Purchasing property and building in Skopelos Island Greece
Below is a MRR and PLR article in category Finance -> subcategory Real Estate.
Buying Property and Building on Skopelos Island, Greece
Overview
Skopelos, often hailed as the greenest Greek island, captivates visitors with its enchanting landscapes. It boasts an impressive five million pine trees, fifty thousand olive trees, and only five thousand residents. This lush paradise seamlessly blends the warmth of its beaches with the refreshing embrace of its forests.
Property and Pricing
In recent times, Skopelos has attracted interest from international buyers. Traditionally, properties were family-owned and seldom sold. However, rural depopulation and the Greek diaspora have presented unique opportunities for property acquisition, although the market can be unfamiliar with modern trading and pricing.
In Skopelos Town, property prices vary:
- Basic houses start around €40,000.
- Mid-range homes ready for immediate occupancy average €150,000.
- Larger, unique properties can exceed €300,000, with special estates reaching up to €900,000.
Land prices for building also depend on factors like location and amenities. Typical plots cost between €40,000 and €100,000, with larger parcels proportionally higher.
Buying Process
EU citizens face no restrictions when buying property in Greece, including Skopelos. Non-EU citizens must apply to the Local Prefectural Authorities in certain regions, but Skopelos is exempt from these limitations.
The property transfer process involves:
1. Notarial Deed: A notary drafts and finalizes the contract.
2. Legal Representation: Both buyer and seller have lawyers to ensure clear title deeds and proper transaction details.
3. Title Search: Lawyers verify no legal obstacles exist through a Land Registry check.
Deposit Details:
- A 10% deposit is customary upon agreeing to purchase.
- If the buyer withdraws, the deposit is forfeited.
- If the seller withdraws, they must refund the deposit, typically with an additional 100% compensation.
A written preliminary agreement is optional for low-value properties or quick transactions. The definitive contract follows a thorough document review.
Financial Considerations
Property purchases in Greece often involve direct payments, and many buyers come prepared with funds to avoid delays. Opening a Greek bank account is advisable for smooth transactions.
Upon contract finalization, a one-time purchase tax, based on an "assessed value" (lower than market value), ranges from 9% to 11%.
Building and Permissions
Securing planning permission depends on land location:
- Within village, town, or city limits, permissions are straightforward.
- Outside urban areas but within planning zones, land must be at least 2,000m² with municipal road access.
- Lands outside planning zones require a minimum of 4,000m² and must not be in forested or archaeologically restricted areas.
Only registered architects or engineers can apply for building permits, costing about 4%-5% of the estimated construction cost. Municipal taxes are minor, integrated into electricity bills, and include mandatory television licenses.
Embark on your journey in Skopelos where the stunning natural beauty meets the charm of Greek island life.
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