Greece’s unique mix of natural beauty, history, and culture has established the country as a prime destination for buying property.
Whether people search for opportunities to invest, a holiday, or even a permanent home in the sun, Greece may be the answer.
Investment from overseas buyers has surged in recent years, allowing many to realize their dream of owning a summer holiday home in Greece.
“In contrast to what happened during the pandemic, more and more properties are being renovated in city centers, the suburbs, and the Greek islands,” says Mrs. Anna Koraki, Founder & Managing Partner of Koraki Law, a law firm that provides legal services for the rapid and effective completion of all stages of the procedure to buy, sell, or lease properties.
Speaking to Greek Reporter Mrs. Koraki notes, however, that “demand is growing and in many areas exceeds supply,” forcing property prices higher. This has led to a significant increase in demand for the services of her law firm by investors and by individuals.
“Investors are mainly looking for real estate in the center of large cities for buildings or individual apartments, which are intended for short-term or long-term lease or resale,” Mrs. Koraki says.
Mrs. Koraki adds that “individuals are looking for real estate mainly on the islands, which they sometimes use for permanent residence or for summer residence or for short-term rent.”
Property prices rise in Greece
According to the latest figures from the Bank of Greece, prices jumped by 9.1 percent in the fourth quarter of 2021. The figure averaged out at 7.1 percent for the year.
Robust demand and high inflation are expected to keep price growth high in 2022. Inflation, which climbed to 11.3 percent in May 2022, is boosting this trend, as many investors prefer to put their money in a home with good potential rather than watch its value erode in a bank account.
Research shows that Greek assets are the best performers in the Mediterranean, as rents keep up with advancing prices.
An Algean Property report said Mykonos topped a yield list in the region with a return of 7.4 percent against 4.3 percent in Nice and 4.2 percent in Marbella. Paros came in second on the list with a yield of 7.1 percent with Santorini in third (at 6.3 percent).
New categories of property buyers
Mrs. Anna Koraki tells Greek Reporter that demand for properties in Greece has recently been boosted by the Golden Visa scheme: “If you buy real estate for a minimum of €250,000, you can be eligible for a Greek Golden Visa, which translates as residency in Greece, and by extension to the EU.”
Mrs. Koraki adds that the “pandemic created a new category of buyers, the digital nomads, i.e. those who settle in Greece, mainly on the islands or the provinces, in order to live well and provide remote work.”
With travel restrictions lifted, people are also now able to plan overseas trips and view properties more easily, which has been challenging over the last two years.
Need for a good lawyer
Anna Koraki’s law firm with twenty years of experience in litigation services and legal consulting undertakes the fast completion of the process of buying, selling, or leasing real estate on the islands and coastal areas.
Mrs. Koraki notes that the foreign buyer faces the bureaucracy of the Greek system and all the complex procedures and stages set by Greek legislation for the completion of the final purchase contract.
“We have an in-depth knowledge of the peculiarities of the Greek laws, and we can undertake a buyer’s representation in Greece, ensuring the fastest and most successful outcome,” the founder of Koraki Law Firm says.
The firm has a network of partners throughout Greece, staffed by lawyers, notaries, economists, investment consultants, engineers, and accountants, as well as certified real estate appraisers that ensure that potential legal stumbling blocks are overcome.
“Unscrupulous agents or developers might try to convince you to save money on legal fees, but this leaves you vulnerable to signing contracts to your disadvantage,” Mrs. Koraki cautions.
Koraki Law Firm undertakes representation of its clients in all phases of the buying, selling, and managing of property in Greece.
Mrs. Koraki makes note of another important issue that affects many Greeks of the diaspora, in particular those of second or third-generation residing in the U.S., Australia, or elsewhere in the world.
Namely, Mrs. Koraki reveals, “Properties that have been inherited from ancestors have been encroached upon by third parties, often relatives for the purpose of their appropriation.”
“In these cases, which unfortunately are not few, we undertake the identification of the properties, control of the inheritance, expulsion of third parties, and claim of the ownership of said properties on behalf of our clients,” Mrs. Koraki says.
More information and contact details for Koraki Law Firm are available here.