Welcome to our detailed guide for Zakynthos, a beautiful Greek island. It’s known for its stunning views and lively community. If you’re looking at Zakynthos house for sale, this guide will help you understand the Zakynthos real estate market.
We’ll cover the legal aspects, financing, and the buying process. Whether you want luxury homes, beachfront properties, or cozy villas, knowing about Zakynthos property listings is key. This guide will get you ready to buy a piece of this lovely island.
Key Takeaways
- The transfer tax for purchasing property is 3.09% of the property price.
- Expect notary public fees around 0.8% plus 24% VAT.
- Legal fees are approximately 1.5% of the property price.
- Total expenses can reach around 7.5% in addition to the purchase price.
- Planning permission is often granted for building on 70% of the ground area within villages and towns.
- Building costs for renovations are about 700 Euros per square metre.
- New builds generally cost around 1,300 Euros per square metre, excluding land and planning permissions.
Understanding the Zakynthos Real Estate Market
The Zakynthos real estate market is very inviting for buyers. With an average price of 2,000 Euros per square metre, it’s cheaper than Corfu and Kefalonia. This makes it a great choice for those wanting to invest in Greek real estate.
Zakynthos has about 120 kilometres of coastline. It scores 9 out of 10 for sea views, making beachfront homes very appealing. Compared to Lefkada and the Cyclades, Zakynthos offers great value for beachfront properties.
The market in Zakynthos is stable, especially in the luxury segment. High-net-worth individuals are drawn to the island’s beauty and peaceful lifestyle. Karetta Realty offers a wide range of properties, from traditional homes to modern apartments.
Travel to Zakynthos is easy, with direct flights from the Netherlands taking just over three hours. The island is welcoming, with many English and Dutch speakers in towns like Tsilivi and Laganas.
Understanding the Zakynthos real estate market is key for buyers. With detailed descriptions, photos, and expert advice, finding the right property is possible.
Zakynthos house for sale: Legal Considerations
Buying a property in Zakynthos means looking at many legal points. It’s wise to get a lawyer, preferably one the British Embassy recommends. They will help with all legal steps, making the process easier.
First, you need to do a thorough property title search. This check makes sure the property is clear of any issues. It’s key for those looking at zakynthos real estate to know this.
Non-EU buyers must get permission from the Council of the Local Prefecture. They also need to know about taxes, like an annual property tax if the value is high enough.
When looking at a zakynthos house for sale, understand all costs, including legal fees. The real estate commission is 2% plus VAT at 24%. For rentals, it’s one month’s rent plus VAT.
Buying an unfinished house in Zakynthos can be a good deal. The property has a 6,000 m2 plot and costs €1,056 per square metre. It has four bedrooms, one bathroom, and one water closet, 17 km from Zakynthos Town.
Knowing these legal details helps make buying smoother. Buyers should look at these points carefully. This ensures a legal purchase, opening up many possibilities like living, working, or renting out your zakynthos villa for sale.
Financing Your Property in Zakynthos
There are many ways to finance a property in Zakynthos, making it a great place to invest. You can buy directly or get a loan from Greek banks. Having a local bank account helps manage your finances better.
It’s important to know the costs when buying property in Zakynthos. You’ll need to budget for:
- Transfer tax, about 3.09% of the property price
- Notary fees, around 0.8% plus VAT
- Legal fees, about 1.5%
These costs can add up, especially for luxury homes. The total cost includes registration fees, which can be 10-15% of the price.
Many people buy properties in Greece with cash. But, fixed-rate loans are becoming more popular. In 2022, the average mortgage rate was around 3.1%, with an LTV ratio of 62.9%.
The Golden Visa Program has also drawn foreign investors. It offers permanent residency for those investing €250,000 or more in property. This program has boosted foreign investment in Greek real estate, including Zakynthos.
Knowing your financial options and extra costs is key. Buyers should carefully choose their financing to succeed in Zakynthos’s real estate market.
For more information on investing in Zakynthos, check out the complete guide to property for sale.
Purchasing Process for Zakynthos Property Buyers
Buying property in Zakynthos has several key stages. First, buyers look at various listings to find what they want and can afford.
When they find a property, they make an offer. If the seller agrees, a 10% deposit is paid. Then, a pre-contract is drawn up by a Notary Public, outlining the sale terms.
Legal checks and surveys are crucial. These can take three to six months. They ensure the property has no legal issues. After this, the contract is signed, and the ownership is registered.
Knowing the costs is also vital. Buyers need to consider the 3% transfer tax and notary fees of 1% to 2%. Legal and title search fees are around 400€ to 500€.
Here’s a breakdown of common costs for buying a property in Zakynthos:
Cost Type | Percentage or Amount |
---|---|
Transfer Tax | 3% of purchase price + 0.3% City Tax |
Notary Fees | 1% – 2% of purchase price |
Legal Due Diligence Fees | 400€ – 500€ |
Real Estate Agent Commission | 2% + VAT |
Annual Property Tax | Approximately 4€ per square metre |
To buy a home in Zakynthos successfully, you need to be careful and know all the costs and rules. By following these steps, buyers can make good choices and enjoy their new home in Zakynthos.
Benefits of Living in Zakynthos
Living on Zakynthos Island offers many benefits. The island is known for its stunning natural beauty and vibrant culture. Homeowners enjoy breathtaking views and a lifestyle filled with local traditions and friendly communities.
The island has plenty to offer, from exciting watersports to cultural events. This mix of beautiful landscapes and rich experiences makes living here very appealing.
The cost of living in Zakynthos is also lower than in many European places. This means residents can enjoy a good quality of life without breaking the bank. For those looking at zakynthos beachfront property, the strong rental market makes it an attractive investment.
Property owners can earn a lot of rental income. This is thanks to the thriving local tourism industry. The Greek government’s Golden Visa scheme and tax incentives also highlight the investment potential of zakynthos investment property.
By investing at least €250,000 in real estate, foreigners can get residency. This makes Zakynthos a smart choice for both living and investing. With ongoing developments and more property buyers, Zakynthos is more than just a home. It’s a gateway to a vibrant lifestyle, enriched by the Mediterranean and investment opportunities. For more insights into the climate and ambiance of the island, view this informative piece.