The Ultimate Guide to Buying Property in Greece: A Foreign Investor’s Roadmap

Reading time: 12 minutes

Introduction: Why Greece Attracts Foreign Property Buyers

Ever dreamed of waking up to the shimmer of azure waters against a backdrop of whitewashed buildings? For many, the allure of owning a piece of Greek paradise isn’t just a fantasy—it’s becoming an increasingly attainable reality.

Greece has emerged from its economic turbulence of the past decade to become one of Europe’s most compelling property investment destinations. With property prices still 30-40% below their pre-crisis peaks and a lifestyle that blends Mediterranean charm with modern amenities, the appeal is undeniable.

But here’s the straight talk: While the opportunity is genuine, successfully navigating the Greek property market as a foreigner requires strategic knowledge and careful planning. This isn’t about simply finding a charming villa—it’s about making sound investment decisions while avoiding potential pitfalls unique to international buyers.

Whether you’re seeking a summer retreat on Santorini, a permanent relocation to Athens, or an investment property in an emerging hotspot like Thessaloniki, this guide provides the essential roadmap to buy house in greece with confidence and clarity.

The Legal Framework for Foreign Investors

Restrictions and Permissions

The good news upfront: Greece maintains an open policy toward foreign property ownership in most areas. Unlike some countries with complex restrictions, Greece generally welcomes international investment. However, this openness comes with important nuances.

EU citizens enjoy essentially the same rights as Greeks when purchasing property. Non-EU citizens face additional steps but can still freely acquire most properties with proper approvals.

The exception? Border regions and certain islands have restrictions based on national security considerations. These “border areas”—including islands near Turkey such as Lesvos, Chios, and Rhodes, parts of Crete, and land near Albania, North Macedonia, and Bulgaria—require special permission from local defense authorities.

Pro Tip: Don’t let this deter you. While the approval process adds time (typically 1-3 months), most applications are approved when the property is clearly for personal use or legitimate investment.

As Maria Kontomichalou, a real estate attorney in Athens, explains: “The border area restrictions are primarily formalities for non-EU buyers. With proper legal guidance, obtaining permission is usually straightforward. The key is starting this process early to avoid delays in your purchase timeline.”

The Golden Visa Program

For many non-EU investors, Greece’s Golden Visa program represents a compelling pathway to property ownership with significant additional benefits. Introduced in 2013, the program grants five-year renewable residence permits to non-EU nationals who invest at least €250,000 in Greek real estate.

What makes this particularly attractive is that the permit extends to the investor’s spouse, children under 21, and parents of both spouses. It allows free travel within the Schengen Zone and requires only one visit to Greece every five years to maintain status.

The numbers speak volumes: Since its inception, Greece has issued over 9,500 Golden Visas, with Chinese, Turkish, and Russian investors leading the pack. The program generated approximately €2.8 billion in direct foreign investment between 2014 and 2022.

However, changes are on the horizon. Starting in May 2023, the minimum investment threshold increased to €500,000 for properties in central Athens, Thessaloniki, Mykonos, and Santorini, while remaining at €250,000 for other regions. This tiered approach aims to direct investment toward less developed areas while preventing overheating in prime markets.

Understanding the Greek Property Market

Current Market Trends

The Greek property market has experienced a remarkable renaissance since the depths of the economic crisis. After plummeting nearly 45% between 2008 and 2017, property values have rebounded significantly, though still offering value compared to other Mediterranean destinations.

Let’s analyze the current landscape:

The post-pandemic market is characterized by several key trends:

• Urban regeneration: Athens and Thessaloniki are seeing major redevelopment projects, with neighborhoods like Metaxourgeio and Kypseli transforming from overlooked areas to investment hotspots.
• Digital nomad influence: Greece’s improved digital infrastructure and visa programs for remote workers are creating new demand patterns in areas with high quality of life but previously limited investment interest.
• Sustainable development: Energy-efficient properties command premium prices as Greece implements stricter building regulations and buyers prioritize environmental considerations.

Most Popular Locations

Different locations in Greece attract different types of international buyers. Understanding the unique appeal of each region is essential for aligning your purchase with your objectives.

Let’s visualize the relative popularity of key regions among foreign buyers:

Let’s examine the distinct characteristics of the top three destinations:

Athens: The capital offers vibrant urban living with significant rental potential. Neighborhoods like Kolonaki and Glyfada attract luxury buyers, while up-and-coming areas like Exarchia and Kypseli offer value with gentrification upside. Athens properties typically deliver higher rental yields (4-6%) but potentially lower appreciation compared to island properties.

The Islands: Cycladic islands (particularly Mykonos and Santorini) command premium prices but offer exceptional appreciation potential. The limited land supply and worldwide recognition create a resilient market even during economic downturns. However, seasonality affects rental potential, with peak seasons providing exceptional returns but shoulder and off-seasons presenting challenges.

Thessaloniki: Greece’s second city offers a compelling value proposition with prices typically 30% below comparable Athens properties. Its university population ensures year-round rental demand, while significant infrastructure improvements are enhancing the city’s appeal. The less cyclical nature of this market provides stability, though with potentially less dramatic appreciation than Athens or premium islands.

The Property Buying Process

Step-by-Step Guide

Navigating the Greek property purchase process requires attention to detail and proper sequencing. Here’s your roadmap:

1. Preliminary Research and Budgeting

   Beyond the property price, budget for transaction costs totaling approximately 8-10% of the purchase price, including transfer tax (3.09%), legal fees (1-2%), notary fees (1-1.5%), and agent commissions (2-3%).

2. Securing a Greek Tax Number (AFM)

   Every property buyer needs an AFM, obtained from the local tax office (DOY) with your passport and completed application. This typically takes 1-3 days and is essential for all property transactions.

3. Opening a Greek Bank Account

   While not strictly required, a Greek bank account streamlines the purchase process and future property-related payments. Major banks like Alpha Bank, Piraeus Bank, and National Bank of Greece offer accounts for non-residents with appropriate documentation.

4. Property Search and Due Diligence

   Work with a reputable agent and attorney to verify the property’s legal status. Critical checks include confirming the seller has full ownership rights, verifying no encumbrances exist, checking building permit compliance, and validating property boundaries.

5. Making an Offer and Preliminary Agreement

   Once your offer is accepted, a preliminary agreement (promesymvasi) is typical. This requires a deposit (usually 10%) and outlines the sale terms, contingencies, and completion timeline.

6. Final Contract and Completion

   The final contract (symvolaio) is prepared by a notary and signed by all parties in their presence. The remaining balance is paid, and the property is officially transferred. The notary registers the transfer with the land registry or cadastre.

7. Post-Purchase Registration

   The property must be registered at the local land registry and, where applicable, the National Cadastre. Your lawyer typically handles this process, which secures your ownership in public records.

Pro Tip: While it’s technically possible to complete a Greek property purchase without being physically present (using power of attorney), visiting in person is strongly recommended. This allows for property inspection, meeting professionals face-to-face, and developing a better understanding of the local market.

Required Documentation

Preparation is key to a smooth transaction. Here’s what you’ll need:

• Personal Documentation:
  • Valid passport or ID card
  • Greek tax number (AFM)
  • Tax residence certificate from your home country
  • Marriage certificate (if purchasing jointly)
• Property Documentation:
  • Title deeds going back at least 20 years
  • Building permits and floor plans
  • Energy Performance Certificate
  • Property tax statements (ENFIA)
  • Certificate of no outstanding property debts
• Additional Documents for Non-EU Buyers:
  • Application for purchase approval in border areas (if applicable)
  • Source of funds documentation
  • Golden Visa application materials (if pursuing this option)

Costs and Taxes

Understanding the full financial picture beyond the purchase price is crucial. Here’s what to expect:

One-time Purchase Costs:

• Transfer Tax: 3.09% of the property’s tax value for resale properties. For new properties with building permits issued after January 1, 2006, 24% VAT applies instead of transfer tax.
• Legal Fees: 1-2% of the purchase price.
• Notary Fees: 0.8-1.5% of the property value.
• Land Registry/Cadastre Registration: 0.3-0.5% of the property value.
• Real Estate Agent Commission: Typically 2-3%, sometimes split between buyer and seller.

Ongoing Ownership Costs:

• ENFIA (Unified Property Tax): Annual tax ranging from approximately €2-€13 per square meter, depending on the property’s location, age, and characteristics.
• Municipal Taxes: Included in electricity bills, typically 0.025-0.035% of the property’s tax value annually.
• Income Tax: For rental income, progressive rates from 15-45% for residents. Non-residents pay a flat 15% on net rental income.
• Building Insurance: Not mandatory but highly recommended, costing €200-€600 annually depending on coverage and property value.
• Maintenance Costs: For apartments, expect monthly community fees (koinochrista) of €30-€150 depending on the building’s amenities.

Tax optimization opportunities do exist. For example, renovation expenses can be tax-deductible up to 40% of costs (capped at €16,000) over four years if they improve energy efficiency. Additionally, structuring ownership through a company may offer advantages depending on your circumstances, though this requires careful analysis of both Greek and home country tax implications.

Real-Life Case Studies

Let’s examine how other foreign buyers have successfully navigated the Greek property market:

Case Study 1: Urban Investment in Athens

Michael and Sarah, a British couple in their 50s, purchased a 95m² apartment in Koukaki, Athens, for €250,000 in 2019. They were attracted by the neighborhood’s proximity to the Acropolis and its emerging restaurant scene.

Their strategy involved:

• Renovating the property for €45,000, focusing on modernizing while preserving traditional elements
• Creating a flexible space that could function as both a personal vacation home and a short-term rental
• Hiring a local property management company (7% commission) to handle rentals when they’re not using the property

The results? The property now generates approximately €22,000 annually in rental income (60% occupancy) and has appreciated to an estimated value of €370,000—a 48% increase in four years. Their effective annual return, combining rental income and appreciation, exceeds 15%.

Case Study 2: Island Living with Golden Visa

Wei and Lin, a Chinese family seeking both lifestyle benefits and EU residency, purchased a detached villa on Paros for €580,000 in 2021. Their primary objectives were securing Golden Visas for their family while creating a Mediterranean retreat.

Their approach included:

• Working with a specialized immigration attorney alongside their real estate agent
• Purchasing in an area without border restrictions to streamline the process
• Emphasizing energy efficiency in their property selection to minimize operating costs

Outcomes: The family obtained their Golden Visas within four months of purchase. They now spend summers in Greece while maintaining their business in China, and their children have access to European universities. The property has appreciated approximately 15% in two years, and they occasionally rent it during select periods, generating €35,000 in annual income.

Common Challenges and How to Overcome Them

Foreign buyers frequently encounter specific obstacles when purchasing Greek property. Here’s how to navigate them:

1. Unclear Property Titles

Greece’s historical land registration system has created situations where ownership rights may be ambiguous. The ongoing Cadastre project aims to resolve this but isn’t complete nationwide.

Solution: Conduct thorough title searches going back at least 20 years. Your attorney should verify all previous transfers and check for any claims against the property. For additional security, consider title insurance, which, while not common in Greece, is available through international providers.

2. Unauthorized Constructions

Many Greek properties have unpermitted additions or modifications. These “imithia” (semi-outdoor) spaces that were later enclosed are particularly common.

Solution: Request the property’s legalization certificate (if available) or hire an engineer to assess compliance. Recent legislation has provided pathways to legalize many minor infractions for a fee. Ensure this process is completed before purchase or negotiate price adjustments to cover legalization costs.

3. Navigating Bureaucracy

Administrative processes can be slow and document-heavy, particularly for non-Greek speakers.

Solution: Build extra time into your purchase timeline and assemble a strong local team. A skilled lawyer who speaks your language can prevent bureaucratic delays from derailing your purchase. Digital transformation of many government services is improving efficiency, but patience remains essential.

As Dimitris Papageorgiou, a property lawyer specializing in foreign transactions, advises: “The successful foreign buyer in Greece is the prepared buyer. Nearly every challenge in the Greek property market can be overcome with proper due diligence and local expertise. It’s when buyers rush or try to cut corners that problems typically arise.”

Your Greek Property Journey: A Strategic Roadmap

Having covered the essential aspects of Greek property investment, let’s crystallize this into a practical action plan:

1. Define Your Purpose with Precision

   Be crystal clear about your objectives—permanent relocation, vacation home, pure investment, or Golden Visa. Each purpose demands different property characteristics and locations. A rental-focused investment might prioritize Athens for year-round demand, while a personal retreat might favor specific island features that matter to you personally.

2. Assemble Your Expert Team

   Before viewing a single property, connect with:

   • A specialized real estate agent with foreign buyer experience
   • A property lawyer familiar with international transactions
   • A reputable accountant to optimize your tax position
   • If needed, a Golden Visa specialist or renovation contractor
3. Explore Financing Options

   While many foreign buyers purchase with cash, Greek mortgage options are improving. Greek banks typically offer non-residents loans covering 60-70% of the property value with 25-30 year terms. EU citizens find this process easier, but non-EU buyers with strong financial profiles can also qualify. Alternative options include leveraging equity from properties in your home country or working with international banks with a Greek presence.

4. Conduct Multiple Property Visits

   View properties at different times of day and, ideally, in different seasons. What seems perfect on a summer morning might reveal issues during evening hours or winter months. For island properties, especially consider the off-season experience if you plan year-round use.

5. Develop a Post-Purchase Plan

   Before completing your purchase, establish:

   • Property management arrangements if you’ll be absent
   • Renovation timelines and contractor agreements if needed
   • Rental management strategy if generating income
   • Local banking relationships for ongoing expenses

Remember, successful Greek property ownership isn’t just about the purchase—it’s about creating a sustainable, enjoyable, and potentially profitable relationship with your Greek property over the long term.

The Greek property market offers remarkable opportunities for foreign buyers willing to approach it with knowledge, patience, and strategic thinking. As the country continues its economic renaissance while maintaining its timeless appeal, those who invest thoughtfully today may find themselves not just property owners but beneficiaries of Greece’s promising future.

Frequently Asked Questions

Can I buy property in Greece without visiting in person?

Yes, you can purchase property in Greece without being physically present by granting power of attorney to a Greek lawyer. This legal document must be properly authenticated—either with an Apostille for countries party to the Hague Convention or through the Greek consulate in non-Hague countries. However, while legally possible, purchasing sight unseen is generally not recommended. Most successful foreign buyers make at least one visit to view properties and meet their local team. If travel is impossible, consider arranging virtual tours and having a trusted representative conduct in-person inspections.

How does the Greek property market compare to other Mediterranean destinations?

Greek property offers compelling value compared to similar Mediterranean destinations. Current average prices per square meter (for quality properties in desirable areas) show Greece at a significant discount: Athens (€2,500-3,500) versus Barcelona (€4,500-6,000) or Nice (€5,000-7,000). Greek islands like Corfu or Crete (€3,000-4,500) remain more affordable than comparable Spanish islands like Mallorca (€5,000-8,000) or Italian destinations like Sardinia. Beyond price, Greece offers advantages including lower property taxes than Spain or Italy, a longer tourism season than many competitors, and the Golden Visa program with one of Europe’s lower investment thresholds. The potential downside includes somewhat less developed infrastructure in some areas and an economy still strengthening after its crisis years.

What are the best strategies for renting out my Greek property when I’m not using it?

The optimal rental strategy depends on your property’s location and characteristics. For Athens and Thessaloniki properties, long-term rentals provide stable income and minimal management needs. Current yields range from 4-7% annually depending on neighborhood and property quality. For island and vacation properties, short-term rentals through platforms like Airbnb or Booking.com can generate 2-3 times the monthly income during peak seasons but require more active management. Professional property management companies typically charge 15-25% of rental income for full-service management of vacation properties (including guest communication, cleaning, maintenance, and local support). A mixed approach works well for many owners—using the property personally during preferred times, offering short-term rentals during high season, and considering medium-term rentals (1-3 months) to digital nomads during shoulder seasons. Whatever approach you choose, ensure full tax compliance by registering with the Greek tourist authority and obtaining your property’s unique registration number (AMA) for legal short-term rentals.

Article reviewed by Alexandros Ioannidis, Senior Wealth Manager | Multi-Asset Portfolio Specialist | Building Customized Investment Solutions for High-Net-Worth Clients, on April 29, 2025