Greece is an ideal destination for those looking to purchase property, whether for personal
use, investment, or as a gateway to the Golden Visa program. With its stunning landscapes, affordable real estate prices, and strong tourism sector, Greece presents an excellent opportunity for buyers worldwide.
Here’s what you need to know about the process of purchasing property in Greece.
Yes, foreign buyers are allowed to purchase property in Greece. European Union citizens can buy property without restrictions.
However, non-EU citizens may require special approval when purchasing in specific regions near the country’s borders. This process is usually straightforward but requires additional paperwork.
Before proceeding with any real estate transaction in Greece, you must obtain a Greek Tax Identification Number (AFM). This number is required for all financial transactions, including property purchases. If you are not physically present in Greece, you can authorize a lawyer to obtain it on your behalf.
Before committing to a purchase, it is essential to verify that the property has a clear legal status. A lawyer should conduct a legal due diligence at the Land Registry to confirm that:
• The property belongs to the Seller.
• There are no outstanding debts, mortgages, or legal disputes on general.
• The property complies with zoning and building regulations.
Skipping this step could lead to complications, including hidden financial obligations or ownership disputes.
Once you decide on a property, you typically sign a deposit agreement with the seller. This agreement outlines the terms of the sale and secures the property while the necessary documents are prepared. At this stage, a deposit of around 10 percent of the property price
is usually required.
The final purchase agreement is signed before a notary public in Greece, who ensures that the transaction complies with Greek law. During this stage:
• The buyer and seller (or their legal representatives) sign the contract in the presence of the notary.
• The buyer pays the purchase amount and the transfer tax.
• The title deed (contract) is officially registered in the Land Registry in the buyer’s name.
Note that: The buyer is responsible for additional costs, including: notary fees, legal fees, property transfer taxes, and registry fees.
• Property Inspection – Hiring a civil engineer to inspect the structural integrity of the property is recommended, especially for older buildings.
• Utility Registration – After the purchase, you must register for electricity, water, and other essential utilities in your name.
• Bank Account in Greece – Although not mandatory, having a Greek bank account simplifies the process of handling payments, taxes, and utilities.
• Property Rental: Property owners in Greece, including those who have acquired real estate through the Golden Visa program, have the right to lease their property and generate rental income. However, it is strongly recommended not to sign any lease agreement or related document without prior legal consultation. This ensures a full understanding of the applicable rental regulations and helps protect the owner’s rights.
• Taxes: Real estate owners in Greece are subject to an annual property tax. Additionally, if they earn rental income, they are required to pay income tax on the rental earnings.
The entire process can be completed without the physical presence of the interested party at any stage. By granting us a power of attorney, as your legal representatives, we can handle all necessary procedures on your behalf, ensuring a smooth and efficient transaction.
Buying property in Greece is an exciting opportunity, but ensuring that everything is handled correctly is crucial. Our experienced legal team specializes in real estate transactions and Golden Visa applications, providing expert guidance throughout the entire process.
For professional assistance with your property purchase, contact our office today.
Guiding your legal journey with expertise and dedication.
Ravine 9, Kolonaki, Athens, 11521
+30 6907073603
+30 6934611995
+30 2107294516
info@regkosvelli.gr