A Mediterranean climate, warm sea, and relaxed pace of life make buying property in Greece a coveted goal for many international investors and expats. However, behind the dream of owning a seaside home lie practical considerations regarding legal procedures, taxation, and transaction stages.
Can a Foreigner Buy Property in Greece?
Yes, any foreign citizen has the right to freely purchase property in Greece.
The country's legislation is open to both European Union residents and non-EU citizens. The only exception applies to border regions and areas adjacent to military installations, where non-EU buyers require a special administrative permit. Verifying the area's status and obtaining this permit is a standard legal procedure handled during the initial due diligence stage.
The 9 Key Steps to Buying Property in Greece
1. Selecting the Right Property
The process begins by setting clear criteria: region, property type (new build, resale, villa, or apartment), and your investment budget. You can search independently through online listings or partner with a specialized agency to shortlist properties matching your specific requirements.
2. In-Person Viewings and Area Assessment
Visiting in person is crucial: it allows you to evaluate the actual technical condition of the home, nearby infrastructure, natural lighting, and the overall neighborhood vibe—details photos alone cannot fully capture.
3. Price Negotiations
Agreeing on the final price is an essential step in the purchasing process. An experienced real estate broker assists in formulating an objective offer to the seller based on realistic local market analytics.
4. Legal Due Diligence
A mandatory step conducted by an independent Greek lawyer. The attorney investigates records in the Land Registry and Cadastre (Ktimatologio) to verify:
- clear legal title and ownership of the seller;
- the absence of mortgages, liens, foreclosures, or encumbrances;
- the absence of third-party claims or pending disputes.
5. Signing a Private Purchase Agreement
Once key terms are agreed upon, a preliminary agreement is signed and the property is taken off the market. The buyer pays a reservation deposit (typically 5% to 10% of the purchase price), allowing legal teams to prepare the necessary documentation for the final deed.
6. Granting Power of Attorney (POA)
A notarized Power of Attorney allows your lawyer to manage the entire transaction remotely. The attorney is authorized to represent you before Greek tax authorities, open bank accounts, and sign the final notarial deed without requiring your physical presence in Greece.
7. Obtaining a Greek Tax Number (AFM)
An individual tax identification number (AFM / Arithmos Forologikou Mitroou) is required for any financial and property transaction in Greece. It is issued free of charge by the tax authority based on your passport and application, granting access to the government's Taxisnet portal.
8. Signing the Final Notarial Deed
The seller provides the notary with an Energy Performance Certificate (EPC), a civil engineer's certificate confirming no planning or building violations, a topographical plan, and tax clearance certificates. The notary drafts the transfer tax declaration, and once the buyer pays this tax, both parties (or their legal proxies) sign the final contract.
9. Final Payment and Title Registration
Payment of the remaining balance is executed on the day of signing via bank transfer. Upon receipt of funds, the notary issues a discharge deed confirming full settlement, and the deed is registered with the Land Registry. At this point, title ownership officially transfers to the buyer.
Additional Costs: How Much Should You Budget?
As a rule of thumb when purchasing real estate in Greece, additional taxes, official fees, and closing costs amount to approximately 10% on top of the purchase price.
| Cost Item | Rate / Amount | Notes |
|---|---|---|
| Property Transfer Tax | 3.09% | Calculated on the purchase price or the objective tax value (whichever is higher). The 24% VAT on new builds is currently suspended, making the 3.09% rate applicable across all property types. |
| Notary Fees | ~2% + VAT | Calculated on a tiered scale for drafting, executing, and archiving the official deed. |
| Land Registry & Cadastre Fees | ~0.5% | State registration fees to record the transfer of title under the new owner's name. |
| Legal Fees (Lawyer) | 1% – 2% + VAT | Covers comprehensive title verification, due diligence, and legal representation. |
| Real Estate Agent Fees | ~2% – 3% + VAT | Brokerage commission for property sourcing, viewing organization, and transaction coordination. |
Frequently Asked Questions (FAQ)
Do I have to pay 24% VAT when buying a new build in Greece?
No. Greece currently maintains a moratorium on the 24% VAT for new residential developments. Instead, buyers pay the standard 3.09% property transfer tax, significantly reducing the overall tax burden for new-build investors.
Can I buy real estate in Greece remotely?
Yes. By granting a notarized Power of Attorney (POA) to a licensed Greek attorney, you can conduct due diligence, obtain your AFM tax number, and execute the final purchase deed without traveling to Greece.
How long does it take to complete a property purchase in Greece?
On average, the standard purchasing timeline takes between 4 to 8 weeks from the initial reservation deposit to the final registration at the Land Registry, provided all property certificates are readily accessible.
