ATH ENS INVESTMENT SUMMIT Structure a Property Investment in Greece

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1 ATH ENS INVESTMENT SUMMIT 2016 Structure a Property Investment in Greece 1

2 Structure a Property Investment in Greece Buying a real estate asset in Greece can be a relatively straightforward and secure transaction if one is aware of all the requirements and the various processes necessary to have a successful transaction. Greek legislation allows foreigners and specifically EU residents to acquire real estate properties in most regions of Greece Non EU residents cannot buy properties located near national borders for reasons related to national defense. 2

3 3

4 Selecting the right property that meets all your requirements is important whichever the purpose Holiday home Rental investment Portfolio investment Development Considerations Location, Yields, Quality of construction, Licenses etc 4

5 Hiring a real estate advisory firm to guide and support you, in identifying your property is highly recommended. A real estate advisor should provide Local Real Estate Market Analysis Valuation - Comparable Data - Future Value Investment Analysis/Feasibility Study - Expected Yield Negotiation The advisor should lead the overall process and engage specialists where appropriate. 5

6 Prior to the final decision, a thorough technical and legal due diligence is required A. Technical Due Diligence B. Legal Due Diligence 6

7 2A. Technical Due Diligence An engineer needs to check that: The property complies with all urban planning and building terms Current Condition of the property Material Used If the property needs any renovation Cost for Renovation works 7

8 2B. Legal Due Diligence A lawyer needs to: Verify the accuracy, validity and continuity of the ownership deeds Ensure that all transfer formalities related with the Land Registry Office and/or Cadastre Office are complied with Review for debts, mortgages or liens of the property 8

9 The estimation of the Transaction Costs and the annual Property Taxes of the property is imperative prior to any final decision. Transaction Costs for Buying a Property in Greece The average transaction cost of purchasing property in Greece ranges between 7%-12.5% of the property value. The transaction cost will be higher for new construction, which is subject to VAT Annual Property Taxes ENFIA is subject to the location, the surface, the floor, the construction year and the assessed value of the property Expected Cost: 2.5 to 16.25/sqm Additional tax for total value of properties with assessed value more than 300,000. Individuals: 0.1%-1% and Legal Entities: % 9

10 It is common practice for the prospective buyer and the seller to sign a preliminary contract to reserve the property until the completion of the legal and technical due diligence. At this stage, a mutually agreed percentage of the purchase price is paid by the buyer to the seller as a down payment. Should the buyer fail to complete the transaction for reasons other than the legal and technical due diligence, this amount is usually forfeited. 10

11 Before signing the final contract, the buyer has to comply with certain tax formalities. Deposit of the Transfer tax (3%) or the Value Added Tax (23%) for new construction with a building license issued after January 1, 2006 and the transfer being made by a construction company or a professional constructor 11

12 A draft notarial deed of conveyance is prepared by the notary public and reviewed by the legal advisors of the transacting parties. The execution of the final contract takes place before a notary public, after collection of all necessary legal and appropriate supporting documents. 12

13 Following the signing of the final contract, the property transfer is registered either at the Land Registry Office or the Cadastre Office of the region where the property is located. Properties in Greece belong either to the Land Registry or to the Cadastre. Only at this point does the transfer of the Title deed of ownership become valid. 13

14 Tax & Legal Advisor The steps for buying property in Greece are the same for individuals and for legal entities. For legal entities specifically, tax and legal advice is strongly recommended in order to identify the most efficient acquisition structure for each case. The presence of a lawyer during the drafting and signing of the contract is not obligatory as of the 01/01/2014, even though it is highly recommended. The legal due diligence of all the documents has to be performed by a lawyer as well as: The Drafting of contracts Registration of legal entities (if needed) Mortgage process (if needed) Registration of the Property Transfer Registered either at the Land Registry Office or the Cadastre Office 14

15 Appendix A - Transaction Costs Useful Information Type Transfer Tax or Value Added Tax Municipal Tax Notary Fees Land Registry/Cadastre Fee Legal & Technical Due Diligence Cost 3% of the property value or 23% of the property value (New construction) 3% (% of transfer tax) 0.65% - 1% (plus VAT) of property value 5,5-6,5 (plus VAT) of property value Expenses vary according to the complexity of the research and the value of the property All costs are calculated using the highest value between the Contract Value and the Assessed Tax Value. The Assessed Tax Value is determined by the Ministry of Finance The average transaction cost of purchasing property in Greece ranges between 7%-12.5% of the property value. The transaction cost will be higher for new construction, which is subject to VAT Prior to completion of the agreement the buyer must have obtained a Greek Tax Identification Number (AFM). According to the new legal framework, any non-eu investor who spends in excess of 250,000 on Greek real estate is granted a residence permit for himself and his family. This is renewable every five years 15

16 Who We Are Algean Property is an international property services company, with operations in Athens and presence in London and Luxembourg. Algean Property is a member of Algean Group, a holding company which invests in and operates in innovative business models. Our purpose To analyse and measure a virgin real estate market like Greece and be the leaders in the market for institutionalized services in the high end hospitality and residential real estate sector. To present the Greek real estate hospitality market to potential investors in a personalised way and as the credible and high yield investment destination that it can be. What we do We are the leaders in the analysis of the real estate hospitality market in Greece We provide personalised property search, acquisition assistance, investment analysis, valuation services and real estate market research for individual private investors, potential homeowners, developers and investment funds Our expertise lies in the luxury residential and high-end hospitality development sector, in Greece and in the wider EMEA region. 16

17 Our Latest Reports Contact Athens 78,Kifisias Avenue, Marousi 15125, Athens, Greece T : London 19,Portland Place W1B1PX, London, UK T : +44 (0) welcome@algeanproperty.com

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