Buying a House in Skopelos

Only in recent years have people from outside Greece been purchasing property here and in general the Greek people are fairly new to the concept of selling property at all! In previous generations houses were usually kept within the family and if the family couldn't maintain their properties they often became ruins. This was accentuated by both rural depopulation and the world Diaspora of the Greek people and though this situation as provided an opportunity to purchase some wonderful pieces of property today it has also left us with a situation where people are often not versed in the trading and pricing of houses and land.

To give an overview of the price range, however, is useful to those who are looking for property in Skopelos and we can say that a house in Skopelos Town can be as little as 40,000euro, an average of 150,000euro for something that can be lived in straight away, or up to 300,000euro for something special (and big) and of course as nearly all properties on the island are fairly unique any variation of the above can occur and there very special residences which appear vary rarely which fetch prices up to 900,000euro!

Similarly land for building varies greatly by location, aspect, view and amenities and can be from 40,000euro to 100,000euro for a plot for one house on average and then for larger plots any multiples of the above.

There are no restrictions on citizens of EU countries buying property anywhere in Greece. Some restrictions apply to non- EU citizens buying property in areas designated as "border areas". Non-EU citizens should apply to the Local Prefectural Authorities if they want to buy property in certain parts of Northern Greece, Crete, Rhodes, the Dodecanese islands or islands in the eastern Aegean Sea. (This does not apply to Skopelos island.)

The transfer of property ownership is always executed in the form of a notarial deed. When the actual agreement is drawn up by the notary and signed by the contracting parties two lawyers are present one on behalf of the seller and one on behalf of the buyer. Your lawyer is there to ensure that you are not cheated, that the title deeds are without impediment, and to determine the objective taxable value of the property. Before the actual sales agreement is signed, your lawyer will conduct a thorough search of the archives at the Land Registry office to make sure that there is no impediment or obstacle to the transfer of ownership and that the title deeds are in order. This does not take long and it will soon be time for you to sign the sales agreement/contract at the office of the notary.

The deposit

It is normal to deposit 10% of the agreed purchase price when the preliminary agreement is made. You may lose your deposit if you change your mind. If the seller changes his mind, he is obliged to return your deposit to you.

Written preliminary agreements may be dispensed with if the property is not of very high value or if it is obvious that the transfer of ownership will be completed in a relatively short time. Where a preliminary agreement is drawn up, it states who the parties to the agreement are, what the property is, what price has been agreed how the money will change hands. It also includes any other conditions agreed upon.

The notary will want to see that all the necessary documents (tax, deeds etc.) are in order before drawing up the sales agreement /contract. The deposit commits both buyer and seller. One of the differences between purchasing property in Greece and purchasing property in other countries is that most buyers have ready money; there is no chain involved, so it does not take long for the transfer of ownership to be completed. You should have at least enough money for the deposit ready to hand. You would not like to miss a good opportunity because you were too slow with the deposit. The deposit also reduces the likelihood of the seller accepting a better offer. It is wise, easy and quick to open a bank account in Greece.

If the search at the Land Registry office reveals an impediment, your deposit will be returned. If the seller simply changes his mind, he must return the deposit plus 100% in compensation. If the buyer changes his mind he forfeits the deposit. In effect, the deposit binds both buyer and seller to their word.

You will have to pay a one-off purchase tax. The amount payable is calculated on the basis of the "assessed value" of the property. The assessed value is lower than the actual market value. The tax due is 9% to 11% of the assessed value.

Planning permission

Planning permission is a matter of course if your piece of land is within the confines of a village, town or city. If your piece of land is not within the confines of a village, town or city, but is within the area covered by town planning, you will be granted permission to build on it provided it measures 2,000m 2, and borders with a municipal road. If your land is not within the confines of a village, town or city, and is not within the area covered by town planning, you will be granted permission to build on it if it measures 4,000m 2 or more, provided it is not within a forested area, and no restrictions are imposed by the Department of Archaeology. Only fully qualified, registered architects or engineers are allowed to apply for building permits. The cost is approx. 4% - 5% of the estimated cost of the building. Municipal taxes and duties are incorporated in electricity bills. The amount added to your two-monthly bill is negligible and includes a compulsory television license.

Amorgos Island Real Estate in Amorgos Greece-Houses Villas Hotels For Sale in Amorgos Island

Amorgos island real estate in Amorgos Greece. Houses villas hotels for sale in Amorgos island. Within this article one can find what to consider, and the steps one needs to take when purchasing a property on Amorgos island.

1. Find first a property that is of your liking via the internet or even better after a couple of visits to Amorgos island. Keep a record of all the properties you visited in Amorgos Greece. Prices of Amorgos island real estate will vary greatly. One will also note a big gap in the city evaluation, and the market value usually the city evaluation being lower up to five times, however in some case the city evaluation will be greater than the market value, so don't get taken for a ride.

2. Pay special attention when purchasing land, on Amorgos island in Greece.

If one decides to purchase land and wants to build, the building laws in Greece change frequently therefore you will also have to hire an engineer or a topographer who will inform you about the specific piece of real estate in Amorgos Greece. A lawyer and a notary cannot help you out in this step. If they do you will be getting wrong input, and might end up with some Amorgos island real estate which is not usable.

3. The costs when purchasing Amorgos island real estate are as follows. Calculated on the city evaluation or the price put on the deed of sale, which ever is greater, the notary will charge you about 2% the lawyer from 1.5% to 2%, and the government transfer taxes today are about 13%, however the government tax rates concerning real estate in Amorgos Greece change from time to time. Engineer costs for land purchasing may vary from 300 to 1000 euros. Also if a real estate agent in involved the agreed fees must be paid or else action may be taken against you down the line.

4. After the job is done from the lawyer and notary ask from the Amorgos island real estate registry the 4 certificates concerning your real estate in Amorgos Greece. These should be a certificate of ownership, one that states there are no existing loans or leans, a certificate that there are no claims private or government against your Amorgos island real estate, and a certificate of transcription or in simple words that your deed is actually registered at the Amorgos island real estate registry.

5. Don't forget that after all of the above you will be required to submit income tax for the next fiscal year. In the income tax form you submit you will be required to prove where you got the funds to purchase real estate in Amorgos island in Greece. For more details don't forget to ask you lawyer, before purchasing your favorite piece of real estate in Amorgos island. Be careful with this step, you don't want any unexpected surprises down the line. If you can't prove where you got the funds, the purchase value on the deed of sale as well as the notary fees will be calculated as an income and you will be taxed on this amount in an escalating form, from 0% to 43% about, which is the same scale as one has to pay for Greek income tax or income tax in Greece.

This article is designed to help people interested in purchasing Amorgos island real estate.

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7 Tips for Buying Property in Bali

1. Proximity to a temple

There are literally thousands of temples in Bali.  There are local laws stating that you cannot build within a certain range of the temple.  The reality is however, many buildings and houses are built near temples.  As a foreigner you need to be careful and check with the local government (banjar) if building on the land will be a potential issue before you buy the land.

2. Check ownership of trees/crops

Just because you own the land in Bali, you might not necessarily own the plants or trees that are growing on it.  This is especially the case of coconut or mango trees as they are harvested by farmers. 

3. Check the IMB (building permit)

To build a house or any building in Indonesia, you need to get a building permit or IMB. This is often placed prominently at the front of the property.  You might find that many locally owned houses in Bali don't have IMBs, but you can still organize the permit during the property transaction.  

4. Check the water and electricity

Check whether the house has water connected to the town water system (PDAM) or if it uses a well or bore on the land.  If the land uses a well, check that supplies enough water for your needs, particularly if you are planning later to build a swimming pool.

For electricity, make sure it has adequate wattage to run the appliances you want.  Bali is having problems keeping up with increased demands for its electrical supply, so getting an increase in watts is not always easy or even possible.

5. Find a reliable notary

Notaries handle property transactions in Indonesia. It is important to try to find someone who is reliable and honest.  They also need to be located in the same regency as the property you are purchasing.  If you have a notary that is located in a different part of Bali, you can still use them to check that the notary handling the transaction is doing everything above board.

6. Check ownership of the access road

Many people have been caught out in Bali because they don't have public access to their own land. It is important to check who actually owns the access road before you buy the land.  Even though the road looks as though it is a public one, it could be owned by a private individual and they can block access to your land unless you pay a substantial fee.

7. Talk to other foreign property owners in your village

Some villages in Bali are more friendly to foreigners than others.  Some villages will demand large fees to be paid, even if you have a building permit and will do anything to stop you from building until the 'fees' have been paid.  Bali's villages are very community focused, so it is a good idea to try and become involved as much as possible in the village, to avoid these kinds of problems.

Traveller's Guide to Cape Verde

Independent since 1975, the Cape Verde islands were once a Portuguese colony. To be found in the North Atlantic, our hundred and fifty miles off the Senegal coast, they are the most westerly point of Africa.

Cape Verde comprises ten principal volcanic islands and five smaller, largely uninhabited, the whole divided in two groups - the Ilhas do Sotavento the leeward group and the Ilhas do Balavento is the windward group.

Once a staging post and source of salt for ships, the islands now rely for there living on agriculture, shipping and other services, and more and more on attracting tourists. Most food is imported and there are annual budget deficits.

Recent economic reforms are designed to develop the private sector and attract foreign investors, although the islands are expected to remain dependent upon aid. Cape Verde has also been exploring the possibility of European Union membership, and its currency, the Cape Verdean Escudo, is already tied to the euro.

The islands and are prone to drought and seasonal winds which can bring dust storms, but have warm, dry summers. Seas around the islands can be 'treacherous'. Each island has its own characteristic although the landscape is predominantly rugged and mountainous with lots of beaches.

The capital is Praia, which is situated on the largest island, Santiago. Cape Verde has international airports on the islands of Sal, the main tourist destination to the north east of the group of islands, and Santiago in the south. There are also smaller airports on several other islands. Many international flights from Europe are via Lisbon.

Population is just 424,000, and the official language is Portuguese, while laws, architecture and customs also reflect the islands' Portuguese heritage. There are also strong African lifestyle influences. Foreign nationals require visas to enter the islands. Those buying properties will require a habitation permit.

The British Embassy in Dakar, Senegal has the responsibility for UK relations with Cape Verde. There is no Cape Verdean Embassy in London - the Cape Verdean Ambassador to the UK is resident in Brussels.

The Foreign Office judges the threat from terrorism in the island to be 'low'. Crime rates are also low although petty theft is common and 'there have been incidents of muggings involving British nationals'. The political situation is 'stable'. Recent property development has created investment interest in this emerging market - although with a weak but improving domestic economy and more Cape Verdean's living outside the islands than living on them, its development will be largely reliant on overseas investment.

Property ownership is subject to land registration. Transfer begins with a legally binding promissory contract signed in front of a notary public. At this point a deposit of between 10 per cent and 30 per cent is expected to be paid by the purchaser. Ownership is transferred when a final deed of transfer is signed, again in front of a notary, and payment made of the outstanding balance.

The purchase will then be registered at the local land registry and with the local authority on receipt of a report from the notary. Notary, registration fees and stamp duty are around 2.5 per cent of the property's price. There is also a transfer tax of three per cent and an annual property tax equivalent to 0.75 per cent of value.

Buying Monaco Property

Monaco is an independent Sovereign state situated between France and Italy on the Côte d'Azur. The fact that Monaco residents pay no personal income tax has encouraged an influx of many high net worth individuals to buy or rent Monaco property in order to qualify for residence.

One of Monaco's other main attractions is the high level of security afforded to its residents due to the presence of a strong police force. Many of the apartment complexes have 24hr security and concierges for extra peace of mind.

These factors as well as the superb climate have contributed to make Monaco property prices some of the most expansive in the world. The majority of Monaco property advertised in the local estate agents is for rent and generally the contracts require a three month deposit and three month rent in advance and the agent will charge ten percent of the annual rent their fee.

As Monaco is less than 2 square kilometres in area most of Monaco property is in the form of apartments and range from minute studio flats to enormous triplexes and penthouses many with their own swimming pools. There are a few town houses available in the Monaco property agent's windows however these are even more expensive than some of the penthouses.

The actual process of buying Monaco property is fairly simple and there are no restrictions on foreigners investing in the Monaco real estate market. To ensure that the transaction runs smoothly and conforms to the local law you will need to appoint a local notary. You will be required to pay a deposit of 10 percent (normally held by the notary) upon signature of the contract and the balance is payable upon signature of the transfer deed before the notary.

Monaco Property Fees

Notary fees plus supplementary expenses such as copies and stamps range from 1.5% to 2.5%. Real estate agent's commission is paid by both parties, 5% (plus 19.6% VAT) for the seller and 3% (plus 19.6% VAT) for the buyer.

Cape Verde Property Buying Guide

Emerging Cape Verde property market has been in conjunction with growing visitors to the tropical island with surfing and year round sunshine. Infrastructure expansion is greatly planned with an international airport, 4 or more tourist designated islands, road networks and inward investment relaxation of rules to accommodate foreign property buying. Cape Verde government is keen to attract many visitors on prolonged stays and as tourists to the number of islands earmarked for tourist development. Good returns for property developers that wish to build houses and apartments for holiday rentals to sell on or sit back and take high rental yields. Of course tax is due on rental profits, although substantial incomes can be made investing in the right property or land for development. Risk is always present buying property in an emerging market, although Cape Verde seems very promising as a long term property investment proposition.

Buying Process Cape Verde Property

Search for property and putting in an offer is the first stage of property buying. Estate agents and property developers can help with land and buildings for sale or you can locate property for sale on many websites and deal direct with owners and house builders and save money in the buying process. Good idea to conduct searches on the local area and property through Land Charge searches at the Municipal Authority and Land Registry Offices in Cape Verde. Searches here will provide a lot of information on the property:

- Debt attached to the property. Check to see all taxes, utilities is paid on the property as the new owner would inherit all financial liabilities.

- Restrictions on the property, property transfer and title.

- Valid habitation permit that goes with a valid conveyance of the property.

- Land register certificate "Certidao do Registo Predial".

- Map location of the property "Planta de Localizacao".

- Tax information on the property "Certidao Matricial".

Retain the services of a good lawyer who will arrange for the initial contract to be signed and agreed by both parties in property buying, and all other legal matters. Of course have a lawyer check all the details above and if the property is registered and in the sellers name and has the right to sell the property.

- Get hold of a tax card that is required when buying property and paying taxation due.

When signing the initial contract in the lawyers or builders (Promissory Contract of Purchase and Sale "Contrato Promessa de Compra e Venda") office a deposit is due and the contract is binding, meaning you must buy the property and the sellers must sell you the property. Contracts are as mentioned signed in a lawyer's office known as a Notary Public in Cape Verde.

When you have completed all the searches on the property and your lawyer says that everything is no problems with the property and the survey check on the property is all clear the final contact will require to be signed. Escritura is the final deed of conveyance that gets signed in a Notary Public in Cape Verde and provides the buyer of the property a document proving they are the rightful owner of the property. The Notary will register the title deed with the local land Registry and local Municipal Authority enabling enforceable title, also your lawyer can register the property. Final balance due on the property is due at this point.

Notary, lawyer, survey fees are also due, and stamp duty at present 2.5% of the final property buying price, all which are payable at the time of the final contract signing.

- Taxes are payable, please remember. Capital gains taxation when buying land for building is payable at different rates according to the sales price of the end user of the property. Sales vales in excess of 100% of purchase price of the land are then due, with other capital gains tax levels due if the increase in selling price is 30% or more.

- Transfer tax at 3% payable at the final contract signing stage.

- Annual taxes are due at present in excess of 3% per annum.

- Capital gains tax is also payable at 3% presently for the property and a "Declaracao de Mais Vallis" Capital Gains Tax Statement is also required to be sent to the Cape Verde Government within 30 days of the deed being issued.

- Gifts of property or property transferred to anyone including family members are taxable at 3% transfer at present.

Purchasing Berlin Real Estate - What is the Purchase Cost?

One of the most asked questions by investors new to Berlin is regarding the typical cost involved in making a real estate investment.

The cost depends on the price of the property and the cost tables for the notary public and the land register. They are digressive, in other words, the higher the price, the lower the percentage of the cost.

For a property with a purchase price of EUR 1 million the cost would be roughly:

Notary Public for the contract: EUR 6,965
Escrow account if required (based on EUR 500k): EUR 3,020
Land Register: EUR 4,280
Property Sales Tax 4.5% in Berlin: EUR 45,000
Agent Commission: Between 4 and 6 % plus VAT, (4%): EUR 47,600
Total: EUR106,865

For a property with a purchase price of EUR 2 million the cost would be roughly:

Notary Public for the contract: EUR 13,660
Escrow account if required (based on EUR 1 mill.): EUR 5,995
Land Register: EUR 8,410
Property Sales Tax 4.5% in Berlin: EUR 90,000
5Agent Commission: Between 4 and 6 % plus VAT, (4%): EUR 92,2600
Total: EUR213,265

For the quoted size of investment as a rule of thumb it is safe to use 10 % purchase cost for an initial calculation, with higher values reducing the percentage slightly.

These figures also identify the items where savings can be achieved:

1. If it is a straight forward purchase an escrow account should be avoided as the saving can be quite substantial.
2. Traditionally in Berlin the commission for the property agent is paid by the buyer. For a long time 6% plus VAT was custom and practise. With the recent influx of international investors these margins have come under pressure, especially with the agents not assuming any responsibility for the information provided by them.

The cost of financing will depend on many factors like the amount of equity used etc.. There will be cost for Technical Due Diligence and valuation, "handling fee" between 0.25 and 1 % of the loan charged by the bank and entry of the loan into the deeds register. With the right approach and experience there is also a money saving way of doing this.

Naturally there are many more aspects to be considered before making a purchase: Review of the rental contracts, maintenance, ancillary cost to mention only a few of them. Language can be quite an obstacle because an investor can not expect every property manager or care taker to speak English.

Businesses like Berlin Portfolio Ltd and their network of Real Estate Professionals from Notaries to Tax Consultants and Finance Brokers are specialised in assisting international investors in their investment decisions, providing a "Home Base" for their activities in Berlin - before and after the purchase.