1. Can I afford to invest if I have substantial funds available?
Yes, properties in Crete are available starting from €4,000.
2. Can I obtain a residence permit in the EU by purchasing property?
Yes. Currently, Greece offers residence permits for property purchases starting from €250,000.
3. What is the approximate cost of property renovations?
The estimated cost of repairs is approximately €1,500 per square meter.
4. How long does the entire process, including paperwork and renovations, take?
The full process typically takes around six months.
5. Is the property registered in the official land registry?
Yes, all property rights are legally recorded in the State Land Registry.
6. How much is the annual property tax?
The property tax is approximately €0.70 per square meter per year.
7. Are there additional costs when purchasing property in Crete?
Yes, additional costs may include legal fees, notary fees, registration costs, and real estate agent commissions, which typically range between 8-12% of the property’s purchase price.
8. Can I rent out my property when I’m not using it?
Yes, you can rent out your property for short-term or long-term stays. Greece has favorable regulations for vacation rentals, but you may need to obtain a rental license.
9. What types of properties are available for investment?
You can invest in apartments, villas, traditional stone houses, plots of land, and commercial properties, depending on your budget and investment goals.
10. What financing options are available for property purchases?
Greek banks and international lenders may offer mortgages to foreign investors, typically requiring a 30-40% down payment, depending on the bank’s criteria.
11. What are the main legal requirements for foreign buyers?
Foreign buyers need to obtain a Greek tax identification number (AFM) and open a Greek bank account before purchasing property.
12. Are there restrictions for non-EU citizens buying property in Greece?
In most areas, there are no restrictions for non-EU buyers. However, in certain border regions, additional approval from the Greek Ministry of Defense may be required.
13. What are the benefits of investing in property in Crete?
Crete offers a strong rental market, stable property values, low cost of living, a warm climate, and a high quality of life, making it an attractive investment destination.
14. Do I need a lawyer to purchase property in Greece?
While not legally required, hiring a real estate lawyer is highly recommended to ensure a smooth and legally secure transaction.
15. Can I resell the property in the future?
Yes, you can resell your property at any time, and after five years, you may qualify to apply for Greek citizenship through continued investment.
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