Finding a Greek estate agent
As an international buyer, having a reliable estate agent can make all the difference to becoming the proud owner of a Greek property. They will guide you through the buying process and help you to get what you want out of a viewing trip.
Often, Greek estate agents have a more hands-on approach and offer services like advice on insurance, utilities and local contractors. Plus, if you are keen to renovate the property, your estate agent can advise on your plans before you buy.
How to choose a reliable estate agent
There is no shortage of estate agents in Greece, with more than 2,500 in Athens alone.
To operate, Greek estate agents must be fully regulated and professionally licenced to sell homes. They may be a member of the Hellenic Association of Realtors (SEK), the International Federation of Real Estate Professionals (FIABCI) in Greece or the European Confederation of Estate Agents (CEI). .
Online expat forums are an excellent way of finding a good agent. While it is less common now, it is still important to be wary of bogus estate agents. If a property sounds too be good to be true, it probably is.
Qualities to look for in an estate agent:
- Is proactive and offers a good service
- Answers questions promptly – send them a brief before you go and see how quickly they respond
- Understands the property market
A good estate agent will be your on-the-ground source of knowledge in Greece. They will be able to detail the best neighbourhoods, transport connections, the best places to eat, schools, hospitals and more.
Property Guides and Your Overseas Home have an extensive network of reputable estate agents that we can refer you to.
If you do not speak Greek, ensure that there are English-speaking agents at the estate agency.
Estate agent fees
The government does not regulate estate agent fees. They usually range from 2% to 5% of the property purchase price. Often, the fee is split between the buyer and the vendor. Sometimes, the estate agent fees are included in the purchase price, so ask what arrangement your estate agent has in place.
Questions to ask potential agents
For international buyers in Greece, it’s essential to ask questions to get a comprehensive understanding of the properties you’re considering. Maintaining an open dialogue with your estate agent ensures that you don’t dismiss a property without valid reason. After all, you’re likely making a significant investment, so you want to make the right decision.
Here are a few questions that can help you determine if the price is appropriate or if there might be room for negotiation:
- How long has the property been listed and have there been any offers?
- Has the asking price been lowered?
- Have any comparable properties been sold in the vicinity? What were their selling prices?
- What’s the motivation behind the sale?
- How long have the present owners resided there?
- Have there been any recent refurbishments?
- If the estate agent were to purchase it, what would they do with the property?
- Are there any extra charges, such as shared facilities, that I should be aware of?
- Are there any limitations on leasing?
- What are the local facilities like?
These questions can provide valuable insights and help you make an informed decision when buying a property in Greece. A good estate agent will be able to answer these questions and guide you through the process.
Working with estate agents
Your estate agent can only perform as effectively as the information they’re provided with, so the more they understand about your preferences, desired location, and the purpose of your purchase, the better they can assist you in finding the ideal property.
They might propose properties outside the area you’ve indicated, but don’t dismiss them too quickly. It’s probable that your estate agent has recommended these properties because they meet most of your criteria, and you might find that the property is more suitable for you than those in your initial location.
When you find the right property in Greece the agent might suggest connecting you with their own trusted lawyer to facilitate the sales process. While there’s no reason to suspect any wrongdoing, it’s always advisable to choose and appoint your own lawyer. This ensures that they are working solely in your best interests, without any potential conflicts.
Ready to buy and your estate agent’s role
It’s good to establish a good relationship with your estate agent, but when making an offer don’t let that deter you from negotiating a reasonable price for your property. Be personable but confident, and importantly, well-informed about local prices, so you can propose a fair price.
Your estate agent shouldn’t rush you into making a quick decision, and you shouldn’t feel pressured by them. You have every right to consult with your lawyer and currency specialist before making any decisions.
When you’re prepared to make an offer, your estate agent will do this for you. You might be asked to pay a reservation deposit for the seller’s agent to remove the property from the market. Also, you’ll need to ensure you have an AFM number (tax identification number for foreigners in Greece) if you don’t already have one.