Greece Real Estate: A Guide to Buying and Renting Property

Greece is a top destination for investors, retirees, and expatriates due to its rich history, beautiful landscapes, and affordable real estate market. Whether you’re looking to buy a vacation home, invest in property, or rent a place to live, understanding the legalities and market conditions is crucial.

This guide provides a comprehensive overview of the real estate process in Greece, including property laws for foreigners, costs, taxes, and FAQs.

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1. Can Foreigners Buy Property in Greece?

✅ Yes, foreigners can buy property in Greece.

• EU citizens have no restrictions on buying real estate.
• Non-EU citizens can also buy property but may face additional requirements in border regions (e.g., Crete, Rhodes).

📌 Important: Buying property in Greece can also help non-EU citizens obtain a residence permit through the Golden Visa Program.

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2. Buying Property in Greece – Step by Step

Step 1: Find a Property

🔹 Search online via Spitogatos, XE Real Estate, Rightmove, or local agencies.
🔹 Work with a licensed real estate agent for assistance with negotiations.

Step 2: Hire a Lawyer & Notary

🔹 A real estate lawyer ensures the property has no legal issues or debts.
🔹 A notary oversees the contract signing and official registration.

Step 3: Get a Greek Tax Number (AFM)

🔹 Required for all buyers, including foreigners.
🔹 Obtain an AFM (Αριθμός Φορολογικού Μητρώου) from the Greek tax office.

Step 4: Open a Greek Bank Account

🔹 Needed for property payments and tax purposes.
🔹 Some sellers accept payments from foreign bank accounts.

Step 5: Sign the Pre-Agreement Contract

🔹 Includes property details, price, and deposit conditions.
🔹 Usually requires a 10% deposit.

Step 6: Conduct Legal & Technical Checks

Ensure title deeds are clear.
Check for any outstanding taxes or debts.
Conduct a survey to inspect the property condition.

Step 7: Final Contract & Payment

Sign the final sale contract at a notary’s office.
Pay the remaining balance + taxes and fees.
The property is registered in your name with the Greek Land Registry.

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3. Costs & Taxes for Buying Property in Greece

Property Purchase Costs

Expense	Cost Estimate
Property Transfer Tax	3.09% of the property price
Notary Fees	1% – 2%
Lawyer Fees	1% – 2% (optional but recommended)
Land Registry Fee	0.5% – 0.7%
Real Estate Agent Fee	2% – 3%
VAT (only for new properties)	24%

📌 Total Additional Costs: Expect 8% – 12% on top of the purchase price.

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4. The Greek Golden Visa Program (Residency Through Investment)

Foreigners who invest at least €250,000 in Greek real estate can qualify for a 5-year residence permit.

✅ No minimum stay requirements
✅ Can include spouse, children, and parents
✅ Renewable every 5 years if the property is maintained
✅ Option to apply for Greek citizenship after 7 years

📌 Process Time: 2-4 months
📌 2024 Update: The minimum investment may rise to €500,000 in Athens, Thessaloniki, Mykonos, and Santorini.

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5. Renting Property in Greece

Renting is straightforward, but foreigners must have a Greek Tax Number (AFM).

Types of Rental Agreements

🔹 Short-Term Rentals: Airbnb, Booking.com, or private listings.
🔹 Long-Term Rentals: 6 months to 3 years (standard contract).

Average Rental Prices in Major Cities

City	Apartment (1 Bedroom, City Center)	House (3 Bedrooms, Outside City)
Athens	€600 – €1,200/month	€1,200 – €2,500/month
Thessaloniki	€500 – €900/month	€900 – €1,800/month
Crete	€450 – €850/month	€900 – €1,500/month

Rental Deposits & Contracts

• Security Deposit: 1-2 months’ rent
• Utilities: Often not included in the rent
• Contracts: Must be registered with the Greek tax office

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6. Frequently Asked Questions (FAQs)

1. Can I buy property in Greece as a non-EU citizen?

✅ Yes, but you may need government approval in some regions.

2. How much are property taxes in Greece?

📌 Annual property tax (ENFIA) is €2 – €6 per square meter.

3. Can I get a mortgage as a foreigner?

✅ Some Greek banks offer mortgages to foreigners, but:

• Higher down payments (40% – 50%)
• Higher interest rates (5% – 7%)

4. How long does it take to buy property in Greece?

📌 2-3 months if all documents are in order.

5. Can I live in Greece if I buy a house?

✅ Non-EU citizens can apply for the Golden Visa if they invest €250,000+ in real estate.

6. Do I need a lawyer to buy property in Greece?

✅ Yes, highly recommended to avoid legal issues.

7. What are the best cities for real estate investment?

📌 Athens, Thessaloniki, Crete, Rhodes, and Mykonos are top investment locations.

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7. Conclusion

Buying or renting property in Greece is a straightforward process if you follow the legal requirements and work with professionals.

Best Tips for Foreign Buyers:

Hire a lawyer to check property titles.
Get a Greek Tax Number (AFM) before purchasing.
Consider the Golden Visa if investing €250,000+.
Check for extra costs (taxes, fees, utilities).📌 Useful Resources:
📍 Greek Land Registry: https://www.ktimatologio.gr/
📍 Golden Visa Info: https://www.invest-greece.com/

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