A First-Time Buyer’s Guide to the Greek Property Market in Corfu

Corfu, an idyllic Greek island known for its rich history, stunning landscapes, and crystal-clear waters, is a dream destination for property buyers. If you’re a first-time buyer looking to invest in real estate in Corfu, navigating the Greek property market can seem daunting. However, with the right guidance and knowledge, purchasing a property in Corfu can be an exciting and rewarding experience.

In this comprehensive guide, we’ll walk you through everything you need to know as a first-time buyer, from understanding the market to legal procedures and how to make a successful purchase in Corfu.

1. Understanding the Greek Property Market

Before diving into the property-buying process, it’s essential to have a good understanding of the Greek property market, particularly in Corfu. The market has seen consistent growth, driven by demand for vacation homes, investment properties, and residential units. Corfu’s real estate market has been particularly attractive to foreign buyers due to its appealing lifestyle, scenic views, and favorable climate.

• Key Features of the Greek Property Market:

  • Property Types: Villas, apartments, beachfront homes, and rural properties.

  • Popular Areas in Corfu: Corfu Town, Gouvia, Dassia, and the north and south coasts.

  • Property Prices: Prices can vary greatly depending on location, with coastal properties being more expensive than rural ones.

To get a better understanding of the real estate options available in Corfu, check out Chase Real Estate Corfu.

2. Legal Considerations for First-Time Buyers in Corfu

When buying property in Corfu, it’s essential to understand the legal framework surrounding property ownership. Foreign buyers are permitted to buy property in Greece, but there are specific steps and legal considerations that you must follow.

2.1. Obtaining a Greek Tax Number (AFM)

One of the first steps in the property-buying process is obtaining a Greek tax number (AFM). This is required for all property transactions and will be necessary when signing contracts and transferring ownership. You can easily obtain an AFM from the Greek tax office, and you may need a translator if you don’t speak Greek.

2.2. Hiring a Lawyer

It’s highly recommended that first-time buyers hire a local lawyer who specializes in property transactions. A lawyer will help you navigate the legalities of the purchase, ensuring that the property has clear title deeds, that there are no outstanding debts on the property, and that all documentation is in order.

• Why You Need a Lawyer:

  • Review and verify property documents and contracts

  • Ensure compliance with local property laws

  • Handle the registration of the property in your name

For professional legal assistance when buying property in Corfu, visit Chase Real Estate Corfu’s Guide.

2.3. Understanding the Property’s Title Deeds

Before proceeding with any property purchase, it’s crucial to ensure the property’s title deeds are clear and that the property is free of any legal disputes or encumbrances. Your lawyer will assist in this process, but it’s important to be aware of these documents from the start.

3. The Property Search Process in Corfu

Once you understand the legal framework, it’s time to begin your property search. Corfu offers a range of properties, from beachfront villas to charming countryside homes, so it’s important to know what you’re looking for.

3.1. Determine Your Budget

As a first-time buyer, setting a clear budget is essential. Not only should you consider the purchase price of the property, but you should also factor in additional costs, such as:

• Taxes: Transfer tax, notary fees, and other property-related taxes.

• Legal Fees: Lawyer and registration costs.

• Renovation Costs: If you plan to renovate the property, make sure you have additional funds set aside.

3.2. Decide on Location

Corfu is a large island, and the location of your property will significantly impact its price and suitability for your needs. Popular areas for first-time buyers include:

• Corfu Town: Perfect for those who want to be close to shops, restaurants, and amenities.

• Gouvia and Dassia: Popular coastal areas offering a mix of residential homes and vacation properties.

• North and South Corfu: Quieter, rural areas ideal for those seeking privacy and tranquility.

To get help with property search, check out Chase Real Estate Corfu.

4. The Property Viewing Process

Once you’ve shortlisted a few properties, it’s time to visit them. It’s essential to view the properties in person to get a true feel for the space, the neighborhood, and the surroundings.

• What to Look for During Property Viewings:

  • Condition of the Property: Check for any structural issues or repairs that may need attention.

  • Neighborhood and Amenities: Consider proximity to schools, shops, beaches, and public transport.

  • Legal Documentation: Ensure that the property has the correct zoning and permits.

5. Making an Offer and Finalizing the Sale

Once you’ve found the right property, the next step is to make an offer. The offer process in Greece may be different from what you’re used to, so it’s important to work closely with your lawyer and real estate agent.

5.1. Signing the Preliminary Agreement

Once an offer is accepted, a preliminary agreement is signed, which typically includes a deposit of 10% of the property price. This agreement outlines the terms and conditions of the sale, and it’s important that you review this document carefully with your lawyer.

5.2. Final Contract and Notary Public

The final sale contract is signed in the presence of a notary public, who ensures that the transaction is legal and binding. This is when the remaining balance is paid, and the property is officially transferred into your name.

• Documents You’ll Need:

  • Greek Tax Number (AFM)

  • Passport or ID

  • Proof of funds for the property purchase

For assistance with the property buying process, visit Chase Real Estate Corfu.

6. Additional Costs of Buying Property in Corfu

Apart from the property price, there are several additional costs involved in buying property in Corfu. It’s important to account for these to avoid any surprises during the buying process.

• Property Transfer Tax: Approximately 3% of the property’s value.

• Notary Fees: Typically between 1-1.5% of the purchase price.

• Legal Fees: Vary depending on the lawyer and services provided.

7. Financing Your Property Purchase in Corfu

If you need to finance your property purchase, there are a few options available for foreign buyers. Greek banks offer mortgage options for non-residents, though the terms may be different from those available to Greek citizens.

• Mortgage Options:

  • Local banks may offer up to 60-70% of the property value for foreign buyers.

  • Ensure you meet all financial requirements and have the necessary documentation ready.

For mortgage guidance and property listings in Corfu, visit Chase Real Estate Corfu.

8. Conclusion: Successfully Buying Property in Corfu as a First-Time Buyer

Buying property in Corfu as a first-time buyer can be a smooth and rewarding experience if you follow the right steps. From understanding the legal requirements to conducting property searches and securing financing, proper preparation is key.

With the right guidance from local experts, such as the team at Chase Real Estate Corfu, you can confidently navigate the property market and find the perfect home for your needs.