Property Management Services in Greece

Benefits of property management in Greece

Property management services in Greece are well developed in areas that are popular with tourists or have a significant number of foreign property owners.

Using a property management service in Greece can make owning property there a much more viable and less stressful investment, especially for those who live abroad or travel frequently.

With a property management service looking after your home, you won’t have to worry about emergency repairs or tenant issues. And regular maintenance and upkeep can lead to an increase in the value of your property over time.

Knowing that your property is in good hands, especially when you’re out of the country, provides immense peace of mind. At the same time, handling tenant communications, from initial inquiries to dealing with any complaints or issues, can be time-consuming – a management company takes this burden off your shoulders.

Property management companies bring local market knowledge and expertise to the table, ensuring that your property is maintained to local standards and complies with all regulations. Through their network of contractors and suppliers, they often achieve cost savings on maintenance and repairs that you might not be able to manage on your own.

You can enjoy the benefits of owning a property in Greece, including spending time there when you choose, without the day-to-day hassles of direct management. You’ll receive regular updates on your property and detailed financial reports to help you keep track of your investment’s performance.

Who can use the property management service for Greece

A property management service in Greece is a great option for people who either own property or are responsible for managing properties.

If you bought a house in Greece but live elsewhere, a property management service can handle all aspects of property care and tenant management on your behalf, ensuring that the property remains well maintained and profitable.

Individuals or companies with multiple properties may find it difficult to manage them all effectively. A property management service can handle the day-to-day management tasks, allowing owners to focus on their broader investment strategies.

Owners of vacation rentals, such as those listed on platforms like Airbnb, can benefit significantly from property management services, especially if their schedules or location do not allow them to handle guest turnover, cleaning, and maintenance.

Individuals who inherit or purchase a property but lack experience in property management can find property management services invaluable in handling administrative, legal, and maintenance tasks.

Finally, developers working on large projects or multiple developments simultaneously often use property management services to oversee the operational aspects of their properties, including leasing, maintenance, and tenant relations.

If you’re too far away to manage your property hands-on, or if your schedule doesn’t allow you to manage your property effectively, a local service can fill the gap. A management service can also provide the expertise needed to navigate the legal, financial and operational aspects of property management, which can be complex.

Our services in Greece Property Management

As lawyers, we play a crucial role in various aspects of property management in Greece, particularly those involving legal matters, contracts and disputes. While we are not directly involved in the day-to-day tasks of property management, such as maintenance, tenant communications or property marketing, our involvement is essential to ensure that all legal aspects of property management are properly handled.

Here’s how we get involved:

• Legal Advice and Compliance: Our law firm can provide valuable legal advice to ensure that property owners and management companies comply with Greek property laws, regulations and tax obligations. This includes advice on the legal requirements for lease agreements, real estate transactions, and compliance with local zoning and building codes.
• Contract drafting and review: We draft or review lease agreements, property management contracts, and other legal documents to protect the owner’s interests, ensuring that they are fair, comply with Greek law, and clearly outline the rights and responsibilities of all parties.
• Dispute Resolution: Our lawyers can represent property owners or management companies in disputes with tenants, contractors or other parties. This includes negotiation, mediation and, if necessary, litigation.
• Real Estate Transaction Assistance: For those looking to purchase property to manage, we assist in the due diligence process to ensure that the property has clear title, complies with local laws, and is free of liens or other encumbrances.
• Selecting a property management company: While attorneys may not directly recommend specific property management companies, we can help evaluate the legal aspects of proposals, contracts and service agreements with such companies and ensure that any agreement is consistent with the owner’s best interests and legal requirements.

Hiring a lawyer can be a wise move for anyone involved in property management in Greece, especially if you are unfamiliar with the legal landscape or are involved in complex transactions or disputes.

Our law firm will provide essential assistance in navigating the complexities of property management from a legal perspective, ensuring that property owners and managers operate within the law, offering protection against potential legal issues, and providing guidance during property transactions and disputes.

Cities where we offer property management services

Since we specialize in the legal aspects of property management in Greece, we operate throughout the country and the islands. An extensive network of professionals and associates, from notaries to independent consultants, allows us to be quickly on site whenever needed.

Among the cities and islands in which we are most active are:

• Athens: Greece’s capital, rich in history with famous landmarks like the Acropolis; vibrant urban life and strong rental market.
• Thessaloniki: Known for its diverse culture, lively nightlife, and university community; a historical city with a modern feel.
• Rhodes: Historic island city with medieval architecture, stunning beaches, and a busy tourist season; a mix of culture and leisure.
• Kefalonia: Largest Ionian island with stunning beaches, lush landscapes, and charming villages; ideal for tranquil, scenic living.
• Naxos: Largest Cycladic island, known for its rich history, diverse landscapes, and vibrant local culture; offers beautiful beaches and traditional villages.
• Kassandra: First peninsula of Halkidiki, famous for its crystal-clear waters, pine forests, and luxury resorts; perfect for both relaxation and vibrant nightlife.
• Heraklion: Crete’s largest city, blending ancient history with beautiful beaches; a major hub with excellent amenities.
• Chania: Picturesque coastal city in Crete, famous for its Venetian harbor, charming old town, and relaxed lifestyle.
• Santorini (Thira): Iconic island known for its breathtaking sunsets, white-washed buildings, and luxury real estate market.
• Mykonos: Glamorous island with world-renowned nightlife, beautiful beaches, and high-end properties; a favorite among celebrities.
• Corfu: Green, lush island with Venetian-style architecture, beautiful beaches, and a lively expat community.
• Patras: Greece’s third-largest city, known for its port, vibrant carnival, and proximity to the Peloponnese.
• Volos: Coastal city with a strong shipping history, close to the scenic Pelion region and beautiful seaside properties.

Property Management Service Costs

The costs associated with property management services in Greece can vary widely depending on several factors, including the type of property (e.g., residential, commercial, vacation rental), its size, location, and the range of services required.

Residential and Commercial Properties

For residential and commercial properties, the monthly management fee is typically a percentage of the monthly rental income, ranging from 8% to 12%. For example, if a property is rented out for €1,000 per month, the property management fee could be €80 to €120 per month.

Some property management companies charge a one-time lease-up fee to find and place a new tenant, which can range from 50% to 100% of one month’s rent.

In addition, there are usually maintenance and repair costs that vary depending on the specific needs of the property.

Vacation Rentals

Fees for vacation rentals include the day-to-day maintenance of the property, as well as any additional costs associated with managing the listing, staying in touch with guests, arranging for professional photos and videos, price optimization, cleaning services, and more.

The fee structure may vary for short-term rentals, with management fees potentially higher due to the increased workload of frequent guest turnover. Fees can range from 20% to 30% of rental income.

Legal costs

Legal fees can vary widely depending on the complexity of the services required.

Lawyers may charge a flat fee or hourly rates for drafting or reviewing leases or property management agreements. Flat fees can range from €200 to €500, while hourly rates can vary from €100 to €300 per hour, depending on the experience and reputation of the lawyer.

Legal fees for real estate transactions, including due diligence and closing, can range from 1% to 2% of the property purchase price, although this may vary depending on the complexity of the transaction.

The cost of legal representation in disputes can also vary widely, depending on the nature of the dispute and whether it is resolved through negotiation, mediation or requires litigation. Lawyers may charge hourly rates or fixed fees for these services, with costs potentially running into the thousands of dollars, depending on the length and complexity of the case.

It is important to note that these are general estimates and actual costs may vary largely. Contact us to understand the specific costs associated with your circumstances.