10 most common questions around buying property in Greece.

  1. Can Anyone Buy Property in Greece?

Yes, anyone can buy property in Greece.  There are some restrictions for non-EU citizens in border areas and certain islands.

  1. What is the Process for Buying Property in Greece?

There are several steps including

  • Setting yourself up to purchase with a tax file number in Greece (we can help).
  • Searching and finding the property
  • Making an offer
  • Conducting due diligence
  • Signing a pre-contract
  • Paying a deposit
  • Signing the final contract at the notary’s office
  • Registering the property.
  1. What Are the Additional Costs Involved in Buying Property?

   Costs include:

  • Transfer tax (3%)
  • Notary fees (0.8% to 1%)
  • Legal fees (1% to 2%)
  • Real estate agent fees (2% to 3%) 
  • Land registry fees (0.5% to 0.7%) and 
  • Possible technical survey and utility connection fees.
  1. Do I Need a Lawyer to Buy Property in Greece?

 While not mandatory, it is highly recommended to hire a lawyer to assist with due diligence, verify property titles, and ensure compliance with Greek law.

  1. How is Property Tax Calculated in Greece? 

All real estate owners in Greece pay an annual “Uniform Real Estate Property Tax” (ENFIA) based on the objective value of a property. The tax is based on the property’s location, area, age, floor, number of façades, and use (residential or commercial).  ENFIA is typically paid in multiple instalments. It applies to both entities and individuals, regardless of residency status.

Additionally, a supplementary tax is imposed on properties valued above €250,000, with rates starting at 0.15% and rising to 1.15% for properties worth over €1 million.

  1. What is the Objective Value of a Property?

The objective value is an assessed value determined by the Greek government based on various factors like location, size, and condition. It is used for tax calculations.

  1. How Long Does the Buying Process Take?

The process can take anywhere from a few weeks to a few months, depending on factors such as the complexity of the transaction, due diligence, and the efficiency of the involved parties.

  1. Can I Get a Mortgage to Buy Property in Greece?

Yes, it is possible to obtain a mortgage from Greek banks. 

However, non-residents may face stricter requirements and higher interest rates compared to residents. We can help guide you in the right direction.

  1. What Documents Are Required to Buy Property?

Required documents typically include proof of identity (passport), Greek tax number (AFM), proof of funds, and any documents required for due diligence (e.g., property titles, contracts).

  1. What Should I Be Aware of When Buying Property in Greece?

It’s important to conduct thorough due diligence, verify property titles, be aware of additional costs, and understand local laws and regulations. 

Hiring a lawyer and a buyer’s agent to represent you can help navigate the process smoothly.

get in touch

Get in touch

Get in touch