How to Sell Your Property with the Help of a Professional Realtor and How to Choose the Right One?

Deciding to sell a property is a significant step that comes with numerous questions and concerns. Below, we address some of the most common questions property owners have.

 – Conclusion –

By choosing to promote your property sale with a real estate company that offers internal technical support, like Euroimmo, you gain access to a comprehensive network of professionals working consistently and cohesively to maximize your investment’s value. You avoid extra costs and concerns with reliability and swift transaction execution. Additionally, our company’s expertise, international presence, and long-standing experience are the keys to your property’s successful sale. Contact us to discuss your needs and fully leverage the market’s potential.

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Are you retired and want to live in an ideal place to live with minimal taxes?

To attract foreign individuals to Greece, a new special scheme has come into force for pensioners settling in the country. It provides significant tax incentives and competes with similar schemes in other countries.

The measure applies to taxpayers who have a pension abroad and is detailed in article 5b of Law 4172/2013, as well as in the relevant circular A.1217/2020. Well with these, a beneficiary of pension income, according to article 12 of Law 4172/2013, arising abroad, who transfers his tax residence to Greece, is subject to an alternative tax treatment.

The special scheme in 5 questions – answers:

1. What are the conditions for membership?

1. Pension from another country
2. Tax residence for 5 of the last 6 years in a state with which Greece has an administrative cooperation agreement in force

2. How will I benefit from the special scheme?

1. 7% horizontal tax on pension and all other income outside Greece
2. Exemption from the special solidarity contribution
3. Full implementation of agreements between Greece and other source countries
4. Credit for tax paid abroad
5. Issue of Tax Residence Certificate
6. You can also (if the conditions are met) be included in the preferential tax regime “brain regain" (50% deduction on taxable income from wages and business activity).

3. What is the maximum duration? Can I withdraw earlier?

1. 15 years with no possibility of renewal
2. Possibility to withdraw at any time
3. Automatic termination of the scheme if the tax is not paid for any year.

4. Will I have difficulty with the process? Are there any supporting documents required?

1. Simple and short procedure, no administrative costs: application by 31/3 of each year – approval by the tax authority in 60 days – automatic notification of the tax authority of the country of origin
2. Supporting documents: passport, proof of previous tax residence (if there is a tax residence in Greece), proof of foreign pension

5. Why should I choose Greece and not another Mediterranean country with a similar regime?

1. Because Greece is an attractive and safe country within the Eurozone, with a wonderful climate, the highest sunshine in Europe and beautiful islands for every taste and lifestyle choice
2. Because Greece is a top tourist destination in Europe and a global cradle of history and culture
3. Because there is no requirement to invest in the country in order to join the scheme
4. Because there is no restriction on your citizenship – no minimum residence requirement in the country
5. Because you can settle anywhere in the country, from the capital to the most remote island, without any restriction
6. Because it offers a very low tax rate (7%) and the longest duration (15 years) compared to the regime offered by other countries

In any case, we recommend that all interested parties cooperate with specialized tax offices for this purpose.

For the purchase, the reconstruction of a house in Greece, by foreigners, or Greeks abroad, some Greek banks offer loans up to 65% of the value of the property with quite attractive terms.

For more information, please contact us.

The Greek financial crisis started in 2010 and bottomed out in 2015, with two elections and a referendum. Since 2015 and until today, Greece has recovered quite a bit, the economy has improved a lot and the economy has grown strongly. In addition to the economy as a whole, the real estate sector has also recovered significantly, with increasing demand from Greeks and even foreigners for apartments in cities and holiday homes or building projects on popular islands.

According to the Hellenic Statistical Service, in 2015 13,350 building permits were issued, in 2020 18,768 (a 40% increase in five years), and for 2022 the number of building permits is approaching 24,200. (Data for November and December 2022 are still missing). Thus, an 80% increase in the number of building permits for private projects in 7 years shows how strongly the real estate sector has supported the recovery of the Greek economy.

All of us in the construction industry were used to estimating construction projects with fixed prices. We had fixed prices in our minds and in our notes and during our discussions with clients we were able to come up with a very accurate estimate of construction costs from the beginning. It was also common for construction contracts not to include an inflation clause because it was not considered necessary. There was almost no volatility in the prices of building materials and if there was a change in the price of material, suppliers were able to lock in prices for current projects and only apply the new prices to future projects. From the beginning of 2021, steel and timber started to become more expensive and by the end of 2021, all suppliers continuously announced new higher prices. The year 2022 was a year where many expected prices to decrease, but then the war in Ukraine started and energy gave the last but very strong pressure on all prices. From 2020, the year of the pandemic, when demand was at its lowest point, to the beginning of 2023, total construction costs have increased by 20-25%. In 2021 the price increases were due to increases in material prices, but in 2022 labor costs also increased by 10% because of global inflation.

What is very important for the real estate sector in Crete is the fact that Crete is still very attractive compared to other Mediterranean holiday places, both in terms of construction costs and property prices.

Since the beginning of 2022, the US Federal Reserve has raised interest rates by around 4% and the European Central Bank by 2.5%. This means that mortgage rates have also risen, and property markets are under pressure for the first time in many years since the 2008 global financial crisis.

Mortgage rates in a country are linked to bond rates. Thus, during the golden age of zero interest rates in Europe and the Western world in general, mortgage rates were very low. Because of the zero interest rates, the real estate sector in Western countries has grown very strongly, and, in the opinion of many analysts, led to a bubble.

In contrast, this has not happened in Greece. In the period 2010-2015, when the real estate sector in Western countries was strongly upwardly trending, the prices in Greece had fallen by about 30% and banks were hardly lending for real estate.

Since 2015, the Greek real estate sector recovered, but without the help of loans, but with own capital. During the zero-interest rate period, mortgage rates from greek banks were comparatively very high, approaching 4% for apartments and detached houses.

After 2015 and even today, Greeks and foreigners who want to invest in Greece must do so with 100% equity for the investment to make sense. This disadvantaged position in which the Greek real estate market finds itself provides room for a realistic real estate price valuation compared to the rest of the Western real estate markets, as the highly leveraged markets are on the verge of bursting the bubble…A bubble that the Greek real estate market has never reached, and real estate prices remain at an affordable, realistic level.

The recovery from the pandemic

In the year 2022 , after 2 years of strict quarantine and total isolation of the world, the reaction of man and his thirst for a return to normal life rhythms, was self-evident.

Activity seemed to return to a very intense pace

and this was very much reflected in the statistics of tourist bookings,

which surpassed the previous Pick of the best previous best tourist year for Greece, that of 2019.

The war in Ukraine

It followed the shock of an unexpected war in the heart of Europe that put in doubt the apparent resumption of Europe’s economy to pre-covid levels, centered on the energy problem and the threat of the fuel supply shortages, especially for the industrialized countries of the north.

This has resulted in the psychological freeze of the world, more than the real, as it turns out, but with consequences for the cost of living of European citizens and elsewhere.

Life in Crete

We who have the good fortune to live in Crete, one of the southernmost and most sunny places in Europe, we have once again found out how lucky we are to have such to live in this beautiful place, with an average of 310 sunny days a year, which especially in this winter, when we need it so much more has so far given us the sunniest days than any previous one, with the direct consequence of minimal energy for heating in the winter months.  At the same time the fact that the island can provide produce to a high degree of self-sufficiency many of the necessities for daily life table products. as olive oil, vegetables, wild greens, etc., of excellent quality and at relatively affordable prices, avoiding the cost and wear and tear of transport, allows us to look to the future with greater optimism.

These advantages, in addition to us the local residents of the island and our quality of life, are shared by the thousands of northern Europeans who have either bought or built on the island and have chosen and continue to choose Crete as their place of living, and continue to do so, not only during the summer months as common tourists, but as permanent residents of the island. island, enjoying the friendship, hospitality, zero crime and the warmth of our island, together with its local inhabitants.

How the property market in Crete is affected

Real estate in Crete is still affordable compared to other markets in southern Europe and offers unparalleled advantages in terms of quality and value for money and quality of life.

For all these reasons, after a numbing of their market the last few months of last year, interest from other Europeans and non-Europeans alike to buy a house in Crete, seems to be reviving at a strong pace.

There is still a supply of secondhand houses in good condition, needing minor or major repairs in the 100.000 – 200.000 € zone, but also in larger categories, in the 200.000 – 1.000.000 € zone. The values of the plots vary, depending on their location in relation to the distance from the sea and residential – tourist centers, both in the north and in the south Crete, as well as by their building rate, starting from 40.000 €, up to 100.000 , out of town and at higher prices in and around the cities and around the coastal zone, which encourages many interested parties to design and build their homes to modern, high standards quality and at relatively affordable prices compared to other parts of Europe. All these elements make Crete one of the most attractive places on the earth to live in, in our times.

MINIMAL, MODERN & CONTEMPORARY DESIGN

In recent years there has been an increasing interest in architecture and interior design. Thousands images flood the internet every day with buildings and interior design proposals and the definitions “Minimal", “Modern" and “Contemporary" are often used.

 – How well do we know what each definition is? –

The above terms sound very familiar now, but do we know what they really refer to? Why are their meanings often confused when they are completely different types of design?

In order to better understand these types of design, first, we will try to define each type and then, after pre-senting the reasons why they are confused, we will show how we can distinguish them.

 – Why are their meanings confused? –

Very often the terms contemporary and modern are confused and this is due to the fact that the Modern style was temporally contemporary a few decades ago. Thus, anything modern is called modern by many. Although, a contemporary design can be modern, vintage, industrial and any other style.

Another misunderstanding that often occurs is the identification of minimal with modern style. This is because they share the following common elements.

> Τhe sense of open space, with large open floor plans so that the flow of the eye and movement within the space can be achieved unhindered.

> Α conspicuous absence of decorative elements, aiming at functionality without unnecessary details.

> Deliberate asymmetry.

> Large openings and unclear boundaries between the interior and exterior of the space.

 – What are the elements that distinguish these decoration styles? –

 – Ideal place for you –

Now that we are more familiar with the concepts of “Contemporary", “Modern" and “Minimal" design, we can recognize that in many cases a space can combine more than one decoration style. This is because each space is created according to the needs and aesthetics of the person using it. Each decoration style is simply a basis for you to be inspired and create the ideal space for you.

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A HOUSE DESIGNED FOR US

Our home is the place where we spend most of our lifetime. It is not just a structured space, it has emotional value for the person who lives there and significantly affects his life. There is no recipe for the perfect home, because every home should be designed to serve the needs and desires of those who live in it. However, there are some directions that can contribute to the space functionality. Examining each space separately we can identify many of them.

 – The importance of furniture choice –

Apart from the above directions that concern each space separately, there are some instructions that generally concern the choice of furniture and can improve both the aesthetic result and the functionality of the house. The furniture and objects that decorate a space must have the suitable size in relation to the dimensions of the space. Very large furniture  do not fit in a small area, due to they tend to make the room look smaller, take up space that could be used by storage furniture that can serve the functionality while often prevent the free crossing in the space. It is important that furniture to be placed opposite or perpendicular to the openings and to be selected in dimensions that do not block the motion, in order to create a fictitious line between the openings. Thus, beside the free motion, it is achieved the best lighting, the best energy flow and the space looks bigger.

– The importance of the objects position –

Except for the furniture choice, the object position in a room is very important. The right object allocation is necessary to achieve balance. Objects should not be placed only on one side but in different parts of the space. But this doesn’t mean that we give the same emphasis to each side. It is good to have a main composition in each space, ideally opposite to the entrance space, so that it is the first thing that someone sees when entering in it. Otherwise, the main composition can be placed at the side where is most visible to the user of the space. It is also suggested to repeat the decoration elements in two or more parts of the space in order to create a rhythm. A pattern, a color and / or a fabric can be repeated on two or more surfaces.

 – Personalized design –

In closing, I would like to remind you that there is no formula for the ideal home. All of the above directions are just recommendations. So, before we start to design our home it is important to understand our needs and habits. The only solution is personalized design, so the house will serve us and not us the house. Thereby, the house will become the place where we will share beautiful moments and we will give us rest.

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