How to buy property in Greece: the complete guide for foreigners

Greece is a very popular destination for many expats. More than a thousand foreigners have become Greek residents in the past few years. If you do it right, buying a property, such as cottages, in the Hellenic Republic will be one of the best decisions for you as an investor.

There are less-known requirements and legal risks associated with Greek real estate investing. We recommend doing necessary due diligence before settling on a property. We have created this guide to make the process of buying a house in Greece easy and hassle-free.

Read more:

• How to get a mortgage in Greece for non-residents?
• How much is real estate in Greece?
• Property taxes in Greece
• Buying Property in Greece After Brexit
• How to get Greek citizenship by buying real estate?

What property in Greece can you buy as a foreigner?

If you’re thinking of buying properties in Greece, learn what your options are. Any foreigner can become a Greek resident. However, for some, it is much easier. The EU residents have a green light when it comes to buying property (including beachfront property.)

If you are a non-EU citizen looking to make Greece your home, be ready to do some work. You need to prove that you have substantial funds obtained by legal means. You will have to submit proof of your income, specifically tax returns, documentary proof of inheritance, dividends, rental income or income from a property sale, together with a letter of employment.

What are the requirements of becoming a property owner in Greece?

You already have a registration card or even a residence permit. Great! But foreign nationals cannot own residential or commercial property unless you pay taxes in Greece. Start with opening an account in a Greek bank. If you already have a bank account, apply for a tax number. To get the number, go to the nearest tax office. You don't have to schedule an appointment.

Here is the list of documents you should have before you go property shopping:

• a passport,

• a Tax Registry Number (AFM),

• a Greek visa for non-EU citizens,

• proof of residence in Greece,

• a copy of your annual tax returns,

• sometimes, additional ID proofs might be needed.

The best Greek island or city to buy property

When it comes to choosing the best place for buying property, Greece offers many great choices. Both the mainland and Greek islands have a selection of vibrant tourist cities and small and quiet fishing villages where attractive bargains wait for you.

Athens is one of the oldest capitals in the world. A beautiful mix of history and modernity, the city has many benefits for people who prefer to lead an active lifestyle. It's also pretty costly, with apartments being the most affordable option of all realty for most expats.

Zakynthos is a party island that has many world-famous resorts. Settling there is a great choice for those who want to enjoy the nightlife.

Corfu has a large European expat community. It is a famous tourist destination with beautiful beaches and UNESCO heritage areas.

Rhodes is an international logistics hub with great connections to the rest of Europe. Rhode remains the most popular option for buying holiday real estate in Greece. It is a little more expensive compared to other islands. But having a holiday home there is well worth it.

Kefalonia is the island haven for those who want to escape big city life. Sleepy fishing villages and a meditative sea will keep you in a relaxing mood.

Peloponnese is a great place to retire. If you enjoy farm life and great local food, consider settling there. And if you have a passion for farming, it may become your after-retirement job

Crete is a safe, comfortable island with well-developed infrastructure. From larger cities with comfortable condos on the coast to tiny mountain villages, it has everything in one place.

How to deal with estate agents in Greece?

There are more than 2,000 real estate agents in Athens alone and thousands more brokers in other Greek cities and towns. Most property sales in the country that involve foreign buyers are handled by the agents.

You can work directly with a Greek real estate or developer's agent since most of them speak English. A more popular option is to hire a legal representative in your own country who will deal with his colleagues in Greece.

Agents who sell real estate usually offer a full range of services from choosing a property by owners to hiring interior decorators. They can even supervise a restoration or reconstruction of your property. Agent fees are usually included in the building's price. But they also may receive commissions from affiliated businesses in Greece. Be sure to find an agent you can trust.

According to Greek laws, all agents must have licenses and professional qualifications. It's better to hire a real estate agent who is a member of a respectable professional association. For example, the European Confederation of Estate Agents (CEI) has a strict code of conduct for its members.

Before hiring an agent you could take a look at real estate listings in Greece, as well as check the current developments. There are some websites that provide such information. Alternatively, you can ask your legal representative to gather information for you. There is no national listings registry in Greece. Real estate agents often give minimal information to buyers unless they go on a viewing trip.

Viewing and reserving the property

Most agents and property developers organize special viewing trips from Halkidi to Santorini. Often the cost of the trip is refunded if an investor decides to buy the property. If you have the time and finances for such trips, take them as often as possible. You can also compile a list of places and properties that interest you the most and ask the agent to organize the viewing. A smart choice is to compare the offers from different developers before finalizing your decision.

If you like what you see, you can reserve the property by making a 10% deposit. You then will sign a preliminary contract. Always consult with your lawyer before signing any agreements.

Contracts, payments, and registering the property

Here is a list of steps you need to make to become a property owner in Greece.

1. Choose the place to live. You can find a lot of useful information online, especially in the expat and investor forums.

2. Hire an agent.

3. Take a viewing trip to inspect the property and surrounding area.

4. Prepare the documents.

5. Find the property you like.

6. Hire a lawyer to do a legal inspection of the property.

7. Order a technical survey of the property.

8. Make an offer to the seller and negotiate the deal.

9. Make sure that you have a Greek tax number.

10. Have a notary present to sign the final contract.

11. Pay all the fees and taxes, including the 3% property transfer tax.

Owners of the Greek property living abroad — which especially applies to nonresident owners — need to declare it. Present documents, including the deed, proof of the registration in the land registry to the authorities. Provide survey maps and building permits, if necessary.

Here are the additional taxes and fees that you will have to pay:

• agent fees are between 2–3% plus VAT,

• notary fees are between 0.65–1% plus VAT,

• lawyer fees are between 0.40–1% plus VAT,

• public registration fees are 0.5% plus VAT,

• exchange rate (bank-specific).

Can you buy the property without visiting it?

It is possible to purchase real estate in Greece without being present at the signing of the final contract. To do that, you need to give power of attorney to your legal representative. If you are a non-EU citizen, you will have to do that before a Greek Consular authority or a Greek notary.

Your lawyer now can sign all necessary paperwork to make you the new owner.

What's the Greek property market like in 2023?

Recently, the economy has been slowly recovering from a long crisis. Starting with the market crash in 2009, the economy was hit again by the coronavirus pandemic. It brought the housing market prices down.

The market has recovered somewhat in 2019, and the prices have been slowly rising since that at a 3–4% rate. Experts agree that when the pandemic restrictions will be lifted, the Greek economy will continue its recovery. This means that buying real estate in Greece has a good chance of being a good investment opportunity.

The average housing prices in Greece in 2023

Housing in Greece is still one of the most affordable in the EU. But the prices have been rising faster than before the Covid-19 pandemic. This trend has mostly affected the market for new apartments, with the asking prices for them going up by more than 8% on a yearly basis. Previously owned property went up by 6% on average.

Cost of buying property in greece per 1 sq. m.

Rental prices per 1 month

Athens property prices

Athens is the heart of Greece with almost 4 million people residing there on a permanent basis. Cheaper apartments are located closer to the city center with lavish villas — some of which are in co-ownership — dotting the outskirts.

Zakynthos property prices

Zakynthos (Zante) is a growing tourist city. In addition to the rapidly developing cosmopolitan areas it still has quiet desolate beaches, old historic homes and narrow Venetian streets in the city center.

Corfu property prices

Corfu has been one of the most important Greek settlements since antiquity. It has many museums and fine art societies. Corfu houses a Roman Catholic archdiocese, making it the favorite destination for practicing Catholics from other European countries.

Rhodes property prices

Rhodes is famous for its historic sites including the Colossus and the medieval Citadel of Rhodes. Unlike the rest of Greece, it has a steadily growing population with a minimum of abandoned property. Large numbers of tourists and seasonal workers come to the city during the summer months.

Argostoli property prices

Argostoli is a prosperous port city with breath-taking views. It has large markets with a great selection of affordable local seafood.

Patras property prices

The scenic city of Patras is a bustling educational center and commercial hub connected to the Western Europe. It offers affordable housing, and many opportunities for business and trade. It is home to one of the largest student communities in Greece.

Heraklion property prices

The regional capital of Crete is the fastest growing tourism destination and one of the most visited regions in Europe. It offers plenty of opportunities for investors seeking to buy rental holiday property.

Risks for property investors

While Greece is a safe country with a reliable legal system it has proven to be a risky area with certain pitfalls for some foreign investors in the past. It was mostly due to the Greek government-debt crisis or credit crunch from which the country has recovered in recent years.

• Since Greece is a part of the Eurozone it has a low currency risk.

• The Greek economy has had its share of troubles in the past but it is slowly getting better. Though over-dependence on tourism, shipping and a relatively feeble banking system make the economy unbalanced.

• The country has high property taxes, compared to the rest of the EU. Property owners have to pay €2–13 per 1 square meter depending on the value of the real estate. The transfer tax, paid by the buyer, is 3%.

With the limitations of the Covid-19 pandemic, remote property buying became a popular option.

The Golden Visa investment program

The Golden Visa program remains one of the most convenient and affordable ways of getting permanent residence in the European Union. Greece offers one of the cheapest tracks to citizenship that requires investing at least €250,000 in the real estate market. Golden Visa covers even the closest relatives. The investor also doesn't have to be present in the country to enjoy the benefits.

Mortgages for foreigners

Foreigners have two options for getting a mortgage in Greece. First, you can acquire a loan from a bank in your home country. Some larger banks even specialize in these so-called "overseas mortgages." It is often the preferable option for non-EU citizens, including American expats.

The second option is to secure a loan from a Greek bank. You must be older than 25 and be able to pay off the debt before you turn 58. After getting a tax number and opening an account with a Greek bank you may receive a loan starting from €10,000 up to 80% of the property asking price. Mortgages often require a 30% deposit, and can range between 6 to 30 years, with annual rates as low as 3.5% or as high as 7.5%.

However, as practice shows, banks rarely issue loans to both local and foreign buyers. 

Legal issues

Expert lawyers recommend checking the legal status of any property you are interested in buying. If you are not familiar with Greek laws, it's better to hire a local legal representative. The representative will investigate the status and the ownership title by paying close attention to how the ownership rights were transferred between the previous buyers.

FAQ

Frequently Asked Questions

Guides to buying real estate in other countries:

• Buying property in France
• Buying property in Cyprus
• Buying property in Portugal
• Buying property in Spain