Guide to Purchasing Property in Greece as a Foreigner: From A-Z

Greece is one of the most attractive destinations for property acquisition, investment, and entrepreneurship. Its natural beauty, strategic location, and a favorable investment environment, including the attractive Golden Visa Greece program, have drawn many foreign nationals. With this growing trend, purchasing property in Greece as a foreigner has become a topic of interest for EU citizens, third-country nationals, and even corporate groups.

Foreign nationals have the right to purchase one or more properties, either as individuals or as legal entities (companies). The process can be straightforward and quick, provided that the correct legal and tax procedures are followed. However, you will need proper guidance from an experienced real estate lawyer in Greece.

This guide outlines the basic steps in purchasing property in Greece as a foreign national, the legal issues to consider, applicable taxation, and potential obstacles.

Greek Property Purchase Process – Basic Steps

1. Selecting the Property

The first step is to choose a Greek property that suits your needs. Key criteria for selecting property in Greece include:

• Type of property: Residential (apartments, houses, villas), commercial (shops, offices), tourism-related (hotels, rental villas), or agricultural (farmland).
• Purpose of purchase: Personal use, investment, or obtaining the Golden Visa.
• Location, value, growth potential, and condition of the property.

Property selection is usually done with a local real estate agent and after on-site visits.

2. Hiring a Greek Real Estate Lawyer

Hiring an experienced real estate lawyer in Greece is critical for a safe and smooth purchase process. Your lawyer should have extensive experience in this specialized area of Greek civil law to protect your investment. To expedite the process, you can grant a Power of Attorney (PoA) to your lawyer, allowing them to represent you remotely.

3. Commencing Legal Due Diligence

The process begins with your lawyer’s due diligence, which includes:

• Obtaining property documents: The seller must provide all relevant documents (title deeds, topographic diagrams, building permits, etc.) for review.
• Engineer’s inspection: An engineer verifies that the property complies with building regulations and checks the Building Identity.
• Title search: A thorough title search at the Land Registry and Cadastre ensures the property is free of liens, mortgages, seizures, claims, or other encumbrances. A proper title search is essential to prevent legal disputes and is a crucial part of the process.

4. Signing a Preliminary Agreement – Deposit

Your Greek property lawyer drafts a preliminary private agreement that outlines the agreed price and terms. Upon signing, the buyer typically pays a deposit to the seller, which is deducted from the final purchase price. This binds both parties to proceed with the transaction.

5. Obtaining a Greek Tax Identification Number (AFM)

All foreign buyers must obtain an AFM (Αριθμός Φορολογικού Μητρώου), a nine-digit tax identification number, from the Greek tax office. This is a mandatory step, as an AFM is required to sign the final contract and pay taxes. This can be done in person or by your lawyer via Power of Attorney.

6. Opening a Greek Bank Account

While not always mandatory, having a Greek bank account can simplify transactions, such as paying utility bills or transferring the purchase funds.

7. Drafting the Final Sale Contract

In the presence of both parties’ lawyers, a notary drafts the final sale contract, which will be reviewed and agreed upon before signing.

8. Property Transfer Tax Payment

Before signing the final contract, the buyer files a Property Transfer Tax declaration (currently 3.09% of the property’s value for resale properties) via the MyProperty platform and pays the tax. The notary uploads the declaration, and both parties accept it digitally. For new constructions where the building permit was issued after January 1, 2006, a 24% VAT may apply, though this tax has been suspended until the end of 2025.

9. Signing the Final Contract

The final contract is signed in the notary’s presence. The purchase price is paid, and before signing, your lawyer performs a final check to ensure no new encumbrances have been registered on the property.

10. Registration at the Land Registry / Cadastre

The new ownership is registered with the relevant Cadastre or Land Registry to legally complete the property transfer and protect your rights.

11. Signing a Payment Completion Deed (If Necessary)

If part of the purchase price is to be paid after the signing of the contract, a separate notarial act confirms the final payment.

With our nationwide network of lawyers, notaries, engineers, real estate agents, and other professionals, our law firm provides complete legal services to foreign nationals wishing to purchase property in Greece. Our experience allows us to handle every aspect of property acquisition and management, guiding our clients through a smooth and secure purchase. Get in touch with us today for a successful purchase of your property in Greece as a foreigner.