Authored by the expert who managed and guided the team behind the Greece Property Pack
Yes, the analysis of the Greek Islands' property market is included in our pack
Buying property in the Greek Islands as a foreigner is more accessible than you might expect, but the rules vary depending on your nationality and the island you choose.
This article covers the ownership rights, visa requirements, buying process, taxes, and financing options that foreign buyers face in the Greek Islands in January 2026.
We constantly update this blog post with the latest data, so you always get fresh and reliable information on property prices and regulations in the Greek Islands.
And if you're planning to buy a property in this place, you may want to download our pack covering the real estate market in the Greek Islands.
Insights
- Non-EU buyers on the Greek Islands must obtain special authorization for purchases in designated border areas, which includes eastern Aegean islands like Lesbos, Chios, and parts of Rhodes, adding 2 to 6 months to transaction timelines.
- The Golden Visa threshold for popular Greek Islands like Mykonos and Santorini jumped to 800,000 euros in September 2024, while smaller islands under 3,100 residents may still qualify for the 400,000 euro tier.
- Greek Islands property transfer tax sits at 3% of the objective value in January 2026, plus roughly 7% to 9% in additional closing costs for notary fees, registration, and legal expenses.
- Annual property tax (ENFIA) on a typical 300,000 euro island home runs between 300 and 1,200 euros yearly, but premium locations like Mykonos can push that figure above 3,000 euros.
- Rental income tax in the Greek Islands changed in January 2026 with a new 25% bracket for earnings between 12,001 and 24,000 euros, reducing the tax burden for mid-level landlords.
- Greek banks like Eurobank and Alpha Bank explicitly lend to non-resident foreigners, with loan-to-value ratios typically capped at 50% to 65% and interest rates ranging from 4% to 6.5% in early 2026.
- Short-term rental registration with AADE is mandatory before listing any Greek Islands property on platforms like Airbnb, and failure to register can trigger penalties and loss of rental income.
- Capital gains tax on property sales in Greece remains suspended until December 31, 2026, creating a window for investors to sell without the standard 15% tax on profits.
- The Greek Cadastre system is still being finalized across some islands, meaning title verification often requires deeper historical searches going back 20 to 30 years to confirm clean ownership.
What can I legally buy and truly own as a foreigner in the Greek Islands?
What property types can foreigners legally buy in the Greek Islands right now?
Foreign individuals can legally purchase all types of residential property in the Greek Islands, including apartments, villas, traditional stone houses, maisonettes, and land with buildings on it.
The main legal condition that affects foreign buyers in the Greek Islands is whether they are EU/EEA citizens or non-EU citizens, because non-EU buyers face extra requirements in designated "border areas" that include several eastern Aegean and Dodecanese islands.
For most popular tourist islands like Mykonos, Santorini, Corfu, and most of Crete, both EU and non-EU citizens can buy freely without special government authorization.
However, if you are a non-EU citizen looking at properties on islands near Turkey, such as parts of Lesbos, Chios, Samos, Rhodes, or Kastelorizo, you will need prior approval from the Greek Ministry of National Defense before completing any purchase.
Finally, please note that our pack about the property market in the Greek Islands is specifically tailored to foreigners.
Can I own land in my own name in the Greek Islands right now?
Yes, foreigners can own land in their own name in the Greek Islands, and when you buy a villa, house, or property with its own plot, you typically acquire both the building and the land beneath it as full legal owner.
This applies to almost all land types across most Greek Islands, but non-EU citizens still face the border-area restriction we mentioned, which means certain eastern islands require government authorization before you can hold rights to land or buildings.
Unlike some countries, Greece does not require foreigners to use corporate structures or local nominees to own residential land, so direct personal ownership is the standard approach.
By the way, we cover everything there is to know about the land buying process in the Greek Islands here.
As of 2026, what other key foreign-ownership rules or limits should I know in the Greek Islands?
As of January 2026, the main rule that often surprises buyers is the requirement to register your property in Greece's Cadastre system, which is the official land registry that makes your ownership legally enforceable against third parties.
There is no foreign ownership quota system for apartments or condos in the Greek Islands, so you will not face limits based on the percentage of foreign owners in a building.
One important administrative requirement is that you must obtain a Greek tax identification number (AFM) before you can sign a purchase deed, pay taxes, or register ownership in the Greek Islands.
A notable regulatory development is the Golden Visa threshold change that took effect in September 2024, which raised the minimum investment to 800,000 euros for high-demand islands like Mykonos and Santorini, while other islands may qualify for 400,000 euros depending on their population size.
What's the biggest ownership mistake foreigners make in the Greek Islands right now?
The biggest mistake foreigners make in the Greek Islands is paying a large deposit or rushing to sign contracts before confirming that the seller has clean title, that the building is legally compliant, and (for non-EU buyers) whether the location triggers a border-area authorization requirement.
If you make this mistake, you could end up in a months-long legal dispute, lose your deposit, or discover after purchase that the property has building violations that prevent you from legally using or renting it.
Other classic pitfalls in the Greek Islands include underestimating total costs (budget at least 10% above the purchase price for taxes and fees), buying older village homes without verifying that renovations have proper permits, and overlooking the Cadastre registration step that makes your ownership official.
We have made this infographic to give you a quick and clear snapshot of the property market in Greece. It highlights key facts like rental prices, yields, and property costs both in city centers and outside, so you can easily compare opportunities. We’ve done some research and also included useful insights about the country’s economy, like GDP, population, and interest rates, to help you understand the bigger picture.
Which visa or residency status changes what I can do in the Greek Islands?
Do I need a specific visa to buy property in the Greek Islands right now?
No, you do not need a specific "property buyer visa" to purchase real estate in the Greek Islands, and you can view properties and proceed with a transaction while visiting on a standard tourist visa or visa-free entry under Schengen rules (up to 90 days within 180 days).
The most common administrative requirement that can block buyers without local residency is the lack of a Greek tax identification number (AFM), which you must obtain before signing any purchase contract or paying transfer taxes in the Greek Islands.
Yes, you need a local tax ID before buying property in the Greek Islands, and the AFM can be obtained in person at a tax office or remotely through a representative with power of attorney.
A typical document set that foreign buyers must present in the Greek Islands includes a valid passport, proof of AFM, bank statements or proof of funds, and (if using a representative) a notarized power of attorney with an apostille.
Does buying property help me get residency and citizenship in the Greek Islands in 2026?
As of January 2026, buying property in the Greek Islands can help non-EU citizens obtain residency through the Golden Visa program, but it does not automatically lead to citizenship.
The Golden Visa program is administered by the Ministry of Migration & Asylum and grants a five-year renewable residence permit to investors who meet the required thresholds, which are now 800,000 euros for high-demand islands like Mykonos and Santorini, and 400,000 euros for other areas (with a 250,000 euro option still available for commercial-to-residential conversions).
Citizenship requires a separate naturalization process that typically involves at least seven years of continuous legal residence in Greece and meeting additional criteria, so the Golden Visa is best understood as a residency tool rather than a passport shortcut.
We give you all the details you need about the different pathways to get residency and citizenship in the Greek Islands here.
Can I legally rent out property on my visa in the Greek Islands right now?
Your visa status generally does not prevent you from legally renting out property in the Greek Islands, because rental income is taxed based on property ownership rather than your immigration status.
You do not need to live in Greece to rent out property in the Greek Islands, and many foreign owners manage their rentals from abroad through property managers while remaining tax compliant through Greek filings.
Important details for foreigners renting out property in the Greek Islands include the mandatory registration with AADE's Short-Term Stay Property Registry if you plan to use platforms like Airbnb, the requirement to file rental income declarations annually, and the option to appoint a Greek tax representative to handle your obligations remotely.
We cover everything there is to know about buying and renting out in the Greek Islands here.
Get fresh and reliable information about the market in the Greek Islands
Don't base significant investment decisions on outdated data. Get updated and accurate information with our guide.
How does the buying process actually work step-by-step in the Greek Islands?
What are the exact steps to buy property in the Greek Islands right now?
The standard step-by-step sequence to buy property in the Greek Islands involves getting your AFM tax number, opening a Greek bank account, hiring a lawyer for due diligence, making an offer with a reservation deposit, completing title and building checks, paying transfer tax to the tax office, signing the notarial deed, and then registering the deed with the Land Registry or Cadastre.
You do not always need to be physically present for every step in the Greek Islands, because many buyers use a power of attorney to allow their lawyer to sign documents and complete administrative tasks on their behalf.
The step that typically makes the deal legally binding for both buyer and seller in the Greek Islands is the signing of the notarial deed (symvolaio) before a Greek notary, after which the transfer becomes official once registered.
The typical timeline from accepted offer to final registration in the Greek Islands ranges from 6 to 12 weeks, though complex cases involving border-area permits or unclear titles can extend this to several months.
We have a document entirely dedicated to the whole buying process our pack about properties in the Greek Islands.
Is it mandatory to get a lawyer or a notary to buy a property in the Greek Islands right now?
A notary is effectively mandatory in the Greek Islands because the notarial deed is the standard legal instrument for transferring property ownership and is required for registration.
The key difference between a notary and a lawyer in the Greek Islands is that the notary drafts and executes the official transfer deed but does not represent your interests, while a lawyer conducts due diligence, verifies title, checks for liens, and protects you throughout the transaction.
A key item that should be explicitly included in your lawyer's engagement scope in the Greek Islands is a full title search and verification that the building complies with current permits and legalization requirements.
We did some research and made this infographic to help you quickly compare rental yields of the major cities in Greece versus those in neighboring countries. It provides a clear view of how this country positions itself as a real estate investment destination, which might interest you if you’re planning to invest there.
What checks should I run so I don't buy a problem property in the Greek Islands?
How do I verify title and ownership history in the Greek Islands right now?
The official authority you should use to verify title and ownership history in the Greek Islands is the Hellenic Cadastre (Ktimatologio) or, in areas not yet fully cadastralized, the local Land Registry (Ypothikofilakeio).
The key title document you should request to confirm ownership in the Greek Islands is a cadastral sheet or registry certificate that shows the current registered owner, the property boundaries, and any encumbrances.
A realistic look-back period for ownership history checks in the Greek Islands is typically 20 to 30 years, which helps ensure there are no unresolved inheritance claims or breaks in the chain of title.
One clear red-flag finding in the ownership history that should stop or pause your purchase in the Greek Islands is any unresolved inheritance dispute, mortgage prenotation, court seizure, or boundary conflict that has not been legally settled.
You will find here the list of classic mistakes people make when buying a property in the Greek Islands.
How do I confirm there are no liens in the Greek Islands right now?
The standard way to confirm there are no liens or encumbrances on a property in the Greek Islands is to have your lawyer conduct a search at the competent Land Registry or Cadastre office, which reveals any registered mortgages, prenotations, seizures, or court claims.
One common type of lien that buyers should specifically ask about in the Greek Islands is a "prenotation of mortgage" (prosimeiosis ypothikis), which is a preliminary security interest that banks often use before finalizing loans and that must be cleared before you take clean title.
The single best form of written proof that shows lien status in the Greek Islands is a certificate of encumbrances (pistopoiitiko vareon) issued by the Land Registry or Cadastre, which your lawyer should obtain as part of the closing file.
How do I check zoning and permitted use in the Greek Islands right now?
The authority you should use to check zoning and permitted use for a property in the Greek Islands is the local municipality (Dimos) planning office, often combined with input from an engineer who can verify building legality.
The single document or map reference that typically confirms the zoning classification in the Greek Islands is the town plan (Poleodomiko Schedio) or, for areas outside town plans, the "ektos schediou" designation that determines what can be built.
One common zoning pitfall that foreign buyers frequently miss in the Greek Islands is purchasing land classified as agricultural or forest without realizing that building permits are restricted or impossible, or buying coastal properties subject to setback rules that limit construction near the shoreline.
Buying real estate in the Greek Islands can be risky
An increasing number of foreign investors are showing interest. However, 90% of them will make mistakes. Avoid the pitfalls with our comprehensive guide.
Can I get a mortgage as a foreigner in the Greek Islands, and on what terms?
Do banks lend to foreigners for homes in the Greek Islands in 2026?
As of January 2026, yes, some Greek banks do lend to foreigners for home purchases in the Greek Islands, though the terms are typically stricter than what Greek residents receive.
The realistic loan-to-value (LTV) percentage range that foreign borrowers most commonly see in the Greek Islands is 50% to 65%, meaning you should expect to provide at least 35% to 50% of the purchase price as a down payment.
The most common eligibility requirement that determines whether a foreigner qualifies for a mortgage in the Greek Islands is proof of stable income (often from employment or business) and a strong credit profile, since banks will typically request income documentation from your home country.
You can also read our latest update about mortgage and interest rates in Greece.
Which banks are most foreigner-friendly in the Greek Islands in 2026?
As of January 2026, the most foreigner-friendly banks for mortgages in the Greek Islands are Eurobank (which explicitly offers mortgages for non-residents), Alpha Bank (which markets mortgages for foreigners), and National Bank of Greece (which serves international clients through its private banking desk).
The single most important feature that makes these banks more foreigner-friendly in the Greek Islands is that they have dedicated international customer departments and established processes for accepting foreign income documentation, which streamlines the application process.
These banks will generally lend to non-residents (buyers without Greek residency) in the Greek Islands, though you should expect more documentation requirements and potentially higher interest rates than resident borrowers.
We actually have a specific document about how to get a mortgage as a foreigner in our pack covering real estate in the Greek Islands.
What mortgage rates are foreigners offered in the Greek Islands in 2026?
As of January 2026, the typical mortgage interest rate range for foreigners in the Greek Islands is approximately 4.0% to 6.5%, depending on the fixed-rate period, your income profile, loan-to-value ratio, and the bank's assessment of risk.
The typical difference between fixed-rate and variable-rate mortgages for foreigners in the Greek Islands is that fixed rates tend to be 0.5% to 1.5% higher than variable rates initially, but they provide payment stability, while variable rates track Euribor and can fluctuate with ECB policy changes.
We made this infographic to show you how property prices in Greece compare to other big cities across the region. It breaks down the average price per square meter in city centers, so you can see how cities stack up. It’s an easy way to spot where you might get the best value for your money. We hope you like it.
What will taxes, fees, and ongoing costs look like in the Greek Islands?
What are the total closing costs as a percent in the Greek Islands in 2026?
The typical total closing cost percentage in the Greek Islands in 2026 is approximately 10% of the purchase price, which covers all taxes, fees, and professional services.
The realistic low-to-high closing cost range that covers most standard transactions in the Greek Islands is 7% to 12%, with variations depending on property value, complexity, and whether you use a buyer's agent.
The specific fee categories that most commonly make up total closing costs in the Greek Islands are property transfer tax (3% of the objective value), notary fees (roughly 1% to 1.5%), land registry or cadastre registration fees (around 0.5% to 0.7%), lawyer fees (typically 1% to 2%), and real estate agent commission (often 2% plus VAT on the buyer side).
The single fee category that is usually the biggest contributor to closing costs in the Greek Islands is the property transfer tax at 3%, which you must pay to the tax office before signing the notarial deed.
If you want to go into more details, we also have a blog article detailing all the property taxes and fees in the Greek Islands.
What annual property tax should I budget in the Greek Islands in 2026?
As of January 2026, the typical annual property tax (ENFIA) budget range for a standard owner-occupied home in the Greek Islands is roughly 300 to 1,200 euros per year (approximately 330 to 1,320 USD or 280 to 1,100 GBP) for properties valued around 300,000 euros, with premium locations like Mykonos potentially reaching 3,000 euros or more.
The main way annual property tax is assessed in the Greek Islands is through a formula that multiplies the property's surface area by a rate per square meter (ranging from 2 to 16.20 euros) and applies coefficients based on location zone, age, floor level, and other characteristics, rather than a simple percentage of market value.
How is rental income taxed for foreigners in the Greek Islands in 2026?
As of January 2026, the typical effective tax rate on rental income for foreigners in the Greek Islands starts at 15% for the first 12,000 euros, then 25% for income between 12,001 and 24,000 euros (a new bracket introduced in 2026), 35% for 24,001 to 35,000 euros, and 45% above 35,000 euros.
The basic filing requirement a foreign owner must follow for rental income in the Greek Islands is to declare all rental earnings in an annual Greek tax return, and if you do short-term rentals (like Airbnb), you must also register with AADE's Short-Term Stay Property Registry and file periodic statements.
What insurance is common and how much in the Greek Islands in 2026?
As of January 2026, the typical annual insurance premium range for a standard home policy in the Greek Islands is approximately 150 to 400 euros per year (roughly 165 to 440 USD or 140 to 370 GBP) for apartments, and 400 to 1,500 euros (roughly 440 to 1,650 USD or 370 to 1,400 GBP) for villas or detached houses with pools.
The most common type of property insurance coverage that owners carry in the Greek Islands is a combined policy covering fire, earthquake, storm damage, and water damage, since Greece is a seismically active region.
The one biggest factor that usually makes insurance premiums higher or lower for the same property type in the Greek Islands is the property's location and construction type, with coastal exposure, older stone construction, and proximity to earthquake zones increasing costs, while newer earthquake-resistant buildings in lower-risk areas pay less.
Get the full checklist for your due diligence in the Greek Islands
Don't repeat the same mistakes others have made before you. Make sure everything is in order before signing your sales contract.
What sources have we used to write this blog article?
Whether it's in our blog articles or the market analyses included in our property pack about the Greek Islands, we always rely on the strongest methodology we can … and we don't throw out numbers at random.
We also aim to be fully transparent, so below we've listed the authoritative sources we used, and explained how we used them and the methods behind our estimates.
| Source Name | Why It's Authoritative | How We Used It |
|---|---|---|
| AADE (Transfer Tax) | Official Greek tax authority explaining property transfer tax mechanics. | We used it to describe the 3% transfer tax due before signing and to anchor closing cost estimates. We also referenced it for the tax payment sequence in the buying process. |
| AADE (ENFIA) | Official page for Greece's annual property tax rules and calculation basis. | We used it to explain what ENFIA is, when it applies, and the E9 data requirement. We translated the mechanism into practical budgeting ranges for island homes. |
| Gov.gr (Cadastre) | Greece's central government portal routing to official Cadastre services. | We used it to map the proof of title and registration steps. We built the due diligence checklist around registrable deeds and cadastral sheets. |
| Ministry of Migration & Asylum (Golden Visa) | Official ministry page listing investor residence documentation and legal references. | We used it to ground what the Golden Visa program is and its documentation requirements. We paired it with updated threshold explanations from legal sources. |
| Bank of Greece | Greece's central bank publishing official rate statistics. | We used it to anchor baseline mortgage rate data in official banking statistics. We then adjusted to a realistic foreign borrower range with higher spreads. |
| ECB Data Portal | Eurozone's primary statistical source for comparable bank interest rate series. | We used it to cross-check the broader Euro area rate environment around late 2025. This helps keep mortgage rate estimates defensible for January 2026. |
| Gov.gr (AFM) | Official process page for getting a Greek tax identification number. | We used it to explain why you need an AFM before transacting in the Greek Islands. We clarified remote and videoconference identification options. |
| AADE (Short-Term Rental) | Official registry and filing entry point for short-term rentals in Greece. | We used it to explain registration and statement requirements for Airbnb-style rentals. We set expectations about ongoing compliance from abroad. |
| European Land Registry Association (ELRA) | Pan-European land registry network summarizing legal constraints by country. | We used it to corroborate the border area restriction concept and its legal basis. We paired it with Greek law specialist sources for island applications. |
| TaxLaw Greece | Specialist Greek law firm page citing relevant statutes and conditions. | We used it to explain border area authorization for non-EU buyers in eastern islands. We framed the permission step as a planning risk for affected locations. |
| Eurobank | Primary source from a major Greek bank describing non-resident mortgage availability. | We used it to confirm that systemic Greek banks explicitly lend to non-residents. We used it as a sanity check against myths that banks won't lend at all. |
| Alpha Bank | Primary source from a major Greek bank describing lending to foreigners. | We used it to corroborate that foreign borrowers are an addressed segment. We supported the foreigner-friendly banks section with their product details. |
| Ministry of Foreign Affairs (Visas) | Official entry point for Greece's visa information for foreigners. | We used it to anchor the visa landscape in an official source. We translated it into practical guidance on what you can do while buying property. |
| PwC Greece Tax Summaries | Reputable accounting firm providing detailed Greek tax explanations. | We used it to verify ENFIA calculation methods and transfer tax rates. We cross-checked fee structures and tax brackets against official sources. |
We created this infographic to give you a simple idea of how much it costs to buy property in different parts of Greece. As you can see, it breaks down price ranges and property types for popular cities in the country. We hope this makes it easier to explore your options and understand the market.
Related blog posts
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