Buying real estate that's listed as 'For Sale By Owner' (FSBO) in Greece can offer a few advantages compared to purchasing through a traditional real estate agent.
Greece has the twelfth longest coastline in the world at 13,676 km (8,498 mi) in length, featuring a vast number of islands (approximately 1,400, of which 227 are inhabited), including Crete, the Dodecanese, the Cyclades, and the Ionian Islands among others with Mykonos and Samos being a particular favourite for vacationers. Eighty percent of Greece consists of mountains, of which Mount Olympus is the highest at 2,917 m (9,570 ft).
Greece has land borders with Albania, the Republic of Macedonia and Bulgaria to the north, and Turkey to the east. The Aegean Sea lies to the east of mainland Greece, the Ionian Sea to the west, and the Mediterranean Sea to the south.
Modern Greece traces its roots to the civilization of ancient Greece, generally considered the cradle of Western civilization. As such, it is the birthplace of democracy, Western philosophy, the Olympic Games, Western literature and historiography, political science, major scientific and mathematical principles.
One of the main reasons buyers might choose FSBO is the possibility of saving on the commission fees that a real estate agent typically charges. Since there's no listing agent, the seller might be willing to negotiate on the price to make up for the lack of commission fees, or the buyer might save directly on commission costs.
When buyers have direct contact with the seller, there may be more room for negotiation on the price or what is to be included, and the buyer can potentially create a more personal relationship with the seller.
With FSBO, there's often more transparency between the buyer and seller, and the seller may be more inclined to disclose information openly, and you might have more insight into the property's history, condition, and the seller's motivation for selling.
In some cases, FSBO properties may not be as widely advertised as those listed by agents, resulting in less competition from other buyers, especially in an area with fewer FSBO listings.
Without an agent involved, both parties may be more flexible in terms of closing dates, and the process could be smoother and more adaptable to your needs.
Buying houses for sale by owner Greece, via what is also known as FSBO, often means you're dealing directly with the person who knows the property best-the seller, who can provide details of the property's features, history, as well as information on the area. This can lead to a more personalized experience, rather than a generic walkthrough by an agent.
Because FSBO sellers often market the property themselves (through online listings, yard signs, or word-of-mouth), they might price the home more competitively, knowing they don't have to account for the cost of agent fees.
There are some areas that should be considered is using FSBO instead of the regular selling through an agent avenue, such as the expertise that a realtor brings to the table like being able to negotiate a hard deal.
Without an agent or attorney involved, the deal could run into legal pitfalls, so buying FSBO in Greece is about balancing the potential for savings versus the risk of navigating the transaction without professional assistance.
If looking at Greece as an overseas or foreign investor or buyer into Greek real estate, those who typically invest or purchase at €250,000 to €800,000, which varies according to the area chosen, can obtain Greek residency through the Golden Visa Program, making Greece an attractive gateway to the EU.
Greece, which is deemed as affordable when compared to other luxury property markets, can offer high-end real estate at lower price points than hotspots like the French or Italian Rivieras, still with excellent growth and demand, and Greece offers many buyers the attraction of purchasing into the Greek lifestyle that has a great appeal, where buying through a real estate agent or buying direct from the owner.
Greece offers both stability and opportunity to buyers and investors, as tourism to Greece brings in over 30 million visitors across the mainland and the Greek Isles.
With the Golden Visa residency as an option those buying for personal use or as an investor in Greece real estate, whether the aim is short-term rental income, capital gain, or a mix of personal use and renting for income should be considered.
