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Greek government has simplified the procedure of buying property in Greece

Permissions  from the Ministry of Defense for non European citizens in most of the border areas are cancelled

A long-awaited event has been voted for in Greece for all the participants of property market. This new law is in effect from the 1st of June 2011 for all the participants of property market in Greece.

The law about necessity for getting special permission to buy property in border territories fromthe Ministry of Defense has been at last cancelled.  It was a formal procedure, as a rule, the permission was  given to everyone who didn’t have problems with the law.  Till the 30th of May this procedure took 6 to 9 months, and  just confused and scared many potential investors and buyers in greek property.   Thessaloniki, Halkidiki, Crete, Corfu, Kefalonia, Imathia, Grevena, Kozani, Pieria and Kavala are the territories from which these restrictions have been cancelled. There are still very few border areas where the restrictions still exist, but the procedure for getting the permission will be simplify – the permissions will be given not by Ministry of Defense, but by local authorities.

Now the procedure of buying property in Greece for non European citizen’s will take the same period of time as for all eu citizens from 01/06/11 – all the bargain and contract can be finalized in just a few days.   Besides speeding up the procedure of buying property in Greece the cancellation of this law will bring some more positive moments.  It is the shortage of expenses for purchasing (the permission cost of 1000 euro) and the opportunity of getting bank loans. Before the new law, very few banks were able and willing to assist clients with new loans, because of the long period of contract execution and no clearance of the whole process.

The cancellation of getting permission from Ministry of Defense in Greece as well as the price decrease in connection to the economic crisis, increase investment opportunities and attractiveness for  Greek properties.

Greek Parlament cancelled the permissions of Ministry of Defense for bying properties for foreigners.

Greek Parlament voted against the permissions of Ministry of Defense for buying properties by non eu citizens