A step-by-step guide to buying real estate in Greece 

Where is the best place to buy real estate in Greece? How much does a square meter cost in different cities of the country? Can a foreigner buy real estate there with a mortgage? Read in detail about the process of buying Greek real estate in our article.

Benefits of buying real estate in Greece

Since the beginning of 2005, the purchase of real estate in Greece gives one the right to obtain a residence permit in this country. Initially, this required the purchase of an object or objects worth more than €250,000. But since August 2023, the Greek program “Golden Visa” has undergone changes: the minimum investment threshold is now €500,000. These changes affect 36 popular municipalities.

A Greek residence permit provides a number of benefits, such as visa-free travel to Schengen countries, access to local banking services, and so on.

If your goal is to obtain permanent residence in Greece, you will be required to reside here for at least 183 days per year for a period of 5 years. After this period, after 5-7 years, you will also be able to apply for citizenship.

The procedure of buying a property in Greece 

1. Obtaining a tax number (A.F.M.)
   To obtain almost any service in Greece, you need an A.F.M. This number will be used by a notary for tax documents related to the transfer of ownership or VAT. The buyer must pay the relevant taxes before signing the sale contract.
   The process of obtaining the number takes a little time, but there is an important point: you must have a representative with you—a Greek citizen or a foreigner with a residence permit in this country.
   Also, market experts strongly recommend using the services of a lawyer who will provide legal support and help with obtaining the A.F.M.
2. Deposit payment
   In order to reserve a selected property, the buyer must pay a deposit of €5 to €10 thousand, depending on the value of the property. The deposit can be paid in cash or by bank transfer.
3. Inspection of the property
   The buyer's lawyer checks the selected property for any encumbrances and debts registered in the real estate registry.
4. Obtaining a purchase permit (if necessary)
   If the selected property is located in areas considered border zones under Greek law, a special purchase permit may be required.
   The Notary submits the relevant application to the local municipality, and the permit is issued within 10 days.
5. Payment of taxes
   Payment of title transfer tax, notary fees, and other expenses is made a few days before signing the contract.
6. Conclusion of the contract of sale
   The contract is drawn up in Greek and signed in the presence of a notary and a lawyer.
7. Payment of the remaining amount
   Typically, the buyer pays the remaining balance of the property and receives the keys at the time of signing the contract or within 7–14 days thereafter.
8. Registration of title
   To formalize the transfer of ownership, the attorney registers the contract with the real estate registry. The rights of the new property owner become effective immediately, and the certificate is issued within a month.

Additional costs when buying real estate in Greece

Be prepared that the associated costs will amount to about 7–8% of the value of the property:

• The property transfer tax is 3.09%.
• Notary services—1.02%.
• Registration in the land registry—0.7%.
• The services of a lawyer to check the property cost €150–€300.
• Legal support for the process of obtaining a visa will cost 1.5%.
• Real estate agent's commission: 2%

Real estate prices in Greece

The purchase price depends on the type and location of the property. Housing in new buildings, as a rule, is valued more expensively than secondary market properties. 

How much a square meter costs in different regions of Greece (according to the Numbeo database)

Can a foreigner buy a property in Greece with a mortgage?

Generally, banks in Greece avoid providing mortgages to both foreigners and Greeks. More than 75% of all real estate purchases in the country are made in cash. Nevertheless, the option of obtaining a mortgage loan is not excluded.

The minimum mortgage loan amount in Greece starts at €10,000. The maximum depends on your income, but usually does not exceed 80% of the value of the property. Interest rates on mortgages range from 3.5% to 7.5%. Mortgage repayment terms can range from 6 to 30 years.

Also note that formally, through the mortgage, real estate can be purchased in Greece under the residence permit program. But the possibility of obtaining a residence permit is opened only after full repayment of the mortgage loan.