real estate

Buying property in Europe

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Prices: Average home costs $257,350 (about 200,000 euros) in the first quarter of 2010 (Finfacts).

Transaction costs: 3.19 percent to 10.11 percent of purchase price (Global Property Guide).

Restrictions on foreign property ownership: No.

Buying process: Refundable booking deposit, up to 3 percent of purchase price, paid to agent after loan approval. At contract signing, you pay a nonrefundable deposit equal to 10 percent of the purchase price minus the booking deposit.

Tip: A stamp duty of up to 9 percent of the purchase price is payable once the conveyance of the property is complete, which can take six to eight weeks from the contract signing. First-time homebuyers with properties purchased at $398,909 (310,000 euros) or below are exempt from the stamp duty (Global Property Guide).




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