Glossary of Terms Related to Real Estate and Investment in Greece
This glossary provides definitions of key terms related to real estate and investment in Greece, offering a clearer understanding of the concepts and terminology you may encounter during the property buying process.
- Definition: A unique Greek property exchange agreement where land or an old house is exchanged for apartments in a new building constructed on the land. It’s a mutually beneficial arrangement between the landowner and the developer.
- Golden Visa
- Definition: A Greek residency-by-investment program that grants residency rights to non-EU citizens who make significant real estate investments in Greece. The program offers various benefits, including visa-free travel within the Schengen Area.
- Ktimatologio (Land Registry)
- Definition: The official public registry of real estate properties in Greece. It records ownership, transactions, and other legal property details. Ensuring a property is listed in the Ktimatologio is a crucial step in the buying process.
- Notary Public (Symvolaiografos)
- Definition: A legal professional in Greece responsible for authenticating property transactions. The notary public ensures that all legal requirements are met and that the transaction is properly recorded.
- E9 Form
- Definition: A tax form in Greece that details property ownership. Property owners are required to submit this form to declare their property assets for tax purposes. It includes information on location, size, and value.
- Definition: The annual property tax imposed on property owners in Greece. The amount is calculated based on various factors including the property’s location, size, and age.
- Transfer Tax
- Definition: A tax that is paid when property ownership is transferred from one person to another. It is calculated as a percentage of the property’s value and is typically paid by the buyer.
- Asfalistiki Timi (Insured Value)
- Definition: Refers to the minimum value for which a property must be insured in Greece. It’s often used for tax assessment purposes and is an important consideration in property valuation.
Understanding these terms will provide valuable assistance in navigating the real estate landscape in Greece, ensuring a more informed and seamless property investment experience.