Buying Property in Greece: A Guide for UK Buyers

Why UK Buyers Choose Greece

• Affordability: Greek property prices remain well below Western European averages. Athens prices fell approximately 42% from 2008 to 2017 and have since recovered about half that decline.
• Island lifestyle: Over 200 inhabited islands offering diverse lifestyles from cosmopolitan Mykonos to tranquil Ithaca.
• Climate: 250+ days of sunshine per year, mild winters on the islands and coast.
• Accessibility: 3–4 hour flights from the UK, with seasonal and year-round routes to dozens of Greek airports.
• Low transfer tax: At 3.09%, Greek property transfer tax is among the lowest in Europe.
• Golden Visa: Property investment can qualify for a 5-year renewable residence permit.

Ownership Rules and Border Zones

As a non-EU national post-Brexit, UK buyers face one key restriction:

• Border zones: Properties within designated border areas (parethanias zones) near Turkey, Albania and North Macedonia require Ministry of Defence approval. This includes many eastern Aegean islands (e.g. Lesvos, Samos, Kos, Rhodes) and areas in Thrace and Epirus.
• Approval process: Applications go through the regional military authority. Processing takes 6–12 months and approval is not guaranteed.
• No restrictions outside border zones: In Athens, the Peloponnese, Cyclades (Mykonos, Santorini, Paros), Ionian islands (Corfu, Kefalonia) and Crete, UK buyers face no ownership restrictions.

Getting Your AFM Tax Number

The AFM (Arithmos Forologikou Mitroou) is Greece's tax identification number. It is required for all property transactions, bank accounts and tax filings. You can apply at:

• The local tax office (DOY - Dimósia Oikonomikí Ypiresia) in Greece
• The Greek consulate in the UK (limited availability)
• Through your Greek lawyer with a power of attorney

Non-EU residents must appoint a fiscal representative (forologikós antíprospos) in Greece.

Step-by-Step Buying Process

1. Obtain your AFM and open a Greek bank account.
2. Appoint a Greek lawyer to conduct due diligence. Budget €1,500–3,000.
3. Title search: Your lawyer checks the property at the Land Registry (Ypothikofilakeio) or Cadastre (Ktimatologio) for ownership history, encumbrances and debts.
4. Negotiate and agree terms. A preliminary agreement (prosymfono) may be signed with a 10% deposit.
5. Engineer's certificate: Obtain a certificate confirming no unauthorised building works (TAP certificate).
6. Energy Performance Certificate (PEA): Required for all property sales since 2011.
7. Pay transfer tax (FMA): 3.09% of the purchase price, paid before signing the deed.
8. Sign the notary deed (symvolaio): Both parties attend the notary (symvolaiografos). The deed is read aloud in Greek. A sworn translator is required for non-Greek speakers.
9. Register the property at the Land Registry or Cadastre. Registration takes 1–4 weeks.

Costs and Taxes

Greek Golden Visa

Greece's Golden Visa programme grants a 5-year renewable residence permit through property investment:

• €800,000 minimum: In Athens, Thessaloniki, Mykonos and Santorini (increased from €250,000 in September 2024)
• €400,000 minimum: In all other areas of Greece
• Multiple properties can be combined to reach the threshold
• No minimum stay requirement
• Covers investor, spouse and dependent children under 21
• Does not grant the right to work in Greece (separate work permit required)
• Path to permanent residency after 5 years (with 7 years total residence for citizenship)

Mortgages for UK Buyers

Greek banks have limited appetite for lending to non-residents. The mortgage market in Greece remains constrained following the 2010–2018 financial crisis. Options include:

• Greek banks: Some banks (Alpha Bank, Eurobank, Piraeus Bank) may lend to non-residents at 50–60% LTV, but approvals are selective
• UK-based international lenders: Specialist lenders may offer mortgages secured on Greek property
• Equity release: Some UK buyers remortgage UK property to fund a Greek purchase
• Cash purchases: The majority of UK buyers in Greece purchase with cash, particularly at the lower end of the market

Popular Areas and Islands

• Athens: Urban market with growing rental yields (4–6%). Neighbourhoods like Kolonaki, Plaka and Koukaki attract investor interest. Golden Visa threshold: €800,000.
• Crete: Largest island, diverse market from Chania old town to south coast villages. No border zone restrictions. Year-round community.
• Corfu: Ionian island with established UK community. Northeast coast premium market. No border zone issues.
• Cyclades: Mykonos (premium, Golden Visa at €800,000), Santorini, Paros, Naxos. Strong summer rental market.
• Peloponnese: Affordable coastal and rural properties. Kalamata, Nafplio, Mani peninsula. Growing interest from UK buyers.
• Skiathos and Sporades: Close to the mainland, established charter flight routes from the UK.

Risks and Considerations

• Border zone delays: If your chosen property is in a border zone, the Ministry of Defence approval process adds 6–12 months and may be refused.
• Cadastre incomplete: Greece's national cadastre (Ktimatologio) is still being completed. In some areas, title verification relies on the older Land Registry system, which can be less reliable.
• Unauthorised buildings: Greece has a history of illegal construction. Always verify building permits and certificates of conformity.
• 90-day Schengen rule: UK nationals are limited to 90 days in 180 in the Schengen area without a visa.
• Earthquake risk: Greece is seismically active. Verify the property's structural integrity and earthquake insurance availability.
• Seasonal rental regulation: Short-term rental (Airbnb) regulation is tightening. Licence requirements and annual limits vary by municipality.