Frequently Asked Questions
Q. Can foreigners buy property in Greece?
A. Yes - Greece has been in the European Union since 1983 and the restrictions imposed for security purposes on foreigners owning property were lifted in 1992 (except for land in close proximity to military bases, where a certificate is required from the local General). More recently, Greece has lifted restrictions on some non EU nationals to make it easier for them to purchase property in Greece.
Q. Is the purchase of property difficult in Greece?
A. No - in fact, the purchase process is quite simple. See our fact sheet on "The Buying Process".
Q. Is there a Land Registry in Crete?
A. Yes, in addition to a very precise set of deeds, which establishes your sole freehold title to the property, there is now a Land Registry in Greece.
Q. What Taxes/Expenses are involved in property purchase in Crete?
A. The total expenses are usually around 12% of the purchase price of the property; this covers your lawyer's fees and purchase taxes, which in Greece are a one-off payment. Any variation is dependent on the Tax Office assessment of the property for purchase tax purposes. These expenses are in addition to the property price. (The Tax Assessed Value is the estimated monetary value of a property according to Greek tax authorities. As a general rule, a property's tax value is significantly lower than its purchase price.)
Q. What other Taxes/Expenses apply if I live in Crete?
A. If you are not working your only costs will be utilities - electricity and water (including public sewage if you have it), TV licence and a small local tax. If you own a home, car or boat in Greece you must submit an annual tax return to the Greek authorities, but there is normally no tax to pay.
Q. Is my new home guaranteed?
A. Yes - Under Greek law the architect / civil engineer is responsible for the structure of the building for life and all plans are passed by the Architectural Council. New Century Homes comply with all Greek Building Regulations, as required by law. We guarantee your new home for two years against defective workmanship and any appliances purchased from our recognised suppliers come with a standard manufacturer's guarantee.
Q. What about insurance?
A. When you take possession of your property we recommend you take out buildings and contents insurance. There are many local companies that offer these services as well as other major European companies. Your sales associate can assist you if you need help finding insurance.
Q. Can you help me source furniture and white goods?
A. Yes - we can introduce you to local furniture-makers and suppliers as well as suppliers of electrical appliances.
Q. How can I transfer money to Crete to purchase my property?
A. Once your lawyer has set up a Greek bank account in your name you can make a SWIFT or IBAN transfer through your bank in your home nation. Alternatively, you can use a currency exchange company dedicated to the transfer of international funds (such as www.foremostcurrencygroup.co.uk) which may prove more economical, as they can offer you a commercial exchange rate and also freeze rates when they are favourable for future or regular transactions.
Q. Can New Century Homes build a custom-designed property for me?
A. Of course - New Century Homes specialises in building bespoke, off plan homes and luxury villas. Our fully qualified architect will design a property that exactly matches your needs and budget. Alternatively, many of our existing property designs can be customised too.
Any further questions? If we have not answered your specific question on our website, please feel free to contact us at info@newcenturyhomes.gr for more information.
