The real estate market in Greece is wide open for Canadians looking to buy property near sun soaked beaches, glittering turquoise waters, and romantic ruins.
Greece is dubbed the land of the Gods and Goddesses, which makes sense because it’s such a beautiful, heavenly country.
Each year, numerous Canadian travelers are known to frequent¹ irresistible destinations like Athens, Thessaloniki, Santorini, and Crete. Many of them fall in love with the country’s rich, Mediterranean culture and historic treasures, and some get bit by the Hellenic real estate bug.
If you’re looking for a place to buy in Europe and Greece has popped on your radar, here’s what you need to know about buying property in Greece as a Canadian.
Why buy property in Greece?
Greece borders the Mediterranean Sea in the south and the Ionian Sea. The south eastern European country is home to fascinating archeological museums, an impressively long, pristine blue coastline, extraordinary mountains, and a diverse array of wildlife.
Canadians buying property in Greece tend to do so for the following additional reasons.
- There are generally no restrictions. One of the most common questions people ask when it comes to buying property in Greece is whether foreigners or non-EU citizens are allowed to participate. The answer is yes. They can.
- The property market is favorable. The homeownership rate² is high in Greece, and Canadians can find many palatable locations and property types to suit their buying appetite.
- Greece has a golden visa scheme. Greece has a residence by investment program³. As a Canadian and non-EU citizen, you get a five-year residency permit if you purchase a property worth at least €250,000. With this visa, you can even bring your close family members and work in the country.
- You can find some of the cheapest house prices in Europe. Places like Athens⁴ have some of the cheapest house prices in Greece.
- It’s all a package deal. Greece has even more attractions for Canadian buyers, including glorious Greek weather, delicious cuisine, and a laidback lifestyle.
5 essential steps to purchasing property in Greece
Here are some steps you need to be aware of when buying property in the Hellenic Republic.
1. Apply for a tax number
You’ll need a unique and mandatory tax number, AFM or Arithmos Forologikou Mitroou, to buy property, pay taxes, work, or study in Greece.
2. Get your boots on the ground
If you want to choose where to buy wisely, it’s a good idea to visit Greece, scout different areas, and view properties. Once you get a feel for the property market, you can narrow your options and perform inspections/surveys to rule out any structural or other issues.
3. Appoint an agent and lawyer
It’s also a good idea to retain an agent to help you with your search. Once you initiate the buying process, you’ll additionally need a lawyer that understands the process of buying property in Greece for foreigners. They’ll provide legal support, get your paperwork in order, and complete due diligence.
Hiring a trusted agent and lawyer is highly necessary if you want to avoid the common pitfalls of buying property in Greece.
4. Make an offer
After choosing a property, you then make an offer to the seller. If the seller accepts your offer, you show your commitment by paying a deposit or down payment.
5. Close the deal
The contract of sale and purchase of Greek property must be certified by a notary according to Greek law. Overall, the total costs will typically include realtor fees, lawyer fees, notary fees, and taxes.
You also need to factor in exchange rate costs, which you can minimize by sending money via your MTFX account. Once you close the deal, it’s time to bask in the joys of Greek homeownership!
Why does the EUR/CAD exchange rate matter?
When sending money from Canada to Europe, you need the best exchange rates to minimize conversion losses. A competitive exchange rate allows you to get the most value for your international transfer, so it’s always a good idea to keep an eye on the EUR/CAD exchange rate.
You can check the EUR/CAD exchange rate now using MTFX’s live rate currency calculator.
Where to find the best exchange rates?
For many Canadians, banks seem like the most obvious way to send money internationally. But if you have a sense of self preservation when it comes to your money, it’s best to avoid banks. This is due to less than competitive exchange rates and expensive transfer fees.
So, where can Canadians turn to for cost-effective transfers that make sense where large sums of money are concerned? The obvious solution is a foreign exchange specialist like MTFX that offers exchange rates 3-5% lower than the banks, allowing you to save as much as $10,000 for every $200,000 you send.
Paying online without going to the bank
One of the biggest benefits of choosing a currency specialist for your overseas payment is the ability to pay online without going to the bank. So, you not only save money, but you also save time, effort, and a lot of hassle. Here are more benefits you can enjoy with MTFX:
- 24/7 secure online platform powered by automated technologies
- Turnaround times of between 24 and 48 hours or less
- Free guidance from foreign exchange experts
- A wide range of FX tools
Invest more in your property with MTFX exchange rates
Are you planning to move money from Canada to Greece to pay for your property? That means you’ll need a secure, cost-effective, and convenient way to make the transfer. It’s all possible with MTFX. You can buy your Greek property while still in Canada and avoid the brutal losses associated with international bank transfers.
Using your MTFX account instead means your transfer retains its value, and you get to invest more in your property. Better still, you can do it wherever, whenever, which adds a positive spin to your overseas property buying journey.
Moving large sums of money across borders can be a breeze with the right FX service.
Register your account with MTFX today and initiate a safe and secure transfer to Greece today.
Buy property in Greece – FAQs
What are the best places to buy property in Greece?
It all depends on whether you see yourself lounging by the sea or thriving in the middle of a busy city. That said, Greece has several cities that are popular among mainstream buyers. Athens, Thessaloniki, and Mykonos are all at the top of the list.
Keep in mind Greece⁵ has over 6,000 islands and islets, so there are many best places to choose from.
Can Canadians get a mortgage in Greece?
You’ll likely struggle to get a mortgage from a Greek bank. So, if you’re buying property in Greek as a Canadian, cash is king. That means you’re better off moving your savings or loan from a Canadian lender using a safe and secure foreign exchange service like MTFX.
What is the property market like in Greece?
The Greek property market has been long in recovery, and it appears to be a good time⁶ to buy property in the country.
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