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.

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• 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+).

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• Property purchase procedure in Greece

  

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

  1. Registering a taxpayer number in Greece.

  2. 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.

  3. Fulfilling the reservation or sale and purchase agreement.

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

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• 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, with the following main items:

  • transfer tax — 3.09%;

  • notary fee — 1.5—2%;

  • registration fee — 0.5%.

  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.

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• 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.

  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.