Problems buying property in Greece

[@FlorentGulliver]

I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.

[@TylerMohn-g9l]

I feel your pain mate, as a fellow retiree, I’d suggest you look into passive index fund investing and learn some more. For me, I had my share of ups and downs when I first started looking for a consistent passive income so I hired an expert advisor for aid, and following her advice, I poured $30k in value stocks and digital assets, Up to 200k so far and pretty sure I'm ready for whatever comes.

[@FlorentGulliver]

@@TylerMohn-g9l That's actually quite impressive, I could use some Info on your FA, I am looking to make a change on my finances this year as well

[@TylerMohn-g9l]

@@FlorentGulliver My advisor is VICTORIA CARMEN SANTAELLA;

[@TylerMohn-g9l]

You can look her up online

[@FernandoBowen-78]

@@TylerMohn-g9l The crazy part is that those advisors are probably outperforming the market and raising good returns but some are charging fees over fees that drain your portfolio. Is this the case with yours too?

[@spinner-ff8ih]

Absolutely right Dave: Lawyers are to be adviised you are instructing them to carry out your wishes in legal matters. Also most (not all) are piss weak...Good luck in your endeavours mate...👍

[@kg3718]

When I moved into an apartment in Italy the electric was in my name and the first few years the bill total was €14 - €16 every 2 months. This was 2011. - 2014. I returned to Australian for Christmas and on my return it was winter in Italy and I had no power and lights at my flat. The driver that collected me at Milan airport helped me enter the flat and lights would not turn on. It was a weekend so he called his son who is an electrician and he came and we found that my electricity was attached to the meter of the elderly lady upstairs. Well she had died while I was in Australia and her family had the utilities cut off. I felt awful when I found out but I investigated and my apartment had been totally refurbished before I moved in new everything electric heating etc., and the electricians of the landlord had probably asked the lady for permission to get some power from her meter while my flat was being rewired. When they finished the job they just left the premises and never put it back. I don’t think it was deliberate but it made me aware this does happen.

[@Ambrose136]

You mean they stole your power?

[@kg3718]

@@Ambrose136 No I was stealing her power for 3 yrs and then she died while I was in Australia for Xmas. On my return I had no power and the electrician found out that my power was coming from her meter. I had no knowledge of this. My flat had been totally renovated prior to my moving in and I think the electricians asked her to use the power for the short time they were working on my flat. They just walked off when they finished and forgot to put it back. If you live in a multiple dwelling best to check this out

[@Ambrose136]

@@kg3718 Complicated! You rent this apartment or you have bought it?

[@Ambrose136]

@@kg3718 Euro 14~16 for two months is not that expensive I think.

[@kg3718]

@@Ambrose136 I rented it and the owners were the local council. It was beautiful and everything was new - plumbing wiring paint etc., it would have been worked on by council employees. When the correct bills started to arrive for my flat it was approx.€60 every 2 months in 2015. Utilities are cheaper than in Australia

[@peterduncan5034]

Great video, thank you. I would add that as of December 2022 the laws changed in Greece, You now need 4000 sq metres of land to build and depending on wether the land/property falls within the city plans you may even need 8000 sq metres. This law also applies if you are buying a house and looking to add an extension or make substantial renovations for example. A 'topographical report' performed by a civil engineer is an obligation to be met and paid for by the seller but it is advisable to get your own as well, costs €300 - €500. This report will give you the structural information and wether the owner has transgressed any building laws....illegalities are very, very, common here. Thankfully the owner now has to pay any fines. In the past fines were continuous, now they are a one off but fairly substantial payment. Please be aware though that laws change here quite quickly. It might be the case that your property is legal now but who knows what may happen in in the future, perhaps new fines will be introduced, nothing can be taken for granted here! Be aware that old pre-fabs have often been disguised as houses and have roofs consisting of 'elenite' and concrete, elenite is in fact asbestos. My sneaky real estate agent upon being asked by myself to confirm this was indeed the case told me that the roof of my house contained 'Helenite', helenite is a glass/crystal from Mount St. Helens used in jewelery, it poses no health risks of course. I don't believe for one minute that the addition of the H was an accident! Make sure that the previous owner has paid their taxes and social security, I believe that debt will shift to the new owner! And watch out for tricks such as the real estate agent suddenly telling you that another prospective buyer has put in a high bid to buy the house therefore you should try to out bid them. Try to buy a property built after 1985, the laws changed so that buildings had to be of a more sound structure. Properties built after 2004 incur a higher yearly tax. Swimming pools are now taxed, €2000 per year I believe. And finally, be aware that if you are shown properties by an agent you will most likely have to sign a form that basically negates any right to you contacting the owner behind the estate agents back, this is fair enough really. However, if you do buy the same property from another agent you will also have to pay the fees of the original agent! This list is probably not exhaustive!

[@petin4940]

Peter D is right, I am a Greek in US and I would categorically say that whoever trusts and relies on the truthtfulness of a Greek real estate agent is an IDIOT!

[@jpaleas]

Good information! I was born in Athens but I’m a US citizen and resident. I would hope some of this doesn’t apply for me buying property in Greece. But when that day comes, I will definitely keep your advice in mind ! An out of “towner” is always a target for agents and lawyers....Thank you!

[@davidmckeown6849]

Well …if you’re had a dream of buying a flat in Athens,,,this video has made me run a mile

[@brunett40]

Oh WOW thank you

[@petin4940]

I am a Greek with permanent residency in the US. The worst think I ever did is buying property in Greece. It's easy to buy ...but hard (very very hard) to sell!!! Good luck to you!

[@canlale5733]

What about renting out in greece?

[@petin4940]

@@canlale5733 I would definitely suggest anybody to rent instead of buying! Even though rents went up they are very affordable. Renting is the way to go!

[@petin4940]

@@canlale5733Correction if you own property and wondering if you should rent to others? Forget about it. You will regret you did plus the rents are so low that it will cost you more to repair damages and it's an absolute waste of time and money. Residential in Greece is not an investment period!

[@canlale5733]

@@petin4940 i understand..thanks for the info..

[@petin4940]

@@canlale5733 nevermind you got to pay income tax on the rent collected (high) and since you have to hire a lawyer to evict it can be a real nightmare!

[@sakisathan9176]

Let me tell you that you're going about buying property in Greece the wrong way. I'll explain how to do it correctly. First, go to your embassy and ask them to connect you with lawyers. Then, like the Israelis, Chinese, and many others, use REMAX to find a property. When you buy, you'll need to pay a small fee to the agents, which is 1.5% of the total price, no more than that. All the properties have a square meter price, which you can easily find, even using ChatGPT. Then, you can start negotiations. I am in this business, and I know what I'm telling you

[@alexanderchen8258]

you sure the fee is 1.5%， it's said to be 2%

[@geraldtrik6826]

@@alexanderchen8258 Thats correct, Real Estate Agents charge 2% in Greece, thats for the buyer and the seller, not like Australia where the seller gets charged only.

[@Nico-rw1uo]

Portugal had cancelled its gv yesterday, I got the news early in the morning, after Maybe 40mins I received a confirmation from an international agent advising me of the matter. Fortunately for me, I did not made any investments yet, but only doing my homework for Portugal, and also since 6month I was trying to learn the Portuguese. The agency had advised me about Greece, and today itself I started a new homework of a country which I do not know anything, only to put a finger over the world's map. I had saw, many projects are affordable 250,000 eur. Anyway, with sadness I must say bye to Portugal. P.s , my Portuguese agent and i didn't saw it coming. She was very shocked, and so do I. Hopefully, next year I will be able to set foot in Greece.

[@Fathimathsuhara21Suhara]

Hi brother I am also looking

[@datingandlifeadvicechannel7534]

I agree I hate lawyers he screwed me meant me loose my money now I will sue the lawyer complete horrible scammers lawyers I will Put them straight

[@antoniomateos3333]

Very good video. A lot of good information and advices. Thank you and congrats from Brazil.

[@TheOverseasExile]

Glad it was helpful!

[@nikosniko7092]

Thanks I was waiting for this video! Cheers 🍻

[@georgegeorgakopoulos5956]

Engels and Volkers approves this video

[@InsideTheStadium]

Your a legend brother, thank you 🙏🏽✌🏽❤️

[@valentinomc]

The video is great and addresses exactly what I was afraid of - the Golden visa may become a nightmare visa. 🤣🤣🤣

[@Sahil_raja786]

😂😂 yeah. I'm Indian and here 250k euro investment amount is very big for me

[@georgebourlos1430]

Actually there is a compulsary "Real Estate License" in Greece, however it is true that there is no specific regulatory authority that checks practises. The bar for getting a real estate license in Greece is very low... Law Ν. 4072/2012 of the Greek parliament just requires a highschool degree, a blank penal record and a 1 month seminar.... so around 900 real estate firms laready exist

[@nikospotamianos4890]

What you mentioned as "problems" in buying property in Greece is applicable to every country. So please don't target Greece alone. The only really good bit of advice offered is that when you are looking to buy a property DO THE LEG WORK. Doing the leg work also means finding the proper professional consultants to assist you. Because even in "regulated" countries real estate agents sell you trash for gold.

[@manflynil9751]

Dave, Untrustworthy people are UN- scrupulous. Buying property in a foreign country carries the very real and highly possible risk that your property is taken from you over an immigration issue. As a foreigner your rights are severely diminished in a foreign land. And if you aren't highly fluent in the language of your property, then good luck, because you'll need it😂

[@TheOverseasExile]

It's impossible for a property to be taken from you here, if you have checked the title and the person you are buying it off has proven ownership and you have evidence it has been registered in your name. That goes for most places. There are always risks though.

[@kg3718]

For years I rented a flat in Taormina Sicily. It had great views of Mt Etna and the Mediterranean Sea Bay of Naxos where the Greeks landed 2000 yrs ago. A retired couple from the Netherlands had a standing booking for 3 months after Christmas every year. The husband was a businessman and his wife a Judge from The Hague. They were charming and kind to me and we became friends. I asked WHY DON’T YOU BUY A PROPERTY HERE because they loved Sicily and spoke fluent Italian. The husband raised his voice loud and shouted YOU CANNOT DO BUSINESS WITH THE ITALIANS. he was right I found out. They are a nightmare and they never apologise even when it’s their fault. They are always correct and the fault is always the clients or everyone else. I think they learned this defence from a young age. Their buildings very often are full of mould (health hazard) and illegal work and if you want to sell it takes years and years. Estate Agents here would never survive in Australia USA or UK. Am amazed that Dave sold his Athens property in a few months but it was in the heart of Athens. I think he is an extremely lucky fellow

[@cozy-edits]

@@kg3718 Well I love the Italians glad that the couple weren't able to easily buy property, I am sure it must have been frustrating for so called people of privilige to have the amazing Romans not fall at their feet, plus you don't know the whole story. Most judges these days try & buy themselves through the red tape, maybe the ROMANS were wiser than the stuck up Dutch!! Its like all doctors today using google to research someones illness, we can all do that ourselves. As working class I have no respect for the anyone with any fuckin statuer. Good for the Romans tell them to piss right off.

[@datingandlifeadvicechannel7534]

I got scammed by an Italian in sharm el sheikh egypt messed up my business I agree dodgy people

[@montrealcanada7023]

Thanks for the tip. Appreciate it

[@TheHuski]

What do you call 1000 lawyers at the bottom of the Ocean...... A good start :) ... Aussie Aussie Aussie...

[@johnnash7350]

Thank you.. I'm thinking of going to buy a property for the Golden Visa.. It just seems overwhelming.

[@MsBingoben]

I bought a maisonette on the top floor of a block of flats in Patras 26 years ago, only to find out I've been well and truly screwed when I've tried to sell it. Now I'm stuck with half a property I can't sell😢😢😢😢😢😢

[@rene.rodriguez]

Great video. Thank you. Was this filmed on a university campus? It was very pretty and quiet (until you got to the street).

[@EDH784]

You absolutely need to engage a lawyer to check the cadastre and possible inheritance claims on a property. In any case, if you can’t read Greek properly, it’s not even worth trying on your own…

[@joobie1000]

Very informative video mate 👍

[@bolebabayogatantricvedicas2052]

Hi mate, thank you for your amazing video. Anyway to have some help from you for advices before buying a house I'm interested in Corfu?

[@HealthyLifestyled788]

I'm a French citizen I'm looking to buy in Greece,Portugal or Italy

[@rickyhank118]

I'd go Portugal out of those been there, done it, beware!

[@shareonrivas1458]

Sounds horrifying

[@georgeklimes7604]

Very informative! A question: With the Golden Visa program, my understanding is that one can buy more than one property as long as the total is 250,000 Euros or more. If true, do you have to find, buy, or settle on all of them at the same time? Or can you, say, buy one now and settle on another in a month THEN make the application? In other words, is there a “clock” which starts ticking when the first property is bought? I have never been able to find out if timing is an issue when more than one property is involved. I asked one Greek lawyer, and he was clueless. Another one I spoke with had never heard of a Golden Visa!

[@TheOverseasExile]

It’s when your property investment hits 250k+. As long as you have 250k invested. But as I said on the email, January it goes up to 500k. Your GV is connected to your property’s, so if you sell them, you lose the Visa.

[@georgeklimes7604]

@@TheOverseasExile So you can just acquire property as you go and then apply for the GV once the 250K is hit? Makes sense. I guess the obvious follow up question is will one still be under the 250K rule if one buys a first property (less than 250K) prior to the new 500K rule being implemented? It would make sense that one would be subject to the old terms, but, hey, this is Greece! LOL It sounds like, right now, the 500K will apply to Athens and Thessaloniki with maybe a few other places thrown in. If true, I might want to look at Athens possibilities are well as places like Kalymnos. Business (Athens) and pleasure (Kalymnos).

[@Nico-rw1uo]

Yes, you must keep the investment 250,000 eur for 5 years. You can buy as many properties as you want, a plot of land, a house, an apartment, etc.

[@georgeklimes7604]

@@Nico-rw1uo So once you hit the 250K Euro point, that is when you apply? Also, if you start the search before things change to 500K Euros, would the old terms apply? I assume not, but if you know for sure, I'd love to know.

[@cocoachocolatchocola]

Hi Dave, I enjoyed your video. Do you know if there is an agency or website that I can use to find or assess the value of front-line sea view land, in the south of the Peloponnese in Greece?

[@maximhollandnederlandthene7640]

Why buy property there, not on a island. Maybe in Athene 🤔🤗

[@mecanicoing9]

Thank you for the video. In Greece can you have the right to the land where the property is located on or they have a law that prevents a foreigner to have rights/own the land or plot?. I want to be aware of all the fine prints on their law, thank you.

[@TheOverseasExile]

You will own the free hold of the property. It’s not like Asia. If you need a reliable realtor, just email me.

[@mecanicoing9]

@@TheOverseasExile Thank you my friend. Another quick question that is in my mind lately, if I start buying properties slowly until I reach the amount for the golden visa, can I still apply for it? It might happened that we can come across a good opportunity which costs less than $250K.

[@jenbeeutik956]

Thanks for this wonderful video😍Does Greece allow unvaccinated expats?😄

[@TheOverseasExile]

Yes. But I'm not sure how you will go come winter. They might bring restrictions in again. There are some places unvaccinated people can't go without a ATK test. This may have changed recently though.

[@vapalaca]

Nice walk. Where was this? National Gardens? By the way I heard in Greece you can negotiate up to 20% of the original price. Is that correct?

[@TheOverseasExile]

yes, National Gardens. You mean off the property price? It really depends. We've negotiated 25% off a property. Was an extremely difficult settlement though.

[@michaelpappas3204]

Thanks for the priceless information, am looking to buy an apartment in Athens will come in handy. Love the area you're walking in where in Athens is that . Is it the national park near Syndagma.

[@TheOverseasExile]

Yes, that’s the park.

[@chelsealondon964]

Good man.

[@GeorgeWhatTheFuss]

Mitsotakis keeps boasting in Greek and English about how he's modernizing things and even surpassing much of Europe by introducing the latest technology in bureaucratic regulation. I should've known better than to believe that used car salesman of a politician. This report corresponds more to what I remember of Greece in the 80's.

[@c3lin3dj19]

I would prefer Informative videos to be shorter, to the point and shot in one spot. Good information though!

[@TheOverseasExile]

If I shoot it in one spot I get complaints about it not being in a walking video. I gave up pleasing people a long time ago.

[@tammylain7754]

so- do you have any lawyers you trust? I understand your instructions and valuable lessons, but how can one, practically go about it, if you do not know a Grecian person or knowledge of the law and other requirements? Do you sell your services, for example?

[@TheOverseasExile]

We do some consulting.

[@Kinai89]

Great video!! If you have enough money, would you invest in Athens, or Corfu?

[@TheOverseasExile]

Definitely one of the islands. It depends on what you’re trying to achieve. A holiday home for sure. An investment for a short time or capital growth? No.

[@Kinai89]

@@TheOverseasExile Thank you!!

[@lvngitcouture]

Wow! That's disgraceful 😱

[@dimvar691]

Don't buy in Greece than.. Go to Spain and make another video to leta us know how was it

[@peterkollas9357]

Half o Greeks r thives my friend the holl world now that

[@n0stradam0s]

thats so offensive . DO you know half of Greeks ?

[@blackeagle7947]

Investing 250k in properties in Albania you get automatically Albanian citizenship. Lot's of Italians,Poles,Swedish,Ukrainians, Russians and Germans have properties on Albanian riviera.

[@JimmyTheGreek2000]

02:00 - The so called 'Golden Visa' costs €500,000 in Athens and many other places and not €250,000 as you mentioned in your video ! 06:30 - You are correct when you say that Lawers (Attorneys) need to be instructed, that they are not smart and what they say is NOT correct. - And Lawers (Attorneys) do not tell you everything that you need to know! - If they were smart they would be ENGINEERS! .... However, that is true allover the world !

[@VWApachey]

Guday Mate, couldn't resist !...lol, what would you expect from a mixed pom ...anyway, just stumbled across your video and want to know where and how do I buy the cheapest place in Greece, also can i get residency without having to buy a very expensive property, now that there is talk of ending the Golden Visa ?

[@TheOverseasExile]

Lol, G’day, short for “Good Day”. In regards to PR in Greece, just as long as the investment amounts to 250k outside of Athens and Thessaloniki and 500k within. So you will have to invest 250k to get PR.

[@VWApachey]

@@TheOverseasExile cheers Mate, so I suppose that because I am a Pom and because the UK voted for Brexshit, even if I bought a house in Greece for less than 250K or 500K, the longest time that I could stay in Greece is 90 days as per non EU citizen rules..? . Ouch!

[@griffith500tvr]

I am from the EU, is it possible to buy a property directly from the seller? I would want to buy in Karpathos or somewhere remote, I don't want a property like I would have in Austria, I want to spend more time outside.

[@Nico-rw1uo]

Maybe yes, the two important parties are the buyer and the seller, in front of a notary, and also you must hirer an attorney to make due diligence over the property, like uf it's free from any mortgage, debts, ownership dispute etc.

[@Theo13136]

Good video mate they are crooks be careful.

[@Carolinapetroska]

That's a good thing if the golden Visa is phased out !

[@sobatdin9593]

Excellent information well delivered thank you x

[@courcheval]

Remember that Australian sheyla that put 1 million dollars on a property to see the title contested before law because the neighbours grand father used to have goats grazing there? One million gone...

[@LastPinster]

Australian Real Estate companies try to rip you off over here too, don't doubt it 🙄

[@jpmorganrunsthegame1064]

Great move leaving Australia brother. I left Canada for Morocco. May God shower you and your loved ones with blessings, protection and keep you strong on your journey.

[@TheOverseasExile]

Thank you! Blessings to you and your family too!

[@skinwalker_]

I have had a range of totally useless to outright not interested to brilliant lawyers here in the UK. My first house purchase taught me that its up to me to make sure everything is in order not the lawyer. My theory is that if you are in the top 3% then the lawyers can be absolutely brilliant and really save and help you. For the rest of use they tend to be a necessary cost we have to endure. Not all but a lot.

[@tammylain7754]

Understand about the lawyers- but being married to one- a very honest one at that- sometimes the client is not aware of rules as all. He explains the consequences of each choice, and it is the client who chooses. However, sometimes- they choose something based on limited understanding. As per that some people have been cheated by a lawyer- myself included, He always has to deal with, not only initial distrust, but also hostility- despite never having had a bad review in many years.

[@wizzle89]

do you have any online resources where one can find properties that are for sale at "Greek local" prices and not "tourist" prices? As you mentioned, you can get a 2M AUS house for ~150k EUR, where can we find deals like these?

[@TheOverseasExile]

We’re about to launch our own realestate site, later this year. So hang tight

[@johnnash9523]

Do you have some accountants in Athens you can recommend? I am going there in 4 days would like to meet with some good ones to talk about Greek taxes, also the Golden Visa

[@tzvikaheller2857]

תודה!

[@TheOverseasExile]

Thanks so much

[@kg3718]

I forgot to add that the electric bills sent in my name for €16 represented the minimum charge. . I

[@Nico-rw1uo]

Definitely right, in Thailand, Vietnam and Philippines you have no rights of ownership for land, you just get a lease of 99 years, In Philippines where the ancient US Airbase region, Clark , nobody have the right to own land. Only 25 minus still counting years. Thank you for these valuable informations. But anyway a wise person needs a lawyer for only the stamps on the paperwork/contract.

[@martinkivi6529]

Any recommendations for a lawyer that’s not piss weak?

[@TheOverseasExile]

No, nothing I would recommend at this point.

[@blackeagle7947]

With 250k you can buy three luxury flats in Albania near seaside in most touristic cities like Vlore and Saranda. If you can't use these flats you can make a deal with real estate agencies to get profit by renting your property.