How to Buy Property in Greece as a Foreigner: Your Complete Investment Guide

Reading time: 12 minutes

Ever dreamed of owning a slice of Mediterranean paradise? You’re not alone. Greece’s stunning coastlines, rich history, and surprisingly accessible property market have made it a hotspot for international investors. But here’s the straight talk: successful property acquisition isn’t about jumping in blindly—it’s about strategic navigation through legal requirements, market conditions, and investment opportunities.

Table of Contents

• Legal Framework for Foreign Property Ownership
• Investment Opportunities and Market Analysis
• Step-by-Step Purchase Process
• Financial Planning and Tax Implications
• Navigating Common Challenges
• Your Property Investment Roadmap
• Frequently Asked Questions

Legal Framework for Foreign Property Ownership

Greece welcomes foreign property investors with relatively open arms compared to many European nations. Non-EU citizens can purchase property freely, with only a few strategic restrictions in border areas for national security reasons.

Ownership Rights and Restrictions

Here’s what you need to know: As a foreigner, you’ll enjoy the same property rights as Greek citizens in most areas. The key exceptions involve properties within 20 kilometers of borders with non-EU countries, where special permits may be required.

Quick Scenario: Imagine you’re eyeing a beautiful villa near Thessaloniki. If it’s in the city center or coastal areas, you’re good to go. However, if it’s close to the North Macedonia border, you’ll need additional governmental approval—a process that typically takes 2-3 months.

Golden Visa Program: Your Fast Track to Residency

Greece’s Golden Visa program offers a compelling incentive: invest €250,000 or more in real estate (recently increased from €250,000 to higher amounts in prime areas like Athens and Mykonos), and you’ll receive a five-year renewable residence permit. This program has attracted over 10,000 investors since 2013, with Chinese nationals representing approximately 60% of applicants.

Investment Opportunities and Market Analysis

Greece’s property market has shown remarkable resilience following the financial crisis. According to the Bank of Greece, property prices increased by 8.2% in 2023, with Athens leading the recovery.

Prime Investment Locations

Athens: The capital offers diverse opportunities from historic Plaka apartments to modern Glyfada penthouses. Average prices range from €1,500-€4,000 per square meter, depending on the district.

Island Properties: Mykonos and Santorini command premium prices (€8,000-€15,000 per sqm) but offer exceptional rental yields during tourist season. Consider exploring property for sale in greece to discover current market opportunities across different regions.

Thessaloniki: Greece’s second city provides excellent value, with properties averaging €1,200-€2,500 per square meter and strong rental demand from students and professionals.

Step-by-Step Purchase Process

Well, here’s the straight talk: successful property acquisition requires methodical preparation. Let’s break down the essential steps that will save you time, money, and potential headaches.

Phase 1: Pre-Purchase Preparation

1. Obtain a Greek Tax Number (AFM): This is your first essential step. Visit any Greek tax office (DOY) with your passport and proof of address. The process takes about 30 minutes and costs nothing.

2. Open a Greek Bank Account: Major banks like National Bank of Greece, Alpha Bank, and Eurobank cater to foreign investors. You’ll need your AFM, passport, and proof of income. Expect the process to take 1-2 weeks.

3. Engage Professional Support: Hire a Greek-speaking lawyer (€1,500-€3,000 for the transaction) and a sworn surveyor for property inspection (€300-€800).

Phase 2: Property Search and Due Diligence

Legal Title Verification: Your lawyer will conduct a thorough title search at the local Land Registry (Ktimatologio). This crucial step reveals any liens, mortgages, or legal issues affecting the property.

Case Study: British investor James Morrison thought he’d found the perfect Athens apartment in 2022. However, due diligence revealed an outstanding debt of €15,000 against the property. His lawyer negotiated with the seller to clear the debt before purchase—a potential disaster averted through proper legal checks.

Phase 3: Contract and Completion

Preliminary Contract: Once you’ve agreed on terms, you’ll sign a preliminary contract and pay a deposit (typically 10-20% of purchase price). This legally binds both parties to the transaction.

Final Contract: The final contract must be notarized by a Greek notary. Bring certified translations of all foreign documents, your AFM, and full payment (bank transfer recommended for amounts over €10,000).

Financial Planning and Tax Implications

Understanding the financial landscape is crucial for making informed investment decisions. Greece’s tax system for property owners involves several key considerations.

Purchase Costs Breakdown

• Transfer Tax: 3.09% of property value
• Notary Fees: 1-1.5% of property value
• Legal Fees: €1,500-€3,000 (fixed fee)
• Land Registry Fees: 0.475% of property value
• Technical Survey: €300-€800

Total Additional Costs: Expect to budget approximately 5-7% of the property value for all associated fees and taxes.

Ongoing Tax Obligations

Property Tax (ENFIA): Annual tax ranging from 0.1% to 2% of property value, depending on location and property characteristics. Island properties often face higher rates.

Rental Income Tax: If you rent your property, income is taxed at rates from 15% to 45%, depending on total annual income.

Navigating Common Challenges

Every property purchase journey has potential obstacles. Here are the three most common challenges foreign buyers face and strategic solutions.

Challenge 1: Language and Bureaucracy

The Problem: Greek property transactions involve extensive paperwork in Greek, and government offices may have limited English support.

Strategic Solution: Invest early in professional translation services and work with lawyers who specialize in foreign buyer transactions. Budget €500-€1,000 for certified translations of contracts and legal documents.

Challenge 2: Property Condition and Hidden Issues

The Problem: Many Greek properties, especially in traditional areas, may have structural issues, illegal modifications, or incomplete building permits.

Strategic Solution: Always commission an independent technical survey before purchase. Greek engineers can identify structural problems, permit issues, and renovation costs. This €300-€800 investment can save thousands later.

Challenge 3: Market Timing and Pricing

The Problem: Property prices can vary significantly based on season, local events, and seller motivation.

Strategic Solution: Research extensively using multiple sources, including local real estate agents, online platforms, and recent comparable sales. Consider visiting during off-season when sellers may be more flexible on pricing.

Real-World Example: German investor Maria Schneider initially found a Santorini property listed at €450,000 in July 2023. By waiting until November and conducting thorough market research, she discovered similar properties selling for €380,000-€400,000. Her patience and research saved her €50,000.

Your Property Investment Roadmap

Ready to transform your Greek property dreams into reality? Here’s your strategic action plan that balances thorough preparation with decisive execution.

Immediate Actions (Next 30 Days):

• Research target regions using online platforms and local market reports
• Calculate your total budget including 5-7% additional costs
• Begin searching for qualified Greek lawyers specializing in foreign purchases
• Start gathering required documents (passport, financial statements, proof of funds)

Pre-Purchase Phase (Months 1-3):

• Obtain your Greek Tax Number (AFM) during your first property viewing trip
• Open a Greek bank account with a major institution
• Conduct 2-3 property viewing trips across different seasons
• Engage professional legal and surveying support
• Submit Golden Visa application if investing €250,000+ (outside prime areas)

Long-term Strategy (Beyond Purchase):

• Develop property management relationships for rental income optimization
• Stay informed about Greek tax regulation changes affecting foreign owners
• Consider portfolio expansion opportunities in emerging Greek markets

The Greek property market continues evolving rapidly, driven by tourism recovery, digital nomad trends, and EU investment programs. Your strategic entry now positions you advantageously for long-term appreciation and income generation.

Here’s your key question to consider: Will you join the growing community of international investors who’ve discovered Greece’s unique combination of lifestyle benefits, investment returns, and European Union access—or will you wait while property prices continue their upward trajectory?

Frequently Asked Questions

Can I get a mortgage as a foreign buyer in Greece?

Yes, several Greek banks offer mortgages to foreign buyers, typically financing up to 70% of property value. You’ll need proof of income, credit history, and a Greek bank account. Interest rates currently range from 3.5% to 6%, depending on your financial profile and chosen bank. EU citizens generally receive more favorable terms than non-EU buyers.

How long does the entire property purchase process take?

The complete process typically takes 2-4 months from initial offer to final ownership transfer. This includes time for legal due diligence (2-4 weeks), contract preparation (1-2 weeks), and final notarization (1-2 weeks). Golden Visa applications add an additional 2-3 months but can be processed simultaneously with property purchase.

What happens if I want to sell my Greek property later?

You can sell freely with no restrictions as a foreign owner. Capital gains tax applies at 15% for properties held over 5 years, or as income tax (up to 45%) for shorter periods. If you obtained residency through the Golden Visa program, selling the property will affect your residence status, requiring you to maintain the minimum investment threshold or find alternative residency paths.

Article reviewed by Victor Moreau, Timberland & Natural Resources | Sustainable Asset Monetization, on June 4, 2025