Second home in Greece: How to find the perfect property

With its picturesque islands, rich culture and mild climate, Greece is a popular destination for those looking for a second home. Whether you want to escape the cold weather, secure your holiday base or invest in a high-yield property, Greece offers numerous options. In this article, we give you valuable tips on how to find the ideal property for your second home.

1. The right location: What should you consider?

The choice of location is a crucial factor when looking for a second home in Greece. Each region has its own advantages and it depends on your personal preferences and needs which one suits you best.

• Islands vs. mainland : The Greek islands such as Crete, Mykonos or Santorini offer stunning landscapes and a charming, relaxing lifestyle. The mainland, especially regions such as Athens and Thessaloniki, on the other hand, offers better connections, more infrastructure and year-round attractiveness.
• Distance to amenities : Consider whether you want to be close to cities or tourist hotspots. Proximity to supermarkets, hospitals and airports can be crucial, especially if you will be using the property regularly.
• Tourism and rental income : If you plan to rent out your second home, choose a location that is attractive to tourists. Islands such as Rhodes or Corfu are particularly popular with holidaymakers and could generate higher rental income.

2. Financing options: How can you finance your second home?

Financing a second home in Greece can be done in a number of ways. It is worth considering both national and international options.

• Mortgages for foreigners : Greek banks often offer mortgages for foreign buyers, but these usually require a 20-30% down payment. International banks may also offer mortgages if you have good credit.
• Use equity : A popular method is to use equity from a property in your home country to finance the property in Greece. Talk to your bank about this option.
• Compare loans : Compare different mortgage offers in terms of interest rates, terms and conditions. It may be worth consulting an independent financial advisor who specialises in the Greek property market.

3. Tax benefits: What should you know?

Greece offers some tax advantages for property buyers that can be worthwhile as a second home. However, there are also tax obligations that must be observed.

• Low property taxes : Property taxes in Greece are relatively low compared to many other European countries, making maintaining a property affordable.
• Possibility of tax exemption : Greece offers tax exemptions to various groups, including foreign pensioners, which can make the purchase of a second home attractive. However, these rules are subject to change, so you should consult a tax advisor.
• Taxing rental income : If you rent out your property temporarily, the resulting income is subject to tax. However, Greece has various double taxation agreements with other countries, which makes it easier to avoid double taxation.

4. Practical tips for the purchasing process

Buying property in Greece can be different from buying in your home country. Here are some practical steps that can help you:

• Hire an attorney : A local attorney can help you handle all the legal aspects of the purchase, from verifying ownership to complying with all regulations.
• Use local agents : An experienced real estate agent who knows the Greek market well can give you valuable insights and guide you to the best properties.
• Keep an eye on costs : In addition to the purchase price, you should also factor in additional costs such as notary fees, property tax and possible renovation costs. Additional costs usually amount to around 8-10% of the purchase price.

5. Long-term considerations: How do you make the best use of your property?

A second home in Greece can be used both for personal use and for investment purposes. Here are some considerations on how to make the most of the property:

• Year-round residence : If you are considering Greece as a retirement home, it is important to choose a property that will be comfortable even during the winter months. Make sure it has good insulation and heating.
• Holiday rentals : Many owners use their second home as a holiday property and rent it out when they are not there. This can be a lucrative source of income, especially in tourist areas.

Buying a second home in Greece can be a worthwhile investment, whether for your own use or as a source of income. With the right planning, a well-considered choice of location and a clear understanding of the tax and legal aspects, nothing stands in the way of your Greek dream home. If you need assistance with your property search or the purchase process, we are happy to assist you.