What are the steps involved in buying property in Greece?

January 12, 2025

So you’ve decided that Greece is the word and you’re going to fulfill your dream of owning a Greek property?

Great, first thing to get in place is a tax file number, you’ll need it for the transaction.

Need help setting one up? We can help connect you with the right people – reach out.

Now the fun part…..

1. Research and Budget

First step: Why are you purchasing a property? Is a family getaway? An investment? A future home? Maybe all three. Determine what you want from the property and then start your research.

Research: What are you looking for and where? You’ve got plenty of options for research including sites like spitogatos.gr; contacting Greek real estate agents online or in person, asking friends and family, researching online communities (facebook have plenty of community groups)

Budget: Set a budget and be informed of all costs in purchasing including price and additional costs (taxes, fees, etc.). See our blog on “What are the costs in purchasing property in Greece”

2. Engage professionals to find the property

Now you know the type of property you want, and you may have determined areas of preference, now it’s time to search or get some experienced help with the search:

Real Estate Agent: You may want to engage a reputable real estate agent in Greece to assist in finding properties and navigating the local market they specialise in

Work with us at Find My Greece, this is our speciality and why we do what we do. We represent our clients in finding the best property on the best terms. We’re not aligned with any one agent and scout the country looking for the best results.

You can of course run this process yourself and there are many listing sites to choose from. If you do get stuck dealing with Greek agents and navigating the Greek way of doing business – please reach out – particularly before signing anything!

3. Property Search and Viewing

Property Listings: Browse listings and visit potential properties.

Schedule visits to inspect properties in person. You may choose to line up a few properties for inspection during a trip to Greece or have someone represent you and assist with videos’ drones and essentially arrange a remote inspection.

This is a service we offer clients or don’t feel the need to inspect in person and can be arranged at a much lower cost than flying over.

4. You’ve found the perfect property – now you need a great team

Lawyer: Hire a lawyer to handle all legal aspects and due diligence. Not everything is what it seems in property, particularly if you’re unfamiliar with the details of a different country.

Notary: A notary will be involved later in the process to draft and register the deed. Many lawyers can recommend notaries or have their own notary service. It’s an important part of the process.

We can help with recommendations.

We deal with exceptional professionals who are at the top of their game in customer service and assistance.

5. Make an Offer and Pre Contract Agreement

Negotiation: Negotiate the purchase price and terms with the seller. Do you know what the value of the site is? What’s a good offer?

Unlike Australia – there aren’t any platforms (currently) which offer comparable sales for you to determine what a reasonable price would be. You can ask the locals and other agents to understand what else has sold in the area. That’s a good place to start.

We offer a valuation service to clients to position the offer between:

What the seller wants <> what the value is <> what you’re willing to pay.

How to make an offer: Always submit a formal offer through the agent, or your buyer’s advocate and always have your lawyer review prior to signing. Make sure the the offer is subject to running your due diligence and an inspection.

Your lawyer will draft a preliminary agreement outlining terms and conditions.

Pay a deposit (typically 10% of the purchase price) to secure the property. This will be returned if the DD period highlights any unfavourable conditions highlighted in the terms of your offer.

6. Due Diligence

Legal Checks: Your lawyer will verify the property’s legal status, check for encumbrances, and confirm clear title.

Technical Survey: Optional but recommended, especially for older properties. Your lawyer can guide you through this.

7. Final Contract

Notary Appointment: Schedule an appointment with the notary to sign the final contract.

Payment of Purchase Price: Transfer the remaining purchase amount to the seller.

Notary Fees and Taxes: Pay notary fees and property transfer taxes.

8. Registration of the Property

Land Registry: The notary registers the deed at the Land Registry office, transferring ownership to the buyer.Think of the notary as the work a conveyancer would do in Australia.

Registration Fees: Pay the registration fees, which are a percentage of the property’s objective value.

9. Transfer of Utilities (and Property Management if needed)

Utility Transfers: Arrange for the transfer of utilities (electricity, water, etc.) to your name.

Property Management: If needed, arrange for property management services.

Summary of Estimated Timelines

Obtaining a tax file number: 1-2 weeks
Initial Research and Engagement of Professionals: 1 – 3 weeks
Property Search and Shortlisting: 1-20 weeks? Depends on your expectations and ability to make decisions quickly. Greece does not have a shortage of property for sale.
Inspecting & Viewing: 2-4 weeks
Making an Offer and Due Diligence: 2-6 weeks
Preliminary Agreement: 1-2 weeks
Final Contract Signing and Registration: 2-4 weeks

Example Calculation

For a property with an objective value of €200,000, the total process might take around 2-3 months, depending on the complexity and efficiency of the involved parties.

To get an understanding of how we can help and the fees and timelines involved . Reach out today!