Buying Property in Greece

Can Foreigners Buy Property in Greece?

EU citizens can purchase property in Greece without restrictions (except in designated border zones). Non-EU citizens face additional requirements:

• Border zone approval: Properties in areas near Turkey, Albania, or North Macedonia (including many Aegean islands) require Ministry of Defence approval for non-EU buyers. Processing can take 6–12 months.
• AFM tax number: All buyers need an Arithmos Forologikou Mitroou (Greek tax number), obtained at the local tax office
• No residency required: You do not need to be a Greek resident or have a visa to purchase property
• Company purchases: Foreign companies can purchase property, subject to additional scrutiny on beneficial ownership

Greek Golden Visa Programme

Greece's Golden Visa grants a 5-year renewable residence permit to non-EU nationals investing in Greek real estate. The programme was significantly modified in 2024:

Source: Greek Ministry of Migration. Thresholds current as of April 2026. The programme has been modified multiple times — verify current requirements before proceeding.

Key features:

• No minimum stay: Unlike Portugal's Golden Visa, Greece has no minimum stay requirement to maintain the permit
• Family inclusion: Spouse, children under 21, and dependent parents
• Schengen access: Visa-free travel throughout the Schengen Area
• Path to citizenship: Eligible to apply after 7 years of continuous residence (with actual residency, not just permit holding)
• No right to work: The Golden Visa does not grant employment rights in Greece

Step-by-Step Buying Process

1. Obtain an AFM

Apply at the local tax office (DOY). Non-residents must appoint a Greek fiscal representative (your lawyer can serve this role). Processing is typically same-day.

2. Open a Greek bank account

A Greek bank account is required for the transaction and for paying ongoing taxes and utilities. Major banks include Alpha Bank, Eurobank, National Bank of Greece, and Piraeus Bank.

3. Due diligence

Your lawyer should verify:

• Title deed and ownership chain at the Land Registry or Cadastre
• Building permits and compliance with urban planning regulations
• No encumbrances, mortgages, or liens on the property
• Property tax (ENFIA) payments are up to date
• Energy performance certificate (PEA)
• For older properties: seismic compliance and structural integrity

4. Sign the notary deed

The purchase contract (symvolaio) is signed at the notary office. The transfer tax (3.09%) must be paid before the deed is signed. The notary reads the contract aloud in Greek — your lawyer should translate in real time or arrange a certified translation.

5. Register at the Land Registry

The notary submits the deed for registration. In areas with a functioning Cadastre (Ktimatologio), registration is straightforward. In areas still using the old Land Registry (Ypothikofilakeio) system, processing can take longer.

Costs and Taxes

Total buyer transaction costs typically range from 8–12% of the purchase price for resale properties. New-build purchases with 24% VAT are significantly more expensive at entry.

Border Zone Restrictions

Under Greek law, non-EU citizens require Ministry of Defence approval to purchase property in designated border zones. These areas include:

• Eastern Aegean islands (Lesvos, Chios, Samos, Leros, Kos, and others near the Turkish coast)
• Dodecanese islands (Rhodes, Karpathos)
• Northern border regions (Thrace, parts of Macedonia)
• Crete (parts of eastern Crete)

The approval process takes 6–12 months and is not guaranteed. Some applicants have been refused without detailed reasons. EU citizens are exempt from this requirement.

Risks and Considerations

• Title uncertainty: Greece's transition from the old Land Registry to the modern Cadastre is incomplete. In some areas, title verification is more complex and ownership disputes are possible.
• Illegal construction: Unauthorised building is widespread in Greece. Structures built without permits may not be insurable and could face demolition orders. Your lawyer must verify all building permits.
• High property taxation: Greece's annual property tax (ENFIA) is among the highest in Europe relative to property values. Combined with income tax on rental income (15–45% progressive rates), the ongoing tax burden is significant.
• Bureaucratic complexity: Greek government processes can be slow and require patience. The AFM, bank account, and notary process each involve administrative steps that can be unpredictable in timing.
• Limited non-resident mortgages: Greek banks rarely offer mortgages to non-residents. Most foreign buyers purchase with cash.
• Market history: Greek property prices fell approximately 42% from 2008 to 2017 (Bank of Greece data). While recovery is underway, many areas remain well below pre-crisis levels.

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