Buying property in Greece

Who can buy in Greece

Foreign nationals can purchase property in Greece, but the process is generally easier for EU nationals.

Non-EU buyers are required to obtain a Greek tax number and open a Greek bank account to purchase property. However, you’ll still be subject to Schengen Area stay limits, which are a maximum of 90 days within a 180-day period.

Non-EU nationals can also obtain a 5-year renewable residence permit, commonly referred to as a ‘golden visa’, in exchange for investing in real estate.

The buying process in Greece

• Once you’ve found the right property, make an offer to the seller via your agent.
• Greece has many historical properties, so conducting a thorough property inspection is recommended to identify any underlying structural issues.
• Once an agreement has been reached, a preliminary contract is drawn up and signed, outlining the conditions of the sale, and you’ll pay a 10% deposit.
• Once the financing arrangements have been finalised, the deed of sale is signed before a notary, who registers the property at the local land registry.
• Then you’ll pay the remaining balance, along with any associated taxes and fees.

Fees and taxes in Greece

Buyers can typically expect to pay costs of around 8% to 12% of the purchase price.

• The property transfer tax for resale properties varies between 3% to 24% depending on the property value, with VAT at 24% and stamp duty at 3% for new properties.
• Additional fees to consider include notary fees, which range from 0.5% to 1%, legal fees at approximately 1%, and land registry fees, which also range from 0.5% to 1%.