Greece (GR)
Greece is a southeastern European republic and EU member state, birthplace of democracy, philosophy, and the Olympic Games, celebrated for its 6,000 sun-drenched islands, ancient ruins from the Acropolis to Delphi, vibrant Mediterranean cuisine, and a warm culture that draws expats, retirees, digital nomads, and Golden Visa investors from across the world.
Buying Property in Greece
The full buying process, transaction costs, mortgage, and legal requirements.
Greece has become an attractive property market for international buyers, driven by the Golden Visa investment scheme, growing tourism, improving economy, and relatively lower prices compared to Western Europe. The Golden Visa minimum investment thresholds (2025–2026): €800,000 for properties in Athens (Attica), Thessaloniki, Mykonos, Santorini, and islands with population above 3,100 (single property, minimum 120 m²); €400,000 for the rest of Greece; €250,000 for commercial-to-residential conversions and building restoration projects throughout Greece. Athens, Thessaloniki, Mykonos, Santorini, Crete, and the Ionian Islands are the most popular areas. Property prices have risen 30–50% in prime Athens locations since 2018 but remain significantly below Western European capitals. The process requires a notary and is generally well-structured, though due diligence is critical — Greece still has unresolved property title issues from pre-Ktimatologio era.
Rent vs. Buy
Given Athens rent increases of 30–50%+ since 2021, buying has become relatively more attractive financially for long-term residents. However: (1) the buying process is complex and requires professional support, (2) transaction costs are high (7–10%), (3) the market is illiquid for quick resales, and (4) property taxes (ENFIA) are recurring costs. For stays under 3–5 years, renting is almost always more rational. For long-term residents, retirees, and investors with Golden Visa objectives, buying is increasingly considered.
Buying Process — Step by Step
Obtain AFM (Tax Number)
1–5 business daysBoth buyer and seller must have a Greek AFM (tax registration number). Non-resident buyers apply at a local DOY with their passport and a Greek tax representative (αντικλητος φορολογικός) or in person.
Open a Greek Bank Account
1–2 weeksRequired for the property purchase transaction. All funds must be traceable and transferred through the Greek banking system to satisfy anti-money-laundering requirements.
Search and Select Property
1 week – 3 monthsUse real estate portals (spitogatos.gr, xe.gr) or agents. Make a non-binding expression of interest. Negotiate price and agree on principal terms.
Appoint a Lawyer for Due Diligence
1–4 weeksYour independent lawyer (not the seller's lawyer) searches the Land Registry (Κτηματολόγιο) and Mortgage Registry (Υποθηκοφυλακείο) for: clear title, no encumbrances (mortgages, liens, easements), no forest land issues, no outstanding ENFIA or municipal charges, no illegal construction (αυθαίρετα) violations, and valid building permits.
Pre-contract (Προσύμφωνο)
1–2 weeks after due diligenceOptional preliminary notarial contract securing the purchase at an agreed price, with a deposit (typically 10% of purchase price). If buyer withdraws, deposit is lost; if seller withdraws, seller pays double the deposit. Not legally required but common in practice.
Pay Property Transfer Tax
1–3 days before signingPay the property transfer tax (Φόρος Μεταβίβασης Ακινήτων — FMA) at the local DOY: 3.09% of the higher of the purchase price or the ENFIA assessed value. Tax must be paid before the notarial deed is signed.
Sign the Final Notarial Deed
2–4 hours at the notaryBoth parties appear before the Notary (Συμβολαιογράφος) with their lawyers and identity documents. The notary reads the full contract aloud, verifies identity, confirms tax payment, and the deed is signed. The purchase price is paid on the day of signing (usually via bank transfer confirmed on the day).
Register at the Land Registry (Κτηματολόγιο)
2–8 weeks for registration to be completedThe notary (or your lawyer) submits the signed deed for registration in the National Land Registry (Κτηματολόγιο). Until registration, the sale is not effective against third parties.
File E9 Property Declaration
Within 30 days of purchaseFile or update the E9 declaration of property (Δήλωση Ε9) on myAADE within 30 days of the ownership change. This registers the property for annual ENFIA (property tax) purposes.
Transaction Costs
| Cost Item | Amount | Notes |
|---|---|---|
| Property Transfer Tax (ΦΜΑ) | 3.09% of assessed or purchase value (whichever is higher) | Paid to the DOY before signing. No VAT on second-hand properties. New builds: VAT may apply instead (24% — but suspended for residential new builds in practice). |
| Notary Fees | ~1–1.5% of property value | Fees are set by law (Κανονισμός Συμβολαιογραφικής Αμοιβής). On a €200,000 property: ~€1,800–2,500. |
| Land Registry (Κτηματολόγιο) Registration Fee | ~0.5–0.75% of property value | Paid at registration. On €200,000: approximately €1,000–1,500. |
| Lawyer Fees (recommended) | 0.5–1% of property value | Not legally mandatory but strongly recommended for due diligence. On €200,000: €1,000–2,000. |
| Real Estate Agent Commission | 2–2.5% per party (buyer and seller each pay) | Total agent cost: 4–5% of purchase price. Not always charged to buyers in all transactions — negotiate. |
| Annual Property Tax (ENFIA) | €150–600+/year for typical apartments; higher for premium properties | Calculated based on area, location, age, and characteristics of the property. Paid annually via myAADE. |
| Municipal Property Fee (ΤΑΠ) | Included in electricity bill — small percentage of property value | Paid with electricity bills annually. |
| Total Transaction Costs (approximate) | 7–10% of purchase price | Budget for at least 8% on top of the purchase price for all transaction costs. |
The Notary — Mandatory for All Purchases
The Notary (Συμβολαιογράφος) in Greece is a mandatory participant in all property transactions. The notary is appointed by the buyer (or jointly). The notary verifies the identities of the parties, confirms that the property transfer tax has been paid, reads the full contract aloud to both parties, authenticates the signatures, and submits the deed to the Land Registry. Notary fees are fixed by law and not negotiable. The notary does NOT represent either party — both parties should have their own independent lawyers for advice.
Mortgage
Greek mortgage lending has recovered from near-zero during the crisis years. Banks now offer mortgages to Greek residents and, in some cases, non-residents. Maximum LTV (Loan-to-Value) is typically 70–80% for prime properties. Interest rates have risen with ECB rates — variable rates at 4.5–6%+ in 2026, fixed rates are also available. Foreign income is accepted but may require additional documentation.
20–30% of purchase price (20% LTV maximum for most banks; some require 30% for non-residents)
Non-EU buyers typically face higher scrutiny and may need to provide source-of-funds documentation. Funds must be transferred through verifiable international channels. Some banks require the buyer to establish Greek tax residency before granting a mortgage. Greek banks sometimes restrict mortgage lending to buyers resident in Greece; foreign buyers may need to use a Greek bank's private banking division or specialist broker.
Land Registry
Greece's National Land Registry (Εθνικό Κτηματολόγιο / Κτηματολόγιο) is administered by the Hellenic Cadastre (Ελληνικό Κτηματολόγιο). Not all properties are yet registered in the Ktimatologio — older properties may still be in the old mortgage registry system (Υποθηκοφυλακείο). Always search both systems during due diligence. The Ktimatologio is available online at ktimatologio.gr for title searches.
Taxes
Property Transfer Tax (ΦΜΑ): 3.09% on purchase. Annual ENFIA: varies by property characteristics — from €50 for small rural properties to several thousand for premium Athens or island properties. Capital Gains Tax on sale: 15% on gain (with indexation allowance; some exemptions for primary residence held for 5+ years — check current rules as legislation has changed). Rental income tax: graduated rates (15%–45%) as part of income tax. Golden Visa program: minimum property investment of €800,000 (Athens/Thessaloniki/Mykonos/Santorini and islands >3,100 pop.); €400,000 (rest of Greece); €250,000 (commercial-to-residential conversion/restoration) — grants 5-year renewable residency.
New Build vs. Existing Property
New builds (under construction or <5 years old) are subject to 24% VAT instead of property transfer tax (though VAT on new residential construction has been suspended for several years — verify current status). New builds typically come without a kitchen, and some amenities. Existing properties: lower transaction costs, but more careful due diligence needed for building violations and title issues. Off-plan purchases carry developer risk — use an escrow arrangement and verify developer GEMI registration and insurance.
Selling Property
To sell Greek property, you need: clear title (from Ktimatologio/Mortgage Registry), energy performance certificate (ΠΕΑ — Πιστοποιητικό Ενεργειακής Απόδοσης), certificate of no building violations or legalisation of any violations (Ταυτότητα Κτιρίου/Δόμησης), certificate of no outstanding ENFIA or municipal taxes, no outstanding mortgages or liens. Engage a notary, your own lawyer, and an agent if desired. Process mirrors the buying side. Capital gains on the sale are taxed as above.
Useful Links
Property Buying
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