Step-by-Step Guide to Buying Property in Corfu as a Foreigner
Everything You Need to Know About Purchasing Real Estate in Corfu
Buying property in Corfu as a foreigner can be an exciting and rewarding investment, but it’s essential to understand the legal, financial, and logistical steps involved. Whether you’re looking for a vacation home, a rental property, or a permanent residence, this guide will walk you through the entire process.
Why Buy Property in Corfu?
Corfu, one of Greece’s most picturesque islands, is known for its stunning beaches, rich history, and welcoming community. The island offers:
- A Mediterranean climate with mild winters and warm summers
- Affordable property compared to other European destinations
- A thriving rental market, making it attractive for investors
- Residency opportunities for non-EU buyers through the Golden Visa program
If you’re considering purchasing real estate in Corfu, working with a trusted local agency like Chase Real Estate Corfu can streamline the process.
Can Foreigners Buy Property in Corfu?
Yes, foreigners can legally buy property in Corfu. Greece has no restrictions on EU citizens purchasing real estate. Non-EU buyers can also purchase property, but they may need additional approvals from local authorities, especially if buying near border zones.
Step 1: Research the Corfu Property Market
Before diving into the buying process, it’s essential to research:
- Popular areas: Corfu Town, Kassiopi, Paleokastritsa, and Agios Gordios offer a mix of luxury villas, traditional homes, and beachfront properties.
- Property prices: Prices vary depending on location, property type, and proximity to the coast. Expect to pay anywhere from €100,000 for a small apartment to over €2 million for a luxury villa.
- Investment potential: Corfu’s tourism industry ensures a strong demand for vacation rentals.
To explore available properties, visit Chase Real Estate Corfu’s listings.
Step 2: Set a Budget and Secure Financing
Foreign buyers should budget for:
- Property price: The main cost, influenced by location and property type.
- Taxes and fees: Expect to pay around 7-10% of the purchase price in taxes, notary, and legal fees.
- Renovation and maintenance costs: If purchasing an older property, factor in potential repairs.
Financing Options:
- Cash purchases are common, but mortgages are available to foreign buyers through Greek and international banks.
- Non-EU buyers should check if they need additional approvals for large transactions.
Step 3: Find a Reliable Real Estate Agent
Working with an experienced local agent ensures you get access to legitimate listings and avoid potential pitfalls. A good agent will:
- Help you find properties that match your needs and budget
- Guide you through legal requirements
- Negotiate the best price
- Assist with due diligence
For expert guidance, check out Chase Real Estate Corfu.
Step 4: Hire a Lawyer and Notary
A lawyer is essential to ensure a smooth transaction. They will:
- Check the property’s legal status and ownership history
- Verify there are no outstanding debts or encumbrances
- Draft and review contracts
- Represent you in legal matters
The notary finalizes the transaction by:
- Ensuring all legal paperwork is in order
- Overseeing the official signing of the sales contract
For legal guidance, refer to this Corfu property guide.
Step 5: Obtain a Greek Tax Number (AFM)
A Greek tax number (AFM) is required for any property purchase. It is issued by the Greek tax office and is essential for:
- Opening a Greek bank account
- Paying property taxes
- Completing the legal purchase process
Your lawyer or real estate agent can assist in obtaining an AFM.
Step 6: Open a Greek Bank Account
To facilitate the purchase, you’ll need a Greek bank account for:
- Paying property taxes and fees
- Transferring funds
- Utility bill payments
Documents required include your AFM, passport, and proof of address.
Step 7: Conduct Property Due Diligence
Before finalizing the purchase, a thorough check is necessary:
- Title deed verification: Ensures the seller has legal ownership.
- Building permits: Confirms there are no illegal constructions.
- Land survey: Checks for any boundary disputes.
Skipping this step can lead to legal complications later.
Step 8: Sign the Preliminary Sales Agreement
Once due diligence is complete, you will:
- Sign a preliminary contract
- Pay a deposit (usually 10% of the purchase price)
- Agree on the final purchase terms
If financing the purchase, this is when mortgage paperwork is completed.
Step 9: Sign the Final Contract and Transfer Ownership
The final contract is signed in the presence of a notary. You will:
- Pay the remaining balance
- Pay property transfer taxes (around 3% of the property value)
- Officially register the property under your name
Once completed, you will receive the official property title deed.
Step 10: Register the Property and Pay Taxes
The final step includes:
- Registering the property with the Greek Land Registry
- Paying annual property taxes
- Setting up utilities (electricity, water, internet)
Frequently Asked Questions
Can I get a Golden Visa by buying property in Corfu?
Yes, non-EU buyers who invest at least €250,000 in Greek real estate qualify for the Golden Visa, granting residency rights.
Are there additional costs besides the property price?
Yes, expect to pay:
- Property transfer tax: ~3%
- Legal fees: 1-2%
- Notary fees: ~1%
- Agent commission: 2-3%
How long does the property purchase process take?
It typically takes 2-3 months, depending on the complexity of due diligence and financing.
Start Your Property Search in Corfu Today
Buying property in Corfu as a foreigner is a straightforward process with the right guidance. Whether you’re looking for a holiday home or an investment property, working with experienced professionals ensures a smooth transaction.
For expert assistance, visit Chase Real Estate Corfu and explore available properties.
