Can Foreigners Buy Property in Greece? Your Complete Guide to Greek Real Estate Investment

Reading time: 12 minutes

Table of Contents

• Introduction: The Greek Property Market for Foreign Investors
• Legal Framework for Foreign Buyers
• The Greek Property Buying Process
• Additional Costs and Taxation
• Investment Hotspots in Greece
• The Greek Golden Visa Program
• Common Challenges and How to Overcome Them
• Charting Your Greek Property Journey: Strategic Next Steps
• Frequently Asked Questions

Introduction: The Greek Property Market for Foreign Investors

The azure waters of the Aegean, whitewashed villages cascading down hillsides, and an enviable Mediterranean lifestyle—Greece’s allure as a property investment destination has never been stronger. But beyond the postcard images lies a complex yet rewarding real estate market that’s increasingly accessible to international investors.

After weathering economic storms over the past decade, the Greek property market has emerged resilient and increasingly attractive. Property prices in prime locations have stabilized and begun to climb, while still offering exceptional value compared to other European destinations. In Athens, property values increased by 7.3% in 2022 alone, while island properties saw even higher appreciation in many cases.

“Greece represents one of the last remaining value opportunities in Mediterranean Europe,” notes Maria Constantinidou, a real estate analyst specializing in Southern European markets. “The combination of lifestyle appeal, improving infrastructure, and favorable foreign investment policies creates a compelling case for international buyers.”

But can foreigners actually buy property in Greece? The short answer is yes—with some important considerations we’ll explore throughout this guide.

Legal Framework for Foreign Buyers

Who Can Buy Property in Greece?

Greece maintains a relatively open policy toward foreign property ownership, but with some geographical restrictions:

• EU/EEA Citizens: Enjoy the same rights as Greek nationals with essentially no restrictions on property purchases anywhere in Greece.
• Non-EU/EEA Citizens: Can purchase property throughout most of Greece but face restrictions in border regions and certain islands for national security reasons.

For non-EU citizens interested in restricted areas, permission can be requested from the local prefecture, but approval is not guaranteed and the process can be lengthy. Typically, permission is granted more readily if the property is located in a tourist area or developed region.

Required Documentation for Foreign Buyers

To purchase property in Greece as a foreigner, you’ll need:

• Valid passport or national ID (for EU citizens)
• Greek Tax Registration Number (AFM) obtained from local tax office
• Greek bank account (for transaction purposes)
• Power of Attorney (if not personally present for all proceedings)
• Clean criminal record certificate (for Golden Visa applicants)

Securing these documents early in your property search will streamline the process once you find your ideal Greek property.

The Greek Property Buying Process

Purchasing property in Greece follows a structured process that typically takes 2-3 months from offer to completion. Here’s what to expect:

Step-by-Step Purchase Procedure

1. Property Search: Work with reputable local real estate agents who understand the needs of foreign buyers.
2. Due Diligence: Engage a lawyer to check the property’s legal status, ensuring it has clear title and no outstanding debts.
3. Preliminary Agreement: Sign a preliminary contract and pay a deposit (typically 10% of the purchase price).
4. Tax Compliance: Obtain property tax clearance certificate.
5. Final Contract: Sign the final purchase deed (συμβόλαιο) before a notary.
6. Registration: Register the property transfer at the local land registry or cadastral office.

Let’s look at a real-world example: Michael and Sarah, a British couple, purchased a villa in Crete in 2022. “We initially underestimated the importance of having both a specialized lawyer and accountant,” Michael explains. “Our lawyer discovered the property had an unresolved building permit issue that could have caused significant problems later. It delayed our purchase by six weeks but saved us from potential legal complications.”

The Role of Key Professionals

Successful property acquisition in Greece requires working with several professionals:

• Real Estate Agent: Guides property selection and initial negotiations
• Attorney: Conducts legal checks and protects buyer interests
• Notary: Prepares and authenticates the final deed
• Accountant: Advises on tax implications and helps establish tax compliance
• Surveyor: Evaluates property condition (optional but recommended)

While this might seem excessive, each professional plays a crucial role in ensuring a smooth transaction. Budget between 1-2% of the property value for legal fees and another 1-2% for the notary.

Additional Costs and Taxation

The purchase price is just the beginning. Understanding the full financial picture is essential for accurate budgeting:

Ongoing Property Taxation

Once you own property in Greece, you’ll face several recurring taxes:

• ENFIA (Unified Property Tax): Annual tax based on property size, location, and features
• Municipal Taxes: Collected through utility bills, typically 0.25-0.35% of property value
• Income Tax: Applicable if you rent out the property (ranging from 15-45% based on total income)

These tax obligations exist whether you’re a resident or non-resident owner. Foreign property owners must file annual tax returns in Greece, even if no income is generated from the property.

Investment Hotspots in Greece

Greece offers diverse property investment opportunities, each with unique appeal and potential returns:

Urban Investment: Athens

Athens has experienced a remarkable transformation from crisis-stricken capital to vibrant investment destination. The city center, particularly neighborhoods like Koukaki, Metaxourgeio, and Exarchia, has seen property values climb as urban renewal projects take hold.

Short-term rental potential is significant, with Airbnb yields reaching 7-8% in prime locations. The rise of digital nomads has further strengthened rental demand in areas with good connectivity and amenities.

Elena Petropoulou, an Athens-based property investment consultant, explains: “Athens offers exceptional value compared to other European capitals. Renovation projects in central neighborhoods that combine historical character with modern amenities are particularly attractive to foreign investors seeking both appreciation and rental income.”

Island and Coastal Properties

Greece’s islands remain the ultimate dream for many investors. The Cyclades (including Santorini and Mykonos), the Ionian Islands, Crete, and Rhodes continue to see strong demand and price appreciation.

For those seeking better value, lesser-known islands and mainland coastal areas like those in property in Peloponnese offer lower entry points with strong potential upside. The Peloponnese peninsula combines authentic Greek character with developing infrastructure and beautiful coastlines.

While island properties typically offer lower year-round rental yields, they compensate with stronger appreciation and premium high-season rental rates. A luxury villa on Mykonos might rent for €15,000-25,000 per week during peak season.

The Greek Golden Visa Program

For non-EU citizens, property investment in Greece offers an additional benefit: residency through the Golden Visa program.

Program Requirements and Benefits

The Greek Golden Visa grants five-year renewable residency permits to non-EU investors who purchase:

• Property worth at least €250,000 (lowest threshold in Europe for such programs)
• Multiple properties with combined value meeting the threshold

Key benefits include:

• Visa-free travel within the Schengen Area
• Family inclusion (spouse, children under 21, parents)
• No minimum stay requirements
• Path to citizenship after 7 years of residency

The program has been immensely popular, particularly with investors from China, Turkey, Russia, and the Middle East. Since its inception in 2013, over 9,500 primary investors have received Greek residency through property acquisition.

Recent Changes and Future Outlook

In September 2022, Greece announced plans to increase the minimum investment threshold to €500,000 in certain high-demand areas, including Athens center, Thessaloniki, Mykonos, and Santorini. This change aims to address concerns about housing affordability for locals while redirecting investment to developing regions.

Andreas Markakis, an immigration lawyer specializing in residence-by-investment programs, advises: “Investors considering the Golden Visa should act quickly if interested in prime locations before threshold increases take effect. Alternatively, emerging areas still eligible for the €250,000 threshold may offer better long-term appreciation potential as investment shifts away from overheated markets.”

Common Challenges and How to Overcome Them

Foreign buyers in Greece face several potential obstacles. Understanding these challenges in advance can help you navigate them successfully.

Title Deed Issues and Land Registry Complexities

Greece’s land registry system (κτηματολόγιο) remains incomplete in some areas, making thorough title checks essential. Problems can include:

• Unregistered or incorrectly registered properties
• Unclear boundaries
• Unknown or disputed ownership claims
• Unauthorized buildings or additions

Strategy: Engage a specialized property lawyer to conduct comprehensive due diligence before making any financial commitment. Budget for a topographical survey to verify boundaries match official records.

Consider the experience of James, a Canadian investor who purchased a seafront property on a smaller Greek island: “Our attorney discovered the previous owner had built an extension without proper permits. We negotiated a 15% price reduction to cover potential legalization costs and proceeded with the purchase once we understood the risks involved.”

Banking and Currency Considerations

Greek property transactions require documented money transfers through the banking system, which can present challenges:

• Need for a Greek bank account (increasingly difficult for non-residents)
• Currency exchange costs and timing
• Capital movement restrictions (less problematic now than during the financial crisis)

Strategy: Begin the banking relationship early in your property search. Consider using specialized foreign exchange services rather than standard bank transfers to reduce currency conversion costs. Always ensure transfers include clear references to property purchases to satisfy anti-money laundering requirements.

Charting Your Greek Property Journey: Strategic Next Steps

The path to Greek property ownership offers both sunlit vistas and occasional rocky terrain. Success depends on preparation, patience, and strategic planning.

Your Implementation Roadmap

1. Define your investment goals: Personal use, rental income, Golden Visa eligibility, or a combination
2. Assemble your professional team: Lawyer, accountant, and agent with experience helping foreign buyers
3. Establish financial foundations: Greek tax number, bank account, and clear understanding of your budget including additional costs
4. Narrow your search area: Research regional markets aligned with your goals and budget constraints
5. Conduct thorough due diligence: Never skip legal checks, regardless of time pressure or seemingly straightforward transactions

The Greek property market continues to evolve, with digitalization of property records, streamlined bureaucratic processes, and increasing transparency creating a more favorable environment for foreign investors. Those who combine the traditional virtues of patience and thorough research with strategic timing will find Greece not just a land of mythic beauty but of tangible investment opportunity.

As you contemplate your Greek property journey, consider this final thought: Beyond investment returns and golden visas lies the true value of Greek property ownership—becoming part of a cultural tapestry stretching back millennia while creating your own chapter in that continuing story. What part of that story will you write?

Frequently Asked Questions

Do I need to visit Greece to purchase property?

While it’s technically possible to purchase property remotely using a power of attorney, visiting is strongly recommended. Personal inspection allows you to assess properties, neighborhoods, and local amenities firsthand. Most successful foreign buyers make at least two visits: an initial exploration trip to identify target areas and properties, followed by a focused trip to finalize the purchase. Your Greek attorney can handle many aspects of the transaction, but experiencing the property and its surroundings personally helps prevent costly misalignments between expectations and reality.

How secure is property investment in Greece compared to other European countries?

Greek property investment has become increasingly secure as the country has stabilized following its economic crisis. Property rights are well-established and protected under both Greek and EU law. The ongoing completion of the national land registry has improved title security, though due diligence remains essential. While bureaucracy can be frustrating, the legal framework for property ownership is sound. Compared to some Eastern European markets, Greece offers stronger legal protections; compared to more established Western European markets, it presents slightly higher bureaucratic hurdles but potentially stronger appreciation potential due to lower entry points and developing infrastructure.

Can I get a mortgage as a foreign buyer in Greece?

Obtaining mortgages as a foreign buyer in Greece has become challenging since the financial crisis. Greek banks typically finance only 50-60% of the property value for non-residents, with stricter income verification requirements than in many other countries. Most foreign buyers either pay cash or arrange financing in their home countries. Some specialized lenders are emerging to serve foreign investors, particularly for higher-value properties, but terms are generally less favorable than domestic financing. If mortgage financing is essential for your purchase, arranging pre-approval should be one of your first steps, as limited financing options may impact your budget and investment approach.

Article reviewed by Georgi Ivanov, Corporate Lease Negotiator | Industrial Real Estate Strategist, on April 29, 2025