Buying property in Greece as a foreigner: full guide

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

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INVESTROPA

A team specialized in real estate investing in European countries.

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.

Can foreign nationals purchase real estate in Greece without restrictions?

Foreign nationals can buy property freely in most of Greece, with restrictions applying only to non-EU citizens in designated border areas.

EU citizens enjoy completely unrestricted property ownership rights throughout Greece, while non-EU buyers face limitations in specific regions including the East Aegean islands, Dodecanese, parts of northern Greece near borders, certain areas of Crete, and Rhodes. In these restricted zones, non-EU nationals must obtain a purchase permit from the local Prefecture Council, which involves a security background check that typically takes 2-6 months.

The permit requirement exists for national security reasons, given Greece's proximity to Turkey and other non-EU nations. However, in practice, permits are usually granted unless there are serious security concerns. For properties outside these border areas—which includes Athens, most of the mainland, and popular islands like Mykonos and Santorini—all foreigners can purchase without any special permissions.

It's something we explore in detail in our Greece property pack.

What residency options exist for non-EU property buyers in Greece?

Non-EU citizens don't need any visa or residency to buy property, but the Golden Visa program offers an attractive path to European residency through real estate investment.

As we reach mid-2025, the Greek Golden Visa requires minimum investments of €800,000 in prime areas like Athens, Thessaloniki, Mykonos, and Santorini, €400,000 in other regions for properties over 120m², or €250,000 for commercial-to-residential conversions and restoration of listed buildings. The program grants five-year renewable residency to investors and their families, with no minimum stay requirement.

This residency permit allows visa-free travel throughout the Schengen area's 26 countries and can eventually lead to citizenship after seven years of actual residence in Greece. The Golden Visa doesn't require you to live in Greece to maintain it—you can visit once every five years for renewal. For those planning to reside full-time without the Golden Visa investment, standard residence permits require proof of sufficient income (€2,000 monthly) and health insurance.

The application process takes 2-3 months and includes biometric data collection, which is the only step requiring physical presence in Greece.

Can I complete the entire purchase remotely from my home country?

You can handle virtually the entire Greek property purchase process remotely through a power of attorney, with physical presence required only for Golden Visa biometrics.

Most foreign buyers complete their purchases without multiple trips to Greece by appointing a lawyer through a power of attorney document. This legal representative can obtain your tax number (AFM), open your Greek bank account, conduct property viewings on your behalf, sign the preliminary agreement, and even complete the final purchase at the notary. The power of attorney must be signed at a Greek consulate in your country or before a notary with an apostille.

Remote buyers typically need to visit Greece only once: either for the final signing (if preferred) or for biometric data collection if applying for the Golden Visa. Some buyers choose to combine both activities in a single trip. Video viewings, digital document signing, and online banking have made remote purchases increasingly common, especially post-2020.

However, visiting the property personally before purchase remains advisable to assess the neighborhood, verify the property condition, and establish relationships with local service providers.

What's the complete step-by-step process for buying Greek property?

Do I need a lawyer, and what exactly do they do?

While not legally mandatory for purchases under €250,000, hiring a lawyer is strongly recommended for all foreign buyers to protect against costly mistakes and legal issues.

Greek property lawyers typically charge 1-2% of the purchase price and provide essential services including conducting title searches to verify ownership and identify any liens or encumbrances, checking for illegal constructions or permit violations, ensuring the property has proper building permits and energy certificates, negotiating contract terms, and calculating the exact taxes owed. They also review municipality records for pending infrastructure charges and verify that property taxes have been paid.

For Golden Visa applicants and remote buyers, a lawyer becomes practically essential as they can act as your legal representative throughout the process. The lawyer differs from the notary, who is mandatory for all sales but represents the state's interests, not yours. While the notary ensures the transaction is legal and properly taxed, only your lawyer protects your specific interests and identifies potential problems.

Many foreign buyers have discovered hidden debts, boundary disputes, or illegal additions only after purchase when working without proper legal representation.

Can foreigners secure mortgages in Greece, and what are current terms?

Greek banks do offer mortgages to foreigners, though with stricter conditions than for residents, typically financing up to 65% of the property value.

As of June 2025, foreign buyers can expect interest rates between 3.0% and 6.5% annually, depending on the loan term, amount, and borrower profile. Banks generally require proof of stable income (employment contracts or tax returns), a Greek tax number and bank account, clean credit history from your home country, and age under 70-75 at loan maturity. The approval process typically takes 4-8 weeks.

To improve your chances of mortgage approval, consider making a larger down payment (35-50%), providing comprehensive income documentation translated into Greek, obtaining pre-approval before property hunting, and working with a mortgage broker familiar with foreign applications. Some Greek banks have dedicated international departments that better understand foreign income sources.

Note that Golden Visa applicants often struggle to obtain mortgages since banks prefer borrowers with Greek or EU income. Cash purchases remain common among foreign buyers for this reason.

What are the total costs beyond the purchase price?

Expect to pay 8-12% above the property price in taxes and fees when buying Greek real estate.

The main cost is transfer tax at 3.09% for resale properties or 24% VAT for new construction (though VAT is usually included in the advertised price). Additional fees include notary fees of 1-2% plus VAT, land registry fees of 0.5-1%, lawyer fees of 1-2% plus VAT, and real estate agent commission of 2-4% (sometimes split with seller). You'll also pay around €500 for the mandatory energy certificate and property inspection.

Ongoing costs include annual property tax (ENFIA) ranging from €2-16 per square meter depending on location and property value, plus utilities, insurance, and maintenance. If you rent out the property, expect to pay 15-45% tax on rental income depending on the amount. When selling, capital gains tax of 15% applies to profits if you sell within five years, though various exemptions exist.

It's covered in depth in our Greece property pack.

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What tax obligations do foreign property owners face?

Foreign property owners in Greece face several tax obligations, with non-residents taxed only on Greek-sourced income.

All property owners must pay the annual ENFIA property tax, calculated based on location, size, age, and floor level. For a 100m² apartment in Athens, expect to pay €300-800 annually. Luxury properties worth over €400,000 face an additional supplementary tax. These taxes are paid electronically by September each year.

If you rent your property, rental income is taxed progressively from 15% to 45%, with the first €12,000 taxed at 15%. You can deduct certain expenses like management fees and repairs. Short-term rentals (under 60 days) face different rules and require registration with the Independent Authority for Public Revenue.

Most countries have double taxation treaties with Greece, preventing you from being taxed twice on the same income. However, you must declare your Greek property and any income in your home country. Consider consulting a tax advisor familiar with both jurisdictions to optimize your tax position and ensure compliance.

Where do most expats buy, and which areas offer strong communities?

Foreign buyers concentrate in Athens for urban convenience, the islands for lifestyle, and emerging mainland areas for value.

Athens attracts professionals and families with its international schools, cultural amenities, and direct flights worldwide. The southern suburbs like Glyfada and Vouliagmeni offer seaside living with urban access. Thessaloniki provides a lower-cost alternative with vibrant city life and proximity to beaches.

Island properties remain extremely popular, with each offering distinct advantages:

1. Crete - Year-round living, established expat communities, good healthcare, affordable prices
2. Rhodes - Strong rental market, international community, excellent weather
3. Corfu - Venetian architecture, green landscapes, proximity to Europe
4. Mykonos/Santorini - Luxury market, high rental yields, seasonal lifestyle
5. Paros/Naxos - Authentic Greek life, growing expat presence, reasonable prices

The Peloponnese peninsula offers exceptional value with properties 40-60% cheaper than Athens or popular islands. Areas like Kalamata and Porto Heli combine beautiful settings with developing infrastructure. Halkidiki in northern Greece provides stunning beaches and easy access to Thessaloniki without island prices.

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 locations offer the best investment potential in 2025?

Athens and Thessaloniki lead for capital appreciation, while tourist islands deliver strong rental yields, and emerging destinations offer value opportunities.

Athens property prices continue rising 8-10% annually as of mid-2025, driven by limited supply, Golden Visa demand, and economic recovery. Central neighborhoods like Koukaki and Pagrati offer renovation opportunities, while the Athens Riviera attracts premium buyers. Thessaloniki presents lower entry points with similar growth potential due to its universities and tech sector expansion.

For rental income, tourist magnets like Mykonos, Santorini, and Crete generate yields of 5-8% through short-term rentals, though new regulations limit some properties. Year-round destinations like Rhodes and Crete offer more stable income. Lesser-known islands like Samos, Folegandros, and Ikaria present opportunities as travelers seek alternatives to overcrowded hotspots.

Value seekers should consider the Peloponnese region where prices remain 30-50% below prime areas but infrastructure improvements and growing tourist interest suggest appreciation potential. Mainland coastal towns like Volos and Preveza offer affordable entry points with authentic Greek lifestyle.

We analyze this further in our Greece property pack.

What are current property prices across Greece's main markets?

Greek property prices vary dramatically between prime Athens locations at €4,500 per square meter and rural mainland areas under €1,000.

Athens leads the market with central districts commanding €2,500-4,500 per square meter, while southern coastal suburbs reach €3,000-5,000. Thessaloniki offers better value at €2,000-3,000 per square meter in prime areas. As of June 2025, a typical 80m² apartment costs €200,000-360,000 in Athens and €160,000-240,000 in Thessaloniki.

Island prices reflect their popularity and accessibility. Mykonos and Santorini top the market at €5,000-10,000+ per square meter for properties with sea views. More affordable options exist in Rhodes and Corfu at €2,000-3,500, while Crete offers excellent variety from €1,800 in residential areas to €4,000+ for premium coastal properties.

Mainland regions provide significant savings, with the Peloponnese averaging €1,500-2,500 per square meter and smaller towns often below €1,500. These areas increasingly attract buyers seeking value and authentic Greek experiences away from tourist crowds.

What mistakes should foreign buyers absolutely avoid?

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. Global Citizen Solutions - Greece Property Guide
2. Henley & Partners - Greece Residence by Investment
3. Greece Golden Visa Official Information
4. PwC Greece Real Estate Tax Guide
5. Global Property Guide - Greece Market Analysis
6. Bank of Greece - Property Market Reports
7. Elxis - Greek Property Purchase Process
8. Get Golden Visa - Complete Greece Guide
9. Tranio - Greece Property Price Analysis
10. Immigrant Invest - Greece Residency Programs