Living expenses in Greece
Living expenses in Greece, including property maintenance costs, are relatively reasonable. Here are the components of property maintenance expenses:
Insurance Premium: While property insurance is not mandatory in Greece, it becomes compulsory for mortgaged properties. The annual property insurance premium is approximately 350 Euros.
Service and Public Utilities Costs: These costs are metered and depend on usage. For a 50 m2 apartment occupied throughout the year, the average service costs amount to over 600 Euros. The electricity bill also includes the garbage collection fee.
Once you become a property owner, you will receive the following bills:
Aggregated maintenance fees: These cover garbage collection, stair cleaning, lift service, house repairs, and heating (if the house has a central heating system). The fees vary based on the neighborhood and housing estate prestige. Private house expenses will differ, and for houses in a housing estate, maintenance can cost around 600 Euros per year or more, inclusive of cleaning, outdoor lighting, swimming pool cleaning, gardener’s, and security fees.
Electricity: Electricity bills are issued every 2 months, calculated based on meter readings.
Water: Water bills are delivered every 3 months and are also based on meter readings.
Advantages of Greek legislation
Greek legislation offers numerous advantages to property buyers, ensuring a secure and favorable environment for real estate transactions. Some key benefits include:
Comprehensive Ownership: When purchasing a property in Greece, the buyer not only acquires the property title but also becomes the rightful owner of the land on which the property is situated, whether it is a land plot or agricultural land.
Capital Origin and Tax Checks: Unlike some other countries, the Greek government does not scrutinize the origin of foreign capital used for property purchases, nor does it verify if taxes have been paid in the buyer’s country of origin.
Schengen Visa and Residence Permit: By signing a Particular Agreement, the buyer and their family become eligible for Schengen multiple-entry visas, allowing travel within all Schengen countries. Moreover, after signing the Principal agreement, they gain the right to apply for a Greek residence permit, which is also valid in any Schengen country.
Favorable Tax Scale: Greek legislation offers a low tax scale for property gifts and properties acquired through parent legacy, making it advantageous for inheritance-related transfers.
Non-EU National Property Ownership: Third-country nationals, i.e., non-European Union citizens, are permitted to purchase property in Greece, making the country accessible and attractive for international investors.
Special Rules for Housing Estates: Housing estates enjoy specific regulations recorded in the official Property Register, ensuring uniformity and appropriate management for all apartments, houses, and villas within the estate.
Adherence to Greek Property Code: Greece boasts one of the oldest Property Codes globally, which is strictly followed in the country. This guarantees property insurance and the validity of every Title transition contract, recognized as a government act.
Application of European Law: European law provisions automatically apply in Greece, granting property owners various advantages and privileges, as mentioned above.
These advantageous features make Greek legislation favorable for property buyers, offering security, convenience, and a range of benefits for both residents and international investors alike.
