Greece has long been an attractive destination spot. Beyond the sea, the sun and the peaceful environment, buying property in Greece as a foreigner has even become more practical too. With a recovering real estate market, relatively affordable prices compared to other Mediterranean countries, and a Golden Visa program that rewards investments, Greece has become one of the most sought-after destinations for international buyers. If you’re thinking about making the move, here’s what you actually need to know before you buy.
Can Foreigners Buy Property in Greece?
Citizens of European Union member states face essentially no restrictions when buying property in Greece. For non-EU nationals, the process is still very accessible, but there are a few extra steps. If you’re from outside the EU and you want to purchase in certain border regions or on specific islands that are classified as restricted zones, you’ll need to apply for special permission from the Greek Ministry of Defense. This process can be lengthy and time-consuming, so it’s worth factoring it into your timeline early. Outside those zones, however, non-EU buyers can purchase freely. The market is open to international investment and Greece has worked hard over the past decade to make the experience easier for foreigners.
What Legal Steps Does the Process Involve?
Buying property in Greece as a foreigner is a pretty straight forward process. The first thing you’ll need is an AFM (Arithmos Forologikou Mitroou), or Greek tax registration number. You can obtain this from your local tax office in Greece, but make note that you cannot complete a property purchase without it. Once you have your AFM, you’ll need a Greek notary so they can draft the purchase contract, verify the property’s legal status, and oversee the transfer. You’ll also want to hire an independent Greek lawyer who works exclusively on your behalf to conduct due diligence: checking for outstanding debts on the property, verifying a clear title, and reviewing planning permissions. The final sale is then formalized through a notarial deed, which is signed in front of the notary and then registered with the Land Registry. It’s a thorough process but with the right professionals, it’s definitely manageable.
What Taxes and Fees Should You Budget For?
The true cost of buying property in Greece as a foreigner is not just about the listing price.
Transfer tax currently sits at 3.09% of the property’s assessed value for older properties. For new builds sold by a developer, VAT of 24% may apply instead even though this has been suspended for primary residences recently, so make sure to verify the current rules when you’re closer to purchasing. In addition to transfer tax, you’ll need to take into account notary fees (typically 1–1.5% of the property value), legal fees (usually 1–2%), real estate agent commission (2–3% plus VAT), and land registry fees (around 0.5–1%). All in all, plan for an additional 8–12% on top of the purchase price so you’re comfortably prepared to cover the rest of the transaction costs.
Can You Get a Mortgage as a Foreign Buyer?
Financing options do exist for foreigners, but they tend to be more limited than what you might have access to in your home country. Greek banks offer mortgages to non-residents, though loan-to-value ratios are often capped at 50–70% of the property’s assessed value. The application process usually requires documentation such as proof of income, tax returns from your home country, bank statements, and valid identification. Interest rates and terms vary considerably, so shopping around and using a mortgage broker familiar with the Greek market is the way to go. Many foreign buyers, particularly those purchasing for investment or holiday use, even choose to finance through their home country or use equity from existing property rather than borrowing in Greece. It’s worth looking at the numbers for both situations before you make a decision.
What Is the Greek Golden Visa and Is It Worth It?
Several European countries including Spain, Italy, Cyprus, and even Greece, offer Golden Visa programs. These programs have become a major draw for non-EU nationals looking to secure residency on the continent of their dreams through property investment.
So for someone looking at buying property in Greece as a foreigner, the Golden Visa program is a compelling option.
For Greece, it was introduced in 2013 and updated several times since then, and it grants a five-year renewable residency permit to non-EU citizens who invest in Greek real estate above a certain threshold. As of recent legislative changes, the minimum investment in high-demand areas including Athens, Thessaloniki, and many popular islands has been raised to €800,000. In lower-demand areas, the threshold remains €400,000. There’s also a lower entry point of €250,000 for specific investment types such as converting commercial properties to residential use or restoring listed buildings. This may be particularly interesting for buyers looking in Athens, so it’s worth exploring if your purchase falls into either of those categories.
The visa allows freedom of movement within the Schengen zone and can even include family members. Another great aspect of the visa is it doesn’t require you to live in Greece to maintain the visa. For many international buyers, the Golden Visa is a massive draw to Greece that allows them to turn a property purchase into a foothold in Europe.
What Should You Know About Ongoing Ownership Costs?
Owning property in Greece also comes with annual obligations. The main ongoing tax is ENFIA (the Uniform Real Estate Tax) which is calculated based on the property’s assessed value, size, location, and year of construction. For many mid-range properties, annual ENFIA tends to be about a few hundred euros per year, though this varies significantly. If you rent out your property, rental income is subject to Greek income tax on a sliding scale. Non-residents are still required to file annual Greek tax returns if they own property in the country, which is another reason to retain a local accountant or tax advisor. Maintenance costs, building insurance, and community fees (for apartment buildings or managed developments) are also expenses to factor in.
My Elysium specializes in helping international buyers navigate the Greek property market from finding the right home to handling the legal, tax, and licensing process. Whether you’re exploring the Golden Visa, searching for a holiday home, or planning a permanent move, we can help you find a place and location that’s perfect for you. Contact our team to get started.
