Investing in Greece: Your Definitive Real-Estate FAQ Guide
Whether you’re considering a holiday villa, a permanent home or a rental investment, Greece offers compelling opportunities. This guide dives into the frequently asked questions, backed by up-to-date data and expert insight.
1. Can a foreigner buy property in Greece?
Yes , foreigners, including non-EU citizens, can buy property in Greece. However, there are some restrictions for non-EU buyers when the property is in a border or strategic zone, e.g., certain islands or areas close to national borders.
For most regions of Greece, non-EU citizens can purchase without additional permission.
For EU citizens, the procedure is largely the same as for Greek nationals.
Why this matters for you: Make your website content clear, reassuring and specific. Highlight the pathways for EU and non-EU buyers separately.
2. What is the process for buying property in Greece?
Here’s a streamlined breakdown of the key steps:
- Obtain a Greek Tax Identification Number (AFM).
- Open a Greek bank account (this often helps for transfers, tax payments, etc.).
- Hire a lawyer (highly recommended) to conduct due diligence: check ownership titles, outstanding debts/mortgages, building permits, zoning etc.
- Make an offer and negotiate the price.
- Sign a preliminary contract (sometimes called a private purchase agreement) and pay deposit (typically 5-10 % of price).
- Sign the final deed before a Notary Public, pay remaining balance + transfer tax, and register the property in the land registry/cadastre.
- Post-purchase: transfer utilities, pay ongoing property taxes, and ensure registration is complete.
Timeframe: The process can range from a few weeks to a couple of months depending on paperwork, whether land is involved, and complexity of the transaction.
3. What are the additional costs and taxes when purchasing?
Key cost categories to highlight:
- Property transfer tax: Often ~3% of the value of the property.
- Lawyer fees: typically 1-2% of purchase price.
- Notary fees: around 0.8-1.5% of price.
- Land registry / cadastre registration fees: 0.5-0.7% in many cases.
- Agent (real estate) fees: typically ~2-3% paid by buyer (unless agreed otherwise).
- Annual property tax (ENFIA): Based on location, size, age, number of façades etc.
- VAT: For newly-built properties (construction permit after 2006) VAT at 24% may apply in some cases.
Tip for your website: Provide a downloadable cost-calculator, so potential buyers can estimate “total purchase cost = property price + ~7-10% extra” based on current rates.
4. Where in Greece is it worth buying property?
Some location-based guidance:
- Premium tourist destinations like Santorini and Mykonos command higher prices.
- More affordable but still popular options include Crete, Rhodes, Halkidiki (Chalkidiki) and the Peloponnese.
- Urban areas like Athens and Thessaloniki appeal for accessibility and rental potential.
Content idea: On your site create a region-comparison chart: typical €/sqm by region, rental yield, growth potential, pros/cons.
5. Is buying property in Greece a good investment?
Short answer: Yes , but as always, the devil’s in the details.
Positive factors:
- Relatively lower purchase prices compared to many Western European markets.
- Strong tourism market → rental opportunities (holiday homes) in many regions.
- Lifestyle factors (climate, beaches, culture) boost long-term demand.
Risks / things to consider:
- Legal due diligence is essential (e.g., correct title, building permit, zoning) because Greece’s land-registry system has had historic complexities.
- Rental yields vary widely by region and quality of property.
- Regulations around short-term rentals may tighten further (which you should mention for investor audience).
- Currency fluctuations, tax/regulation changes can impact returns.
Takeaway for your audience: Present investment case studies: e.g., “A villa in Crete bought for X € in 2024, with Y % gross rental yield.” Use up-to-date figures and real examples.
6. What finances/mortgages are available for foreigners?
- Non-residents may be eligible for a mortgage from Greek banks — but terms tend to be tighter (higher interest, smaller loan-to-value) than for locals.
- Many foreign buyers choose to pay in full rather than rely on finance.
- For those seeking mortgages: having a local tax number (AFM), Greek bank account, good credit / income documentation helps.
Tip: Provide a checklist for foreign buyers: “Documents to apply for mortgage in Greece – list.” That drives value and engagement.
7. What are the taxes and ongoing costs of ownership?
- Annual property tax (ENFIA) must be filed via forms E9 & E1 each year.
- Other costs: utilities (water, electricity), maintenance (especially for villas on islands), local municipal charges.
- If you rent out the property: you’ll need to pay income tax on rental income in Greece (or declare it according to your home country’s rules).
- Capital gains tax: when you sell, a tax may apply depending on ownership period, improvements, etc. (Check latest regulations).
Engagement idea: Offer a “5 year ownership cost projection” calculator to help buyers see net cost (purchase + annual tax + maintenance) vs rental income.
8. What are some of the main risks and how to mitigate them?
- Title or permit issues: Always have a lawyer conduct a full investigation of ownership history, encumbrances, building permits.
- Illegal additions/alterations: Older homes may have extensions built without permit — risk for fines or inability to sell.
- Market-specific risks: Some remote islands may have lower occupancy or rental yield; logistics (access, services) may be challenging.
- Regulatory changes: Examples include tightening of rules for short-term rentals.
- Currency / economic risk: While Greece is Euro-zone, tourism and broader economy still impact property market.
9. Can I rebuild/modify the property or build on land?
Yes , but with caveats. Greece has strict building regulation, seismic building codes, zoning, and land-use rules.
If you buy land (rather than completed home), you’ll need to investigate: permissible building area, whether land is within the town-plan or in “agricultural/forest” category, ecology zones (e.g., Natura 2000), permitted uses.
Before any major rebuild you should engage a qualified Civil Engineer/Architect to check local regs and ensure permits can be obtained.
10. What about renting out a property — short-term vs long-term?
- Many buyers in Greece purchase with the intention of rental income (holiday home / Airbnb) — this can boost returns in high-tourism areas.
- However: rental regulations are evolving. For example: new rules in Athens banned new short-term rental registrations in central districts and introduced stricter safety/ventilation requirements.
- Long-term rental (12+ months) may provide more stable income and fewer regulatory fluctuations.
- Ensure you model: expected annual occupancy, management fees, local taxes on rental income, maintenance cost, and any regulatory changes.
Content suggestion: Provide two scenarios on your site: “Island villa rental 6-9 months/year vs. long-term apartment rental in Athens” — with estimated numbers, pros & cons.
Why Now Is a Good Opportunity for Greek Real Estate
- Greece offers comparatively lower purchase prices than many Western European markets, making it appealing for investors and lifestyle buyers.
- Tourism is strong and rebounding; rental demand in many regions remains healthy.
- Lifestyle draw: long coastline, Mediterranean climate, beautiful islands and mainland, growing expat communities.
- The Greek government has modernised portions of the legal/registry framework recently, improving transparency.
- For your business (BUY GREECE LLC): positioning yourself as a trusted, expert partner in navigating the local rules, costs, region-selection and due-diligence gives you a strong marketing story.
Sources:
AP News – “Greece Tightens Rules on Short-Term Rentals” (for regulatory updates)
https://apnews.com/article/b8a2df1326db28e8564ab17a4123e0ea
Global Citizen Solutions – “Buying Property in Greece: The Ultimate Guide”
https://www.globalcitizensolutions.com/buying-property-in-greece/
