Guide to Buying Property in Greece

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Once you have chosen your property, our guide will help you negotiate the Greek property buying process.

You will need:

A Lawyer: As in any other EU country you will need to appoint a lawyer. They check every aspect of the ownership title of the property, and ensure that there are no legal claims against the property or the sellers. We recommend you find an experienced lawyer, fluent in your language to work on your behalf.

A Notary: Your lawyer will appoint a notary to prepare and register the final contract for the purchase. This is a government official who checks all the documents presented by your lawyer to ensure the total legality of the property transfer.

A Greek Tax Number (AFM): If you make a Power of Attorney your lawyer will be able to obtain this on your behalf and sign the final contract if you cannot attend the signing in person.

A Tax Number is obligatory for all buyers, and is issued by the Tax Office.

A Greek Bank Account: The necessary documents are:

Your Greek Tax Number
A copy of your passport
A document verifying your residential home address – drivers licence, council tax bills, utility bills etc.
A document establishing that you pay tax in your home country – wage slip, or company accounts if you are self-employed

To Pay a Deposit: This is usually 10% and is paid in order for your chosen property to be removed from the market. This is generally held in a Client Trust Account and forms part of the funds at final contract completion.

When the time comes for final completion

You can return to sign personally, or you can leave a Power of Attorney with your lawyer to sign on your behalf. They will also be responsible for paying all fees and taxes which are due at this time.

Additional purchase expenses

These vary for each property but you should allow in the region of 12% in addition to the price of the property. This includes – Purchase Tax, Lawyer’s fees, Notary’s fees and Agency Fees.

Financing your purchase

It is currently very difficult to obtain a mortgage in Greece, although occasionally it is possible. Most buyers choose to raise finance based on property they currently own in their home countries.

Buying regulations are now the same for Greek nationals, EU citizens and non-EU citizens.

Residence permits

EU Nationals

You will not need to obtain a residence permit before you buy your property. For EU nationals residence permits are simple to obtain and if you plan to stay for longer than 90 days, you will have to register and obtain a permit at the nearest police station or Aliens’ Bureau. You need to present your passport or identity card, four photographs, proof of accommodation (title deeds), proof you have sufficient income (e.g. bank statements or certificate from your employer) and proof of health insurance cover (EU Health Card – which has replaced Form E-111 and E-121 – or a private health insurance policy)

Non-EU nationals

In 2013, the Greek government passed a new law which gives non-EU nationals and their family members residence permits when buying property with a value of €250,000 or more. This residence permit is renewable and allows the buyer to live in Greece, exit and re-enter at any time, and to travel to all other Schengen countries purely with their passport. The permit takes on average about 2 months to obtain once the relevant property has been purchased.

Property taxes and operating expenses

There is an annual property tax (ENFIA) payable either as a lump sum or in 5 payments. This is calculated on the taxable value of the property, and is area dependent, with amounts ranging from €3 per m2 to €6 m2.

Electricity (DEH) bills are every second month, and included in the bill is a percentage for local utilities, and TV Licence. The smaller the electricity bill, the smaller the utilities bill.

Water bills (DEYAK) are every quarter. Telephone/WiFi land-line bills are every 2 months. WiFi, at varying speeds, is available throughout the island.

There are several mobile phone companies who offer contract connections, pay as you go, and also WiFi.

Satellite TV is available via Nova or Cosmote, with a monthly subscription, and a wide range of channels including many in English.