Houses homes maisonettes for sale Zante Zakynthos | Legal points and procedures

Property and houses for sale in Zakynthos island.

Frequently asked questions and answers

For a foreigner, buying a property in Greece can be a lengthy bureaucratic procedure. In the following we will try to clarify some legal points and procedures necessary for buying a property.
Why buy a house in Zakynthos?
The island of Zante is situated in the west of Greece, meaning that the sun and sea can be enjoyed for the greater part of the year. One of the largest and most appealing islands in the country, Zakynthos “has it all”: spectacular beaches, a lot of green, wonderful summer resorts and a cosmopolitan city centre bustling with activity for nightlife and shopping enthusiasts.

Due to its location, Zakynthos also enjoys special rates and discounts for a number of items. Despite its modern amenities, the island maintains a serene lifestyle and this is evident in the laid-back hospitality of the locals.

You will be sure to find a local feast in one of the many villages, and don’t be surprised if when passing by a traditional coffee shop you are invited in for a Greek coffee.

Let’s not forget that Zakynthos is the home of the famous Shipwreck that attract many visitors each year.
What is the situation in the Greek holiday home market?
The construction industry in Greece is booming, with inevitably positive effects on the real estate market. Lower interest rates on bank loans and government investment in major road, rail, port and airport infrastructure projects make for ideal prospects for an investor wishing to purchase property in Greece.

The value of property in Greece is ever-increasing, with annual growth rates in the order of 10-15%. In conjunction with low inheritance taxation as compared to the rest of Europe, buying property in Greece is the right choice for anyone wishing to make a sensible investment with both short and long term benefits.
How much money should one expect to spend for a holiday home in Zante?
One should have in mind when contemplating to buy a holiday home in Greece that property developers tend to cater mainly for the Greek market. This means that finding the right house is quite a task for a foreign buyer, with many considerations to take into account.

The resale second home market can be quite disappointing, as the majority of houses available are usually of low quality and questionable aesthetic appeal. Worse yet, such houses are often overpriced and no guarantee can be offered on the material used in construction.

Properties can be ranked in terms of location, size and quality of construction:

1. A stone house in a village could start from €60,000, with required renovation work adding an extra €20,000 - €100,000 to the overall price for the buyer. Prices range much higher for a stone house in a resort of the island: one could expect to spend as much as €100,000 - €250,000 for initial purchase before renovation works are performed.

2. A newly-built two bedroom apartment could cost around €120,000.

3. A new villa with 2 or 3 bedrooms should cost between €140,000 and €300,000.
Has Zakynthos got a Land Registry Service?
Yes, the island of Zakynthos has got a Land Registry, which ensures the highest degree of protection possible for real estate dealings in Greece.

There is not a single square meter of property in Zakynthos that is not registered in the Land Registry; buying land in Zante is virtually foolproof, with no hidden claims that could lead to years of court disputes.
What are the legal details of real estate purchase in Greece?
EU citizens are fully entitled to purchase property in Zante, while this is not the case for non-EU citizens as individuals. Should a non-EU citizen decide to make a real estate transaction, one of two options can be employed:

1. A Greek or EU registered company is formed and the property is registered under the company’s name.

2. The individual applies to the Ministry of Defense for permission to own property. This procedure requires a lawyer, and the lawyers on the island are well acquainted with such procedures.
Is there anything else I should know before I proceed?
The following is no more than a basic checklist and can by no means be considered exhaustive; if uncertain about any details, do not hesitate to ASK and request for the assistance of a translator/interpreter when necessary.

1. The first step to buying property is usually to employ a surveyor engineer to draw up a plan of the property under consideration. The plans drawn up by the surveyor engineer constitute an inseparable part of the purchase contract.

2. Contracts are drafted and signed in the office of a Notary Public. Greek law states that both parties must be represented by a lawyer and that both lawyers are present at signing of the contracts.

3. It is sound practice to enter into a preliminary contract requiring that any legal matters regarding title deeds are resolved within a reasonable time period, usually 60 days.

4. Advance payments for preliminary contracts with brokers, construction companies or individuals should never exceed 10% of the total price.

5. Request that your advance payment is paid back in full should the clearance of legal issues fail to reach a satisfactory outcome, by insisting that such a clause is included in the preliminary contract.

6. Your lawyer will have to apply for a Greek taxpayer identification number to be issued to you before the final contract is signed.

7. All properties in Greece are freehold.

8. The transfer costs to be expected in Greece amount to 13% on the property price (10% stamp duty, 1% solicitor, 2% notary public)

9. It would be a good idea to give some consideration to municipal property tax rates, utilities and service/maintenance charges before proceeding with purchase. The best way to go about finding such information would be to ask in the local municipal and utility offices, or perhaps a friendly neighbour.
What about communities and activities for non-Greek residents in Zakynthos?
Zakynthos has been an international holiday destination for 35 years now, with the tourist industry soon expanding to cover international meeting and conference needs as well. Most of the locals have a good command of the English language, so communication should not be much of a problem.

The island boasts a rich cultural heritage with influences from numerous civilizations due to its strategic geographic location, and this lends for a mosaic of traditions, customs, and backgrounds.

It is not surprising then that Zakynthos has attracted a great number of residents from European and other countries; drawn to the island initially for its crystal beaches, splendid weather and tourist attractions, many of these visitors decided to buy property and eventually become permanent residents of the island.

The foreign residents of Zakynthos have established communities sharing national, religious and cultural identities – it is certain that here one will find fellow residents with similar backgrounds and interests.
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