Buying Property in Greece – A Step-by-Step Guide

With its sun-drenched coastlines, vibrant culture, and growing luxury market, Greece has become an increasingly attractive destination for international property buyers. From elegant villas on the Athens Riviera to seafront estates in the Cyclades, the country offers a unique blend of lifestyle and investment potential. This comprehensive guide is tailored specifically for international, high-net-worth buyers seeking clarity, confidence, and elegance in their property journey.

Whether you are an EU citizen, a non-EU investor exploring residency options through the Golden Visa, or a Greek national residing abroad, this guide covers everything you need to know about acquiring property in Greece. We walk through every stage—from legal preparation and due diligence to banking and ownership—emphasizing the refined level of service and professionalism expected by discerning clients.

Can Foreigners Buy Property in Greece?

Yes, foreign nationals can buy property in Greece. However, the rules and required documentation vary depending on your nationality or legal residency status.

EU Citizens

For citizens of the European Union, the purchase process is entirely unrestricted. EU nationals can buy property in any part of Greece, including islands and border zones, without requiring special permission. This allows EU buyers to explore the full spectrum of Greek real estate—from urban apartments in Athens to secluded island estates—with minimal legal hurdles.

Greek Citizens

Greek nationals living abroad or returning to Greece face no restrictions and follow the same procedure as EU citizens. They benefit from local familiarity and access to a domestic support network, though they are still subject to the same tax and legal obligations during a property transaction.

Non-EU Citizens

Non-EU citizens are permitted to buy property in Greece but face a few additional considerations compared to EU nationals. If you are buying property in designated ‘border areas’—such as near national frontiers, military zones, or specific islands like Rhodes or Crete—you must obtain permission from the local prefecture or Ministry of Defense. This is generally a formality when purchasing residential real estate, and approvals are rarely denied.

In addition, non-EU buyers interested in applying for the Greek Golden Visa must ensure the property is located in an approved zone and meets the minimum investment threshold. These thresholds vary based on location and property type. Legal guidance is essential in structuring a compliant purchase.

Step-by-Step Overview of the Buying Process

The Greek property acquisition process is structured, legally safeguarded, and transparent. With the right team in place, including legal and real estate professionals, the transaction can be completed smoothly. Below is a detailed breakdown of each step, designed to help international buyers plan their journey from interest to ownership.

Below is an overview of the 10 key steps to follow when buying property in Greece:

1. Obtain a Greek Tax Identification Number (AFM)
2. Appoint a Real Estate Lawyer
3. Open a Greek Bank Account
4. Search for and Select the Property
5. Conduct Legal and Technical Due Diligence
6. Sign a Preliminary Agreement (Optional)
7. Finalize the Contract Before a Notary
8. Pay Taxes, Legal Fees and Real Estate Commission
9. Register Ownership at the Land Registry or Cadastre
10. Apply for a Golden Visa (Optional for Non-EU Buyers)

1. Obtain a Greek Tax Identification Number (AFM)

The first legal requirement is obtaining a Greek Tax Identification Number, or AFM. This number is essential for carrying out any official financial transaction in Greece, including buying property, opening a bank account, or paying taxes. You can acquire an AFM at any local tax office, either in person or through a legal representative with Power of Attorney (PoA).

For international buyers, it is common to delegate this task to your lawyer or accountant to avoid logistical delays. The AFM is also used to track your ownership status and annual tax obligations through the Greek tax system.

2. Appoint a Real Estate Lawyer

Hiring a specialized Greek property lawyer is essential. They represent your interests throughout the transaction and ensure that every step complies with Greek law. Your lawyer will perform a full due diligence check, draft contracts, ensure the property is debt-free, and confirm all planning permissions and zoning rules are in order.

The legal fee is typically around 1%–2% of the purchase value. While not legally required, hiring a lawyer is strongly advised, especially for non-resident and non-Greek-speaking clients.

3. Open a Greek Bank Account

Though not strictly mandatory, a Greek bank account simplifies property transactions by streamlining payments for taxes, fees, and utilities. Many sellers prefer receiving funds from a Greek account, and it allows buyers to document the legal origin of their funds (a crucial step in anti-money laundering compliance).

To open an account, you will need:

• AFM (Greek Tax Number)
• Valid passport
• Proof of current address (e.g., utility bill)
• Proof of income or tax return statements

If you’re a high-net-worth individual, you may also wish to work with a private banking division. These departments offer tailored services for international investors, including concierge-level support, multilingual client managers, and cross-border financing solutions. Top Greek banks with private banking arms include:

• Alpha Bank Private Banking – Exclusive wealth management tailored for international clients
• Eurobank – Private banking centers in Athens, Thessaloniki, Patras, and Crete
• Piraeus Bank – Bespoke solutions for foreign nationals and property investors
• National Bank of Greece (NBG) – Traditional yet full-service banking with international support

4. Search for and Select the Property

With your legal and financial foundations in place, you’re now ready to begin the property search. Working with a reputable, high-end real estate agency like Divine Estate ensures access to a curated portfolio of luxury properties, including exclusive listings not available to the public market.

As you evaluate options, consider proximity to international airports, access to amenities, zoning laws (especially for undeveloped land), and Golden Visa eligibility. If you’re purchasing in a heritage zone or rural area, you may encounter architectural restrictions or land use regulations.

5. Conduct Legal and Technical Due Diligence

Once a property has been selected, your lawyer will initiate due diligence. This process typically includes:

• Verifying the seller’s legal title and full ownership
• Checking for mortgages, liens, or unpaid taxes
• Ensuring building permits and zoning align with the property’s current or intended use
• Reviewing shared ownership agreements or building regulations for apartments

For properties over a certain size or value, a civil engineer may also be brought in to verify structural integrity, boundary accuracy, and legal conformity.

6. Sign a Preliminary Agreement (Optional)

While not legally required, a preliminary agreement—commonly called a reservation agreement—is often used to secure the property during the due diligence phase. This document outlines the main terms of sale and is accompanied by a deposit, usually between 5% and 10% of the agreed price.

The agreement provides security for both parties and prevents the property from being marketed to others during the legal review.

7. Finalize the Contract Before a Notary

All property sales in Greece must be completed in the presence of a public notary, who acts as a neutral legal representative of the state. The notary ensures all documentation is in order, tax obligations are fulfilled, and both parties understand the terms. Your lawyer or appointed representative can attend on your behalf through a power of attorney.

8. Pay Taxes and Legal Fees

Upon signing the final contract, buyers are responsible for settling all applicable transaction costs. These typically include:

• Property Transfer Tax: ~3.09% of the declared value (exempt if subject to VAT)
• Notary Fees: ~1%–1.5%
• Legal Fees: ~1%–2%
• Real Estate Commission: ~2%
• Land Registry or Cadastre Fees: ~0.5%–1%

In cases where the property is a newly built development sold by a construction company, VAT at 24% may apply instead of the standard transfer tax.

9. Register Ownership at the Land Registry or Cadastre

After the sale is concluded, the buyer (usually via lawyer) must register the transaction at the local Land Registry or National Cadastre. This officially records your ownership rights and finalizes the legal transfer. Only once registered are you fully protected under Greek property law.

10. Apply for a Golden Visa (Optional for Non-EU Buyers)

Greece offers one of the most attractive residency-by-investment programs in Europe. Non-EU citizens who invest a minimum of €250,000 in eligible real estate can apply for a five-year renewable residence permit. In certain high-demand areas (e.g., central Athens, Mykonos, Santorini), the minimum is €800,000, or €400,000 for apartments over 120 m².

The Golden Visa provides visa-free travel across the Schengen Zone and allows family members to be included. Importantly, there is no minimum stay requirement.

Common Pitfalls to Avoid When Buying Property in Greece

While Greece offers a transparent and secure property market, international buyers should be aware of the following pitfalls to avoid delays or legal complications:

• Skipping legal representation: Never rely solely on the seller’s lawyer or agent.
• Assuming all listings are legally clear: Titles may have unresolved disputes or planning issues.
• Failing to verify zoning or land use: Particularly important when buying land or rural properties.
• Ignoring transaction timelines: Delays in tax filings or notary appointments can void your deal.
• Underestimating ongoing costs: ENFIA property tax, maintenance, and utilities can add up.

Working with a qualified team—including an experienced real estate agency, property lawyer, and accountant—can help you navigate the process with confidence and avoid these common errors.