Buying Property in the Mediterranean: A Complete Guide
Hey you, sneaking a peek at this article while dreaming about working from home except… your home is a villa on the ? An apartment in ? A cottage in rural ? Join us as we delve into the process of buying property in .
Buying a Property in Italy
What’s for Sale?
In some small Sicilian and villages, where younger generations have fled to the cities, crumbling honey-colored can be found. However, popular rural regions to buy a holiday home include and with prices starting from €150,000 for a 3-bedroom chalet. Secluded farmhouses, often wrapped in soft morning mists, regularly come to market.
offers pastoral beauty and significantly lower prices. Two-bedroom townhouses needing renovation can start from €16,000, while characterful stone farmhouses begin around €100,000. For potential buyers at , prices may be steep, yet inland options can still be found starting at €95,000.
How to Do It
The estate agent will act independently for both the buyer and seller. To secure your offer, a Proposta d’aquisto (Purchaser’s Proposal) may need to be paid, along with a bank check held in escrow. Mortgages are accessible to non-Italians, covering a maximum of 80% of the purchase price.
A solicitor will be necessary to draft a Compromesso (initial agreement) alongside a deposit of 20–30% of the purchase price. Your solicitor will oversee property searches and assist in securing an Italian tax code, required for signing the Rogito Notarile (final contract). Before finalizing, payments to the estate agent, the notary, IVA taxes, and Stamp Duty must be made, totaling around 10% of the property price.
Buying a Property in France
What’s for Sale?
France offers a plethora of property choices. From country estates with Champagne vineyards to tumbledown châteaux and alpine ski lodges, you will find diverse options throughout the country. Prices for rural properties average around €170,000, with deals in Creuse, where you can find properties for under €15,000.
In the more sought-after Alpes-Maritimes region, prices average over €435,000, while features 3-bed apartments starting at €175,000.
How to Do It
Once your offer is accepted, you will need to sign a Compromis de Vente (sales agreement) drawn up by a notaire, a legal professional. Buyers have a 10-day cooling-off period to retract their offer before paying a deposit (typically 10%). Approximately three months later, the buyer signs the Acte de Vente (bill of sale) at the notaire’s office to complete the purchase. Mortgages are available up to 80% of the property price for EU residents and 50% for non-EU residents.
Buying a Property in Spain
What’s for Sale?
Spain, known for its stunning beaches, attracts potential buyers seeking holiday homes. While the Balearic Islands lead in popularity, average prices can be high; for instance, Formentera starts at €2,000,000. However, more affordable apartments can be found at €135,000.
In Barcelona, the average price is around €443,255. The Costa Brava, lined with fishing villages, offers more budget-friendly options with three-bedroom homes starting at €110,000 and two-bedroom apartments with shared pools from €130,000.
How to Do It
Upon having an offer accepted, the buyer must pay a 10% deposit and sign a Contrato Privado de Compravento (preliminary contract). A foreigner identification number, Número de Identificación de Extranjero, is essential and can be obtained through the Spanish embassy or select police stations. Mortgages for non-residents are available, but banks generally lend up to 70% of the purchase price. After securing the necessary documents, buyers sign an Escritura de Compravento (contract of sale) in front of a notary, settling all outstanding fees typically between 10–15% of the sale price.
Buying a Property in Greece
What’s for Sale?
Greece boasts thousands of property opportunities, ranging from crumbling houses at €15,000 to luxurious entire hotel complexes priced at €37 million. Popular islands such as and attract buyers, with prices for doer-uppers starting at €45,000 and liveable homes at €95,000.
How to Do It
Almost anyone can buy property in Greece, but non-EU residents must declare to the Ministry of National Defense how they will use the property and demonstrate connections to the country. Mortgages for non-nationals cover up to 70% of the sale price. After settling on a price with the estate agent, the buyer must appoint a solicitor, pay a 10% deposit, and open a Greek bank account to facilitate the transaction. A notary will oversee the contract exchange and ensure compliance with tax obligations.
Buying a Property in Portugal
What’s for Sale?
Property prices in Portugal average €359,497, with villas in starting around €199,000. Options along are diverse, ranging from bargain flats to €7.5 million palaces. Those seeking value can find traditional properties in starting at €257,500.
How to Do It
To purchase property, acquiring a Número de Contribuinte (Portuguese tax number) is essential. Buyers typically secure a deposit of 10% of the agreed sale price and engage a solicitor to review the promissory contract prior to signing. Non-residents can obtain loans covering up to 70% of the property’s value, and the contract exchange occurs in the presence of a notary, ensuring that all fees including stamp duty are settled.
