which put Metaxourgioon the map. It quickly became a bustling working-class community, home to artisans and small business owners, and suffered a severe decline in the 1970s. It’s had several stop-and-start waves of regeneration since and today the working-class spirit lives on, with old community favourites such as Gefstiki Gonia souvlaki place or Akrovatis kafeneion jostling side by side with alternative cafes, and artists’ studios in disused workshops.
I love the look and sounds emanating from the printing workshop downstairs and hope that the old manual 1960’s presses do not end up as accessories in a new hipster café. But if hipster is what you are after go to Platia Avdi with its sprinkling of achingly cool bars and eateries, like Seychelles and Blue Parrot.
Living Room – Before
Living Room – After
Bedroom – Before
Bedroom – After
Flat-Hunting for Beginners
I first flirted with the idea of buying a place three years ago. I found the best way to get an idea of prices and neighbourhoods was the Spitogatos app, which meant I could shop around from the comfort of my sofa in Switzerland. While friends were swiping left and right in search of their perfect partner, I flicked through Spitogatos compulsively looking for my match. After visiting about a dozen places during short trips over, this one felt right immediately – it was bright and airy, on the top floor, with two bedrooms, a large terrace, on a quiet street and near the metro.
Sealing the Deal
With the seal of approval of two trusted friends, one of whom is an architect, I put in a cheeky offer. Initially, it was turned down. Then we struck a deal. However, the owner stuck close to his asking price. Six weeks later I was back in Athens for a 24-hour whirlwind tour of banks and tax offices. Eventually, with all paperwork duly stamped, I arrived at the solicitor’s office for the final exchange. Note: None of this would have been possible without my brilliant conveyancing lawyer, Alkis, who accompanied me every step of the way. Without him, I would have been lost, and it would have taken a year to do what we achieved in a day.
Not Buying Out
Athens is bursting with wonderful shops, markets, and artisans and there really is no need to set foot in Ikea. I bought local and Greek wherever possible – a good quality bed from MediaStrom, a stylish made-to-order sofa from Fabrica, and curtains from the traditional fabric shops in Aiolou street. I also bought one or two quirky secondhand pieces from Reto, a social enterprise run by people recovering from substance abuse. And one day I hope to be able to splurge at MOFU, a gorgeous vintage design store, in Psyrri.
Always A Catch
People say that buying property in Greece can be complicated, but overall, the process went pretty smoothly. However, there was one small sting in the tail. Despite assurances from the estate agent to the contrary, it turned out that the “Doma” (room) on the roof above my flat was inhabited. Worse still, the tenant had put beds on the roof and was charging 5 Euro a night as a place to wash and rest!
Love Thy Neighbour?
During subsequent visits, I crossed tired workers/roof renters in the elevator and had to put up with noises like scraping furniture above, and wafts of late-night souvlaki dinners blowing down on to my terrace. I work in the humanitarian sector and initially let it go until I discovered that the rogue landlord was unduly profiteering. The actual landlord (of the property above) sent him packing and the space is now rented to a more responsible tenant.
Happy End
Essentially, I have no regrets and am thrilled to be a homeowner in the city that I love. In this new era where working from home becomes the new norm, I’m hoping to spend more time here. In the long term, I see this as an investment – one that perhaps I can trade-in for a more idyllic spot by the sea when I come to retirement!
Christopher’s Top Tips: