Time extension was announced according to the Ministry of Environment, Energy and Climate Change, until 30 June of 2012, taking into consideration the request of many citizens. The relevant deadline for the applications made after 28 February, is extended until 30 September, 2012.

According to the past announcements the New Objective Values were determined to be published and applied in two months time, on January 2012.

With the current situation and the New government it is doubtful whether the implementation of the project is feasible. Besides the technical problems, it is uncertain whether the new government could get authorization to proceed to decisions like this, as the only task which should be addressed is the Loan Agreements.

Some politicians claim that “The change of the objective values will bring a series of taxes and this is not something that a transitional government could face”.

However, the issue of the objective values should be cleared soon, with the “Budget of 2012”.

 According to the Ministry of Finance the time for the new objective values was determined to announced and be valid from January According to the Ministry of Finance the time for the new objective values was determined to announced and be valid from January According to the Ministry of Finance the time for the new objective values was determined to announced and be valid from Januaryacco

New way of licensing and building construction was announced by the Ministry of Environment, Energy and Climate Change.

-The construction work and the studies will be the responsibility of the engineers.

-Separate the approval work from the supervisory.

-The building license would be approved in five days after presenting the required papers which are the topography and the mapping coverage.

-The building permission to start the work should be given two days after the collection of the studies.

-The contact with the citizen services will be mostly done electronic.

-Fully controlled of the application of building permits by setting Inspectors.

In brief this new method of building permits helps to reduce the approval time, the bureaucracy and improve transparency.

Time extension until the end of October 2011 will be given to the home owners to submit applications to settlement "illegal" enclosures according to the announcement of the Minister of Environment, Energy and Climate Change.

It is the third extension as the first was at the end of 2010 and the second at the end of February 2011.

The revenue of this New Law exceed the amount of 1.2 billion Euros according to the calculations of the Technical Chamber of Greece.

So far, more than 610.000 applications have been filled in order to  legalize stores ,covered verandas, pilots, garages etc  It is estimated that the applications corresponding approximately to one million spaces.

The Technical Chamber of Greece proposed facilities for citizens who want to declare the settlements, but can not due to financial constraints.

They propose to increase the number of installments and the time for payment.

Once you find the house that suits you, and you decide to proceed with a purchase, you will then need to follow these basic steps:

Appoint a Lawyer

The Buyer must appoint an attorney to assist him with and represent him in the process. Our company can either provide you with a list of reputable real estate attorneys here in Naxos.  The lawyer must obtain the contract deed  out in order to secure that: The vendor holds the absolute deed of the property, the property is unencumbered and the construction was completed in accordance to all planning and building permissions

Appoint a Public Notary

A public notary must be appointed since any property purchase agreement, in order to be valid, must be done in the presence of a public notary. The public notary does not represent the interests of the Buyer. (S)he is a public official in the presence of whom the contract is read, understood by both parities and signed. The notary drafts the contract and is responsible for the verification and registration of the transaction in the public records, so that the buyer acquires the official title of the property. Our company can either propose a number of notaries for the buyer to select.

Tax Registry Number

A tax registry number must be issued for the buyer, to be able to proceed with any transaction. The tax registry number is applied for and issued by the Inland Revenue Service.

Pay the transfer tax

The transfer tax must be paid to the local Inland Revenue Service by the buyer prior to signing the contract. This can be done with the aid of the attorney.

Signing the contract

In order to have a valid contract, it must be signed in the presence of a public notary. When the contract is signed, the notary registers the transaction at the local registry of mortgages.

Effect transfer at the Registry of the Mortgage

The buyer's attorney makes sure that the title is transferred to the buyer's name by obtaining the relevant certificate from the Registry of Mortgages.

The buyer has to cover the following costs to complete the transaction:

Tax Amount

Lawyer's fee

Fee of public notary

Registry of Mortgage

Brokerage fee