Tips To Sell A House in Greece Internationally

Greece, with its breathtaking landscapes, rich history, and balmy Mediterranean climate, has long been a coveted destination for property buyers. Whether you’re a Greek homeowner looking to sell or an international investor seeking opportunities, this blog will provide insights into the current state of the property market in Greece. We’ll also delve into global marketing strategies to attract international investors, explore the various taxes associated with selling a house in Greece, and highlight why it’s a favourable time to consider selling property in this beautiful country.

The Current State of the Greek Property Market

The Greek property market has experienced an upward trend in recent years, thanks to a combination of factors. The allure of Greece as a tourist destination has grown, leading to increased demand for holiday homes and rental properties. Additionally, the Golden Visa programme, which grants residency to non-European Union citizens investing in Greek real estate, has piqued the interest of international investors.

The COVID-19 pandemic has also played a role in this trend, with remote work making it more feasible for individuals to contemplate relocating to Greece or acquiring a second home. These factors have created a competitive environment in Greece’s property market, with prices generally stabilising or experiencing modest growth.

Global Marketing Strategies

To attract international investors, it’s essential to employ effective global marketing strategies. Here are some tips to maximise your property’s exposure:

1. Online Presence: Invest in professional photography and create a visually appealing online listing. Utilise international property listing websites and social media platforms to reach a wider audience.
2. Multilingual Listings: Consider translating your property listings into key languages spoken by potential investors, such as English, Russian, or Chinese, to facilitate communication.
3. Local Partnerships: Collaborate with local real estate agents who have experience in dealing with international clients. They can provide valuable insights and connections.
4. Highlight Investment Benefits: Emphasise the advantages of investing in Greece, such as the Golden Visa programme, the potential for rental income, and the country’s robust tourism industry.

Understanding Taxes for Selling a House in Greece

Selling a house in Greece involves several taxes and fees that sellers should be aware of. Here’s a breakdown of the key taxes:

1. Capital Gains Tax: If you’re a resident of Greece and have owned the property for more than five years, you may be exempt from capital gains tax. However, if you’re a non-resident, the tax rate is 15% on the profit from the sale.
2. Property Transfer Tax: This tax is payable by the buyer but can be negotiated between the parties involved. Typically, it ranges from 3% to 9% of the property’s value.
3. Income Tax: If you earn income from renting out your property, you’ll need to pay income tax on the rental earnings. Rates can vary, so it’s advisable to consult a tax professional.
4. Value Added Tax (VAT): VAT may apply to the sale of new properties. The standard rate is 24%, but there are reduced rates for certain types of properties, such as primary residences.
5. Legal and Agent Fees: Budget for legal fees, which typically range from 1% to 2% of the property’s value, and agent fees, which can be around 2% to 5%.

Why It’s a Good Time to Sell Property in Greece

There are several compelling reasons to consider selling property in Greece at the moment:

1. Strong Demand from International Investors: The current demand for Greek real estate, both from local and international buyers, is robust. This can result in competitive offers and favourable selling conditions.
2. Favourable Market Trends: Greece’s property market is generally stable, with modest price increases. This stability can provide a sense of security for sellers.
3. Golden Visa Program: The Golden Visa programme continues to attract non-EU investors, creating opportunities for sellers to tap into this market segment.
4. Tourism Boom: Greece’s tourism industry is thriving, making vacation rentals an attractive investment. Many buyers are seeking properties that can generate rental income.

Selling property in Greece can be a lucrative endeavour, given the current state of the property market and the various incentives available. To maximise your success, it’s crucial to adopt effective global marketing strategies, be aware of the taxes associated with the sale, and understand why the timing is favourable. With its breathtaking landscapes, rich culture, and enticing investment opportunities, Greece remains an alluring destination for property buyers and investors alike. Don’t miss the chance to capitalise on the Greek property market’s upward momentum.