Real estate in Greece

Buyer's guide

• Who can buy a property in Greece

  

  The Greek real estate market is open to foreigners: they can buy plots of land and residential and commercial properties and then rent or sell them.

  Greek property prices are rising twice as fast as before the pandemic. The Greek real estate market is emerging from the crisis but has not yet recovered from the 2010—2015 price collapse. Investing in Greek real estate can thus be turned into a profitable asset.

  Read the article

• Property prices by region of Greece

  

  Property prices in Greece are growing more slowly on average than in the European Union. But with each quarter, housing prices increase by an average of 1,2%. The cost per 1 m² of Greek real estate is €1,900. Housing in new buildings is more expensive than in resale properties.

  The highest prices per 1 m² of residential property are in Lefkada Island (€4,920+), Paleros (€4,700+), Santorini (€3,630+), Athens Riviera (€3,300+), and Gzira Athens (€2,600+).

  Read the article

• Property purchase procedure in Greece

  

  The process of buying a property takes at least two months. After selecting a real estate, there are five stages of the procedure:

  1. Registering a taxpayer number in Greece.

  2. Opening a Greek bank account. Buyers who participate in the residence permit program open a National Bank of Greece account.

  3. Checking legal due diligence of the real estate. Held at a Land Registry or a Hellenic Cadastre office in a region when the real estate is registered.

  4. Fulfilling the reservation or sale and purchase agreement.

  5. Registration in the real estate registry. After registration, the buyer receives a certificate of ownership.

  Read the article

• Property purchase taxes

  

  Greece has different taxes for buying new and resale housing. The buyer also pays service fees: registration and notary fees. Associates costs are 5—11% of the contract price:

  • transfer tax — 3,09%;

  • notary fee — 1—1.24%;

  • registration fee — 1—2%;

  • agency fee — 2.5—5%;

  • legal support — 1.24—2.5%.

  For new real estate buyers in Greece, the VAT of 24% has been temporarily cancelled. Until the end of 2024, they pay only the transfer tax — 3,09% of the transaction amount.

• Residence permit in Greece by the purchase of a real estate

  

  Greece grants Golden Visas to investors who buy a property worth at least €250,000. However, the property value has increased to €800,000 for Attica, Thessaloniki, Mykonos, Santorini, and other islands with more than 3,100 residents. €400,000 is the new threshold for other regions.

  An investor can buy a property under the old rules for €250,000 and get a residence permit. It’s possible if they deposit 10% of the property value until August 31st, 2024, and close the deal until December 31st, 2024.

  Long-term lease of investment real estate is permitted. Maintaining residency requires keeping the real estate in ownership.

  The property owner can be the investor or the company if registered in the European Union, and the investor owns 100% of the shares. To register a single property for a couple, they will have to invest at least €250,000 each — for example, they can buy a house worth €500,000.