AdministarorGreece Trade Associations
Hellenic Federation of Real Estate Agents (OMASE)
24 Charilaou Trikoupi Street
Athens
GR-106 79
Greece
Phone : +30 21 0362 1930
Fax : +30 21 0364 4749
e-mail : info@omase.gr
Web : www.omase.gr
The Real Estate Agents Federation of Greece (OMASE) was established in 1963 and is based in Athens. The Federation has approximately 5000 members from all over Greece and is directed by 11 elected board members. The Federation has an influential and respected reputation in the economical circles of the country, and it also has a strong presence within the mass media. It represents the interests of its practitioners and also assists in keeping Real Estate Agents up to date with new technology and education.
Greece Land Rights
Foreigners may acquire real property in Greece with the exception of certain provinces and many Greek Islands. Certain exemptions may apply for European Community nationals.
Leases of industrial, commercial and professional premises are subject to various restrictions. Certain leases of residential properties are subject to rent control. Certain lease documents must be registered with tax authorities in order to be valid.
Dower and curtesy do not exist in Greece. Upon marriage, each spouse retains his or her property, acquired before the marriage. However, on dissolution of marriage, the court may award the marital home to either party. For the duration of marriage there is presumption that 1/3 of property has been acquired by a party not owning it.
Greece Forms of Ownership
General partnerships, where all partners are jointly and severally liable, and limited partnerships containing at least one general partner may acquire, hold, and convey real property in Greece.
Greece Real Estate Info Summary
A valid conveyance of real property in Greece must be attested by a notary and registered. Mortgages on real property must also be registered.
Conveyance after death can be made by a will, however, if an intestate left neither a surviving spouse nor heirs, then the estate will escheat to the government.
Because deeds must be registered in Greece, there is no title insurance. Registration provides conclusive proof of ownership.
Greek contract law is different from U.S. contract law. However, under Greek law, there must be a lawful purpose, mutual consent and in most instances, consideration in order to have a valid contracts. In general, oral contracts are valid and enforceable. However, contracts for the sale of real property must be in writing.
Property Taxes:
In addition to stamp duty, there are taxes on transfers of real property as well as capital gains on sale of real property. Certain exemptions apply for primary residences and agricultural property. Greek taxes are becoming standardized with the rest of the European Community.
Greece Mortgages & Financing
Under Greek civil law, a mortgage or hypothec may be used to secure a debt on real property. Mortgages must be registered with the Registrar of Hypothecs. Mortgages must state specific consideration and priority is given to the first recorded mortgage.