What You Need To Know
Purchase Tax - 3%
Lawyers fee - Dependent. Usually around 1%.
Notary fee - 3 - 4% of sale price
Council tax - 3% of tax amount only
Agent fee - 2% of sale price. In Greece both Vendor and Buyer pay agent fees.
When using ithacagreece.com Real Estate, a 2% Agent fee applies on purchase of any properties listed on ithacagreece.com and introduced to you by Agent Erika Bell Bach.
When coming to view property during July and August, please give 1 weeks notice of preferred viewing times. Summer is a busy time and I will rarely be able to show property at a moments notice. Please don't leave it til the last minute.
When buying a house or land on Ithaca, there are some important points to be aware of -
1. Beware of roadside real estate brokers. They do not usually have all the correct information on a property or piece of land. Don't become a statistic along with other buyers who have bought land that can not be built on, or has forestry, archaeological or seaside restrictions, and is therefore worthless if the plan was to build. You wouldn't buy land from someone you met in the pub or on the street in your resident country, so why would you do it in Greece.
2. Real Estate Agents in Greece are paid 2 - 4% by the Vendor and 2 - 4% by the Buyer. Some Agents include the buyer commission in the price of the property, ithacagreece.com does not. ithacagreece.com takes 2% from Sale Price. This assures you of the price the owner requests with no hidden or hiked costs.
3. Land classed as 'Forestry' can not be built on. Permissions can be applied for, but are not guaranteed.
4. Always ask to see the topographic map and Title of property and have them checked out by a Surveyor and Lawyer. New laws brought in in 2011 have more safeguards for the buyer of property in Greece. Without various certifications which include each property be inspected for legality, a property cannot be sold. A Title and proof of ownership is no longer sufficient. This means a SAFE buy.
5. Once purchasing a property, it is wise to fence it, so that neighbouring owners can not diminish it over time.
6. When buying seafront land, a topography of the seafront needs to be made by topographers. This will determine how near to the seafront it is possible to build, if at all. This topography needs to be cleared and signed off by many government departments. There can sometimes be a wait of some months.
7. As the law stands now, you need 4000 sq m to build on a piece of land outside town zoning (EKTOS IKISMOU) and 2000 sq m on a piece of land that is along the town boundary (ENTOS ZONIS). There are restrictions on how near to the border of the land one can build. Land or property within town zoning (ENTOS IKISOMOU) have few or no restrictions in size and/or border distances.
8. If there is no electricity on or near the land, the cost of bringing power to it, will be around 1000 euro per pole.
9. Heritage Listed houses qualify for a government grant that helps to restore the houses to their former glory.
10. Land that may have in the past or be perceived now as having archaeological significance, will first have to be investigated by the Archeological Department before building can be approved.
11. Legal fees are usually determined on a percentage scale, usually around 1% up to 45,000 euro and then 1.5% after that.
12. On purchasing a property, 20% deposit is usual and a Pre-Contract to secure that deposit can be signed. This deposit is not reimbursable if the buyer renegs on the sale. If the vendor renegs on the sale, the buyer is reimbursed double the deposit amount.
13. Building a stone house gives the owner certain tax breaks. An initiative by the government to encourage more traditional buildings. It can in some cases, work out cheaper than a plastered building.
14. An estimation of building costs is usually 1800 - 2000 euro per sq meter. For instance, a 200 sq m house may cost you around 360,000 euro. This estimation is not carved in stone, but will give you a good idea of how much you are likely to spend when deciding to build. There are of course variables which can increase or decrease the costs and this estimation is calculated from Building permit to interior fittings and some landscaping.
15. On Ithaca one must seek building permission for all works that are not already included in the topography and building plan of your property.
Please note that Property prices on Ithaki are determined by the owners themselves and are not determined by agent or calculated on the square meter, thus there are price differences between properties of the same size and/or quality