Can Americans buy property in Greece?

Authored by the expert who managed and guided the team behind the Greece Property Pack

Everything you need to know before buying real estate is included in our Greece Property Pack

Who is the author of this content?

INVESTROPA

A team specialized in real estate investing in European countries (Greece, Spain, Portugal, Italy, etc.).

We are a team of financial experts, legal professionals, developers, and local real estate specialists dedicated to helping people like you avoid mistakes when investing in real estate in a foreign place, particularly in Greece. If you'd like to learn more about us, you can check our presentation page.

How this content was created 🔎📝

At InvestRopa, we explore the Greek real estate market every day. Our team doesn't just analyze data from a distance—we're actively engaging with local realtors, investors, and property managers in cities like Athens, Thessaloniki, and the Greek islands. This hands-on approach allows us to gain a deep understanding of the market from the inside out.

These observations are originally based on what we've learned through these conversations and our observations. But it was not enough. To back them up, we also needed to rely on trusted resources

We prioritize accuracy and authority. Trends lacking solid data or expert validation were excluded.

Trustworthiness is central to our work. Every source and citation is clearly listed, ensuring transparency. A writing AI-powered tool was used solely to refine readability and engagement.

To make the information accessible, our team designed custom infographics that clarify key points. We hope you will like them! All illustrations and media were created in-house and added manually.

Can Americans legally purchase property in Greece, and are there any restrictions compared to locals or EU citizens?

Americans can legally purchase property in Greece with virtually no restrictions in most areas of the country.

The Greek government treats American buyers the same as other non-EU citizens, allowing them to buy residential properties, land, and commercial real estate without requiring residency status or citizenship. This makes Greece one of the most accessible European property markets for US citizens.

However, there are specific restrictions for purchases in designated border or military zones. These areas include certain islands near Turkey (such as parts of Lesbos, Chios, and Samos), portions of northern Greece near the borders with North Macedonia, Albania, and Bulgaria, and some strategic areas in Crete and Rhodes. For properties in these zones, Americans must obtain special permits from the Greek Ministry of National Defense, which can add 2-6 months to the purchase process.

EU citizens face no such restrictions and can purchase property anywhere in Greece with the same rights as Greek nationals. They also have easier access to financing and don't need to navigate the border zone permit process.

It's something we develop in our Greece property pack.

Do Americans need a specific visa, residency permit, or legal status to buy property or stay long-term in Greece?

Americans do not need any visa, residency permit, or special legal status to purchase property in Greece.

You can complete the entire property purchase process while on a tourist visa, which allows stays up to 90 days within any 180-day period. Many American buyers successfully complete transactions during short visits to Greece or even remotely through power of attorney arrangements.

However, if you plan to stay in Greece longer than the standard tourist allowance, you'll need to obtain appropriate visas or permits. The most popular option for American property buyers is the Golden Visa program, which grants a 5-year renewable residence permit in exchange for qualifying real estate investments. As of June 2025, the minimum investment thresholds are €800,000 for properties in central Athens, Thessaloniki, Mykonos, and Santorini, and €250,000 for properties in other areas.

The Golden Visa allows holders to live in Greece year-round and travel freely within the Schengen Zone, though it doesn't grant work rights. After seven years of continuous residence, Golden Visa holders can apply for permanent residency, and after ten years, they can apply for Greek citizenship.

For Americans planning to work in Greece, separate work permits and residence visas are required, independent of property ownership.

Can Americans buy property in Greece without being physically present during the process, or is travel mandatory?

Americans can complete the entire property purchase process in Greece without being physically present through a power of attorney arrangement.

This remote purchase option involves appointing a Greek lawyer to act on your behalf for all aspects of the transaction, including property searches, negotiations, document signing, and final deed registration. The power of attorney document must be notarized in the US and then apostilled (authenticated for international use) or certified by the nearest Greek consulate.

The remote process works particularly well for straightforward property purchases in non-restricted areas. Your appointed lawyer can handle property viewings via video calls, coordinate inspections, manage all legal documentation, and sign the final purchase deed at the notary's office on your behalf.

However, physical presence may be required or beneficial in certain situations. If you're applying for the Golden Visa, you'll need to visit Greece at least once for biometric data collection (fingerprints and photos) at the immigration office. Some buyers also prefer to be present for the final signing, especially for high-value purchases, though this is not mandatory.

Banks may require in-person visits for account opening if you choose to obtain a Greek bank account, though this can sometimes be arranged through the power of attorney as well. For properties in border zones requiring special permits, authorities may request in-person meetings, though this varies case by case.

What are the exact steps an American must follow to purchase property in Greece, from property search to final registration?

The property purchase process in Greece follows a structured 10-step procedure that typically takes 2-4 months to complete.

Step 1: Property Search and Selection - Use online platforms, local real estate agents, or property consultants to identify suitable properties. Popular platforms include Spitogatos, XE.gr, and international sites like Rightmove Overseas.

Step 2: Hire a Greek Lawyer - Engage a lawyer specializing in real estate transactions before making any commitments. The lawyer will conduct due diligence, verify property titles, check for encumbrances, and ensure compliance with zoning regulations.

Step 3: Obtain Greek Tax Number (AFM) - Apply for an AFM at the local tax office (DOY) or through your lawyer. This number is required for all financial transactions in Greece and typically takes 1-2 days to obtain.

Step 4: Open Greek Bank Account (Optional but Recommended) - While not mandatory, a local bank account simplifies fund transfers and ongoing tax payments. Major banks like National Bank of Greece, Alpha Bank, and Eurobank offer services to non-residents.

Step 5: Sign Preliminary Agreement - Once you've selected a property, sign a preliminary sales agreement (Prosynφωνo) and pay a deposit, typically 10% of the purchase price. This secures the property and sets the timeline for completion.

Step 6: Complete Legal Due Diligence - Your lawyer conducts comprehensive checks including title verification, planning permission review, outstanding debt searches, and confirmation of the seller's legal right to sell.

Step 7: Arrange Financing (if applicable) - If using a mortgage, complete the bank's approval process. Non-EU citizens typically need larger down payments (40-50%) and face stricter income verification requirements.

Step 8: Pay Property Transfer Tax and Fees - Calculate and pay the 3.09% property transfer tax, plus notary fees (1-2%) and lawyer fees (1-2%). These payments must be made before the final deed signing.

Step 9: Sign Final Deed at Notary - The notary public (Συμβολαιογράφος) oversees the final transaction, ensuring all legal requirements are met. Both parties (or their representatives) sign the deed, and ownership transfers immediately.

Step 10: Register Property and Obtain Documents - The notary registers the deed with the Land Registry or Cadastre system. You'll receive the official deed and should register for annual property taxes (ENFIA) with the tax authorities.

What documents do Americans need to provide when buying real estate in Greece, and are any translations or notarizations required?

Document Type	Requirement	Translation/Certification Needed
Valid US Passport	Must be current with at least 6 months validity	Certified copy required
Greek Tax Number (AFM)	Obtained from Greek tax office	No translation needed
Proof of Income/Assets	Bank statements, tax returns, employment letters	Certified translation to Greek required
Power of Attorney	If not physically present for signing	Notarized and apostilled in US
Birth Certificate	Required for Golden Visa applications	Apostilled and translated to Greek
Marriage Certificate	If purchasing jointly with spouse	Apostilled and translated to Greek
Criminal Background Check	For Golden Visa and some border area purchases	FBI report, apostilled and translated

All foreign documents must undergo a two-step authentication process: first, they must be apostilled by the appropriate US authority (usually the Secretary of State in the state where the document was issued), then translated into Greek by a certified translator recognized by Greek authorities.

For property purchases, contracts and deeds are drafted in Greek, and if you don't speak the language, verbal translation must be provided during the signing process. Many lawyers can provide this service, or you can hire a certified interpreter.

Financial documentation requires particular attention - bank statements and income verification must be recent (typically within 3 months) and clearly show sufficient funds for the purchase plus associated costs. Some banks may require additional documentation depending on the source of funds, particularly for large transactions that might trigger anti-money laundering reviews.

Is it mandatory for Americans to hire a lawyer or notary to buy property in Greece, and what are their typical roles and fees?

While hiring a lawyer is not legally mandatory for Americans buying property in Greece, it is strongly recommended and considered essential by real estate professionals.

Greek lawyers specializing in real estate handle critical aspects of the transaction including comprehensive due diligence, title verification, zoning compliance checks, contract negotiations, and registration procedures. They also search for outstanding debts, liens, or legal issues that could affect the property. For American buyers unfamiliar with Greek legal procedures and language barriers, professional legal representation significantly reduces risks and ensures proper completion of the purchase.

Legal fees typically range from 1-2% of the property value, plus 24% VAT. For a €300,000 property, expect to pay approximately €3,000-€6,000 in legal fees. Some lawyers charge fixed fees for standard transactions, while others use hourly rates ranging from €150-€400 per hour depending on their experience and location.

Notary public services are mandatory for finalizing property transactions in Greece. The notary (Συμβολαιογράφος) is a public official who ensures all legal requirements are met, verifies the parties' identities, confirms the property's legal status, and officially registers the sale. Notaries are responsible for collecting and paying property transfer taxes on behalf of the buyer.

Notary fees are regulated by law and typically amount to 1-2% of the property value, plus 24% VAT. The notary also collects additional charges for official stamps, registry fees, and tax office filings. For the same €300,000 property, notary costs would be approximately €3,000-€6,000 plus VAT and additional administrative fees.

Many experienced American buyers also engage surveyor services (€500-€1,500) for property condition assessments and may hire independent translators (€50-€100 per hour) if their lawyer doesn't provide translation services.

Are Americans eligible for mortgages in Greece, what are the current rates and conditions, and how can they improve their chances of approval?

Americans can apply for mortgages in Greece, but the process is more complex and approval rates are lower compared to EU citizens.

As of June 2025, mortgage interest rates for non-EU citizens typically range from 3.5% to 6.5%, depending on the loan amount, down payment, and applicant's financial profile. Greek banks generally require larger down payments from Americans - typically 40-50% of the property value compared to 20-30% for EU citizens. Loan terms usually extend up to 20-25 years, with some banks limiting non-resident mortgages to 15 years.

Major Greek banks offering mortgages to Americans include National Bank of Greece, Alpha Bank, Eurobank, and Piraeus Bank. Each institution has different criteria, but common requirements include proof of stable income for at least two years, debt-to-income ratios below 40%, and comprehensive financial documentation.

To improve approval chances, Americans should maintain strong credit scores (preferably above 700), provide substantial down payments (50% or more), demonstrate stable employment with the same employer for multiple years, and present clear documentation of income sources. Having existing relationships with international banks that operate in Greece can also facilitate the process.

Alternative financing options include private lending companies, which may offer more flexible terms but at higher interest rates (6-10%), and developer financing for new construction projects, which sometimes includes more favorable terms to attract international buyers.

It's something we develop in our Greece property pack.

What taxes, annual fees, or other fiscal obligations do Americans face when owning property in Greece, and how do these differ from locals?

Americans face the same property-related taxes as Greek citizens, with no discrimination based on nationality for tax obligations.

Property Transfer Tax amounts to 3.09% of the property's objective value (as determined by Greek tax authorities) and must be paid before deed registration. This applies to all buyers regardless of nationality. For new properties or first transfers, a 24% VAT may apply instead of transfer tax, depending on the seller's status.

Annual Property Tax (ENFIA) is calculated based on the property's objective value, location, age, and size. Rates typically range from 0.1% to 1.15% for properties valued over €200,000. A typical €300,000 apartment in Athens might incur annual ENFIA taxes of €900-€1,500. Properties under €200,000 often qualify for reduced rates or exemptions.

Municipal Tax (TAP) adds an additional 0.025-0.035% of the property value annually. This tax funds local services and infrastructure and applies to all property owners equally.

Capital Gains Tax applies at 15% if the property is sold within five years of purchase. After five years, capital gains are generally exempt from taxation, making Greece attractive for long-term property investment.

Rental Income Tax varies based on total annual income levels, ranging from 15% to 45% for individuals. However, Americans must also consider US tax obligations, as the US taxes worldwide income for its citizens. Greece and the US have a tax treaty to prevent double taxation, allowing foreign tax credits for Greek taxes paid.

Americans may need to file both Greek and US tax returns if they become Greek tax residents (spending more than 183 days per year in Greece) or earn rental income from their Greek property. Professional tax advice is recommended to optimize tax efficiency and ensure compliance with both jurisdictions.

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.

Which areas in Greece are currently best for Americans looking for long-term living, rental income, or capital growth, based on liveability and economic data?

Athens stands out as the top choice for Americans seeking both lifestyle and investment potential, offering urban amenities, strong rental demand, and significant capital appreciation prospects.

The southern suburbs of Athens, including Glyfada, Vouliagmeni, and Varkiza, are particularly popular among American expats. These areas combine coastal living with proximity to the city center, featuring average property prices of €3,895 per m² as of June 2025. The rental yields in these premium areas range from 3-5% annually, supported by strong demand from international professionals and diplomatic staff.

Thessaloniki represents excellent value for investment-focused Americans, with property prices averaging €2,452 per m² and rental yields often exceeding 6-8% in central areas. The city benefits from a large student population due to major universities, ensuring consistent rental demand. Recent infrastructure improvements and growing tech sector presence indicate strong potential for capital appreciation.

For Americans prioritizing lifestyle and established expat communities, Crete offers compelling options. Chania leads with average prices of €2,545 per m², while Heraklion provides more affordable entry points at €1,625 per m². Both cities feature established international communities, excellent healthcare facilities, and year-round liveability. Rental yields from short-term tourist lettings can reach 8-12% in prime locations.

The islands of Corfu, Rhodes, and Paros attract Americans seeking vacation homes with rental income potential. Corfu averages €2,167 per m² and benefits from direct flights to major US cities during peak season. These locations excel for short-term rental investments, particularly properties within walking distance of beaches or historic centers.

For luxury-focused investments, Mykonos and Santorini command premium prices exceeding €7,000 per m² but offer exceptional short-term rental yields of 10-15% for well-positioned properties. However, these markets require substantial capital and are more volatile.

What's the latest breakdown of property prices in major cities and regions in Greece that Americans should know before buying?

Location	Average Price per m² (€)	Notable Features
Athens (Central)	2,250	Urban living, high rental demand, metro access
Athens (Southern Suburbs)	3,895	Coastal location, premium amenities, expat-friendly
Thessaloniki	2,452	University town, growing tech sector, excellent yields
Corfu	2,167	Island lifestyle, direct US flights, tourism income
Crete (Heraklion)	1,625	Most affordable major city, year-round living
Crete (Chania)	2,545	Historic charm, expat community, higher-end market
Chalkidiki	2,500	Coastal peninsula, popular with northern Europeans
Mykonos/Santorini	7,000+	Ultra-luxury market, exceptional short-term yields

Property price trends as of mid-2025 show continued recovery from the economic crisis period, with annual appreciation rates of 8-12% in Athens and 6-10% in Thessaloniki. Island markets display more volatility but generally trend upward due to tourism recovery and international investment interest.

Regional variations reflect different value propositions: mainland cities offer stronger long-term rental markets and urban amenities, while islands provide lifestyle benefits and tourism-related income potential. Northern Greece, including areas around Chalkidiki, presents emerging opportunities with lower entry costs and growing international recognition.

New development projects in Athens, particularly around the former airport site in Hellinikon, are driving price appreciation in southern suburbs. The upcoming completion of metro extensions and infrastructure improvements should further support property values in connected areas.

What are some common mistakes or pitfalls Americans make when buying property in Greece, and how can they avoid them?

1. **Skipping comprehensive due diligence** - Many Americans underestimate the importance of thorough property checks, leading to purchases with building permit issues, outstanding debts, or zoning violations. Always hire experienced lawyers and request complete title searches.2. **Underestimating total costs** - Buyers often budget only for the property price without accounting for the additional 8-12% in taxes, fees, and legal costs. Include transfer taxes (3.09%), notary fees (1-2%), legal fees (1-2%), and ongoing annual taxes in your budget.3. **Ignoring local building regulations** - American buyers sometimes purchase properties assuming US-style renovation freedoms, only to discover strict Greek building codes and archaeological restrictions. Research zoning laws and building permits before purchase.4. **Overlooking border zone restrictions** - Properties in designated military or border areas require special permits that can delay purchases by months. Verify location status before making offers on island or border region properties.5. **Inadequate currency planning** - Exchange rate fluctuations can significantly impact purchase costs for dollar-based buyers. Consider currency hedging strategies or fixed-rate forward contracts for large transactions.6. **Choosing inappropriate areas** - Americans sometimes buy in tourist-focused areas without considering year-round liveability, infrastructure quality, or long-term rental potential. Research seasonal variations and local amenities thoroughly.7. **Inadequate insurance planning** - Greek property insurance requirements and coverage options differ significantly from US standards. Ensure comprehensive coverage including earthquake protection, which is essential in seismically active Greece.

It's something we develop in our Greece property pack.

Where do most Americans typically settle or invest in Greece, and why are these areas particularly attractive to them?

Americans predominantly choose Athens and its surroundings for permanent relocation, with the southern coastal suburbs being particularly favored for their combination of urban convenience and Mediterranean lifestyle.

Glyfada, Vouliagmeni, and the broader "Athens Riviera" attract the highest concentration of American residents due to excellent international schools, proximity to the US Embassy, direct beach access, and established expat communities. These areas offer familiar amenities like international supermarkets, English-speaking healthcare providers, and American-style dining options while maintaining authentic Greek character.

For investment purposes, Americans heavily target central Athens neighborhoods like Kolonaki, Exarchia, and areas near major universities. These locations provide strong rental yields from both local and international tenants, with proximity to cultural attractions and business centers driving consistent demand.

Crete has emerged as the second most popular destination for American expats seeking permanent relocation. Chania and Heraklion offer established English-speaking communities, reasonable property prices, excellent climate, and high-quality healthcare systems. The island's size provides diverse living options from urban centers to rural coastal villages.

Thessaloniki attracts Americans interested in emerging markets and higher rental yields. The city's growing reputation as a tech hub, combined with significantly lower property prices than Athens, appeals to investors and younger American professionals seeking opportunities in Greece's second-largest city.

Popular island investments include Corfu for its direct flights to the US and established tourism infrastructure, Paros for its emerging high-end market, and Rhodes for its year-round appeal and diverse rental market. These islands offer strong short-term rental potential while providing vacation home benefits for American owners.

Conclusion

This article is for informational purposes only and should not be considered financial advice. Readers are advised to consult with a qualified professional before making any investment decisions. We do not assume any liability for actions taken based on the information provided.

Sources

1. Properstar - Real Estate Guide Greece
2. Lexidy - Buying Property in Greece as an American
3. InvestRopa - Greece Real Estate for Foreigners
4. Global Citizen Solutions - Buying Property in Greece
5. Investment Visa - Greece Golden Visa for US Citizens
6. Immigrant Invest - Greece Residency Property Investment
7. Your Overseas Home - Completing Greek Property Purchase
8. GreekDom - Property Purchase Procedure in Greece
9. Vista Estate - How to Buy Property in Greece
10. Global Property Guide - Greece Price History