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Real estate investment in Greece

The sale of real estate is not limited in Greece: foreigners can buy and sell housing and commercial real estate and rent it out.

Statistics confirm the liquidity of investments: residential real estate prices grow by an average of 1.2% every quarter. Five years ago, an apartment of 100 m² cost an average of €150,000, and today it is sold for €185,000.

€1,848 Average price per 1 m²
of housing in Greece
€250,000 Minimum investment amount
to get a residence permit
5—11% Buyers’ related expenses,
of the transaction amount

Cost of a 3-bedroom apartment in Greece

€2 million

Apartment in a prestigious area of Athens or its suburb

€500,000

Apartment with a sea ​​view,
2 km to the beach

€200,000

Apartment in the suburbs
of Nicaea

What do investors buy?

Apartments. The most expensive apartments are in the capital and its prestigious suburb Glyfada.

  • apartments
  • maisonettes

Houses. The most expensive ones are on the coast: in the Athenian Riviera, Chalkidiki, Crete, and Corfu.

  • villas and cottages
  • townhouses

Greece residence permit or citizenship by real estate investment

Investors can get residence permits by real estate investment if they participate in the state Greece Golden Visa Program. The program condition is to buy a property worth at least €250,000. The apartments described above are suitable for obtaining a residence permit under the program.

A residence permit is valid for 5 years. Living in Greece to maintain a residence permit is not necessary. However, after 5 years of permanent living in Greece, you can obtain permanent residence and apply for citizenship after another two years.

An applicant for Greece citizenship must spend at least 183 days a year in the country for seven years, confirm integration into society, have no criminal records or deportations, and pass language history and culture exams.

Greece residence permit
by real estate investment

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Taxes and associated costs

Purchase
Ownership
Sale

In Greece, there are different taxes when buying a new or resale property. In addition to taxes, registration and notary fees are paid.

New buildings. Until the end of 2023, buyers of new buildings pay a property transfer tax of 3.09% of the transaction amount instead of 24% of VAT. Temporary cancellation of VAT on new buildings is a government measure to support the construction market.

Secondary housing. Buyers of secondary housing pay a transfer tax of 3.09% of the cadastral value or the transaction amount, whichever is bigger. The rate includes the municipal tax on the purchase of the real estate.

Additionally, the buyer pays registration and notary fees. Associated costs range from 5% to 11% of the contract value. When buying an apartment worth €250,000, the investor will spend €277,500, including additional costs.

5—11% Of the contract value are related costs for the purchase of housing in Greece
Purchase expenses
Property transfer tax
3.09%

Of the transaction amount

Notary fee
1—1.24%

Of the transaction amount,
including the VAT of 24%

Registration fee
1—2%

Of the transaction amount

Agency fee

Usually included in the property price

2.5—5%

Of the transaction amount,
including the VAT of 24%

Legal support 

Participation of a lawyer is optional

1.24—2.5%

Of the transaction amount,
including the VAT of 24%

Taxes

Property owners pay an annual ENFIA single tax. The tax consists of a base part and an additional part. The base part is calculated at a rate of €2 to €16 per 1 m². The tax rate depends on the cadastral value, year of construction, and floor. If the cadastral property value exceeds €200,000, the owner pays an additional tax of 0.1—1.15% of the cadastral value.

Property rentals are subject to income tax on a progressive scale of 15% to 45%.

€2—16 Annual tax per 1 m²
of housing in Greece

Communal payments

Utilities. Water, electricity and gas are paid by meters. Only large cities like Athens and Thessaloniki have a central gas supply. As a rule, there is no central heating in houses. They heat housing with diesel, gas and electric heaters or air conditioners.

The building maintenance fees for an elevator, cleaning, repairs, and security depend on the management company and the building equipment.

Internet, TV and telephone connection cost €25 to €50, depending on the tariff and locality.

Electricity, gas, water, and garbage collection
€95—280 

per month

Building maintenance

Elevator, cleaning, repairs, and security

€10—300 

per month

Property sellers pay a capital gains tax of 15% on the difference between the sale and purchase prices. Income from the sale of real estate is not taxed.

If the owner sells the property through an agency, then the commission is usually included in the price and paid by the buyer.

15% Capital gains tax on
the sale of real estate
Expenses on the sale
Capital gains tax

Paid on the difference between
the purchase and the sale prices

15%
Agency fee

Usually included in the property price

2.5—5%

Of the transaction amount,
includes the VAT of 24%

Frequently asked questions

Can foreigners buy property in Greece?

Yes. There are no restrictions on the sale, purchase or rent of real estate in Greece for foreigners. Buying property for at least €250,000 is a chance to get Greece residence permit by real estate investment.

Is Greece good for real estate?

Yes. Greek real estate properties are liquid assets: they grow by an average of 1,2% every quarter.

The real estate market in Greece has been on a steady recovery since the 2008 crisis. Property prices are still 20—25% lower than before the crisis, but they are growing rapidly. In the third quarter of 2022, they showed an 8,35% year-to-year increase, according to the Bank of Greece.

The average price of housing in Greece is €1,848 per 1 m². Investment property in Greece can show an average annual yield of 3,5%.

Is real estate cheap in Greece?

Compared to other Mediterranean or European states, Greece has one of the most affordable real estate prices. For instance, according to Numbeo, the average price for an apartment is €1,700 per 1 m² in Greece, compared with €1,970 per 1 m² in Spain, €2,190 per 1 m² in Italy, and €4,590 per 1 m² in France.

Purchasing real estate in Greece for €250,000 is enough for participating in the residence permit by investment program. Investors can buy residential or commercial property, and use it to generate profit.

Immigrant Invest has its own base of legitimate properties that are eligible for the Greece residence permit by real estate investment program.

Which is the cheapest Greek island to buy property?

Corfu and Ionian Islands have real estate properties worth €1,000 per 1 m² on average. The Cyclades, with average prices of €4,000 per 1 m², have one of the most expensive real estate properties in Greece.

Where do most expats live in Greece?

Foreigners who invest in Greek real estate choose properties near the sea — for
example in Crete, the Ionian Islands, or the so-called “Greek Ibiza” — Mykonos.

Investing in local property is a way to join Greece Golden Visa program. In seven years residents can apply for Greek citizenship.