Buying property in Greece: Tips for buyers

Why is buying property in Greece worthwhile?

What makes the Greek property market so attractive for German buyers and investors?

• Affordable property prices outside major tourist hotspots

• Potential for property appreciation and high rental occupancy rates in tourist regions

• Low property transfer tax and a simple purchasing process for EU citizens

• Mediterranean climate with around 300 days of sunshine per year, warm summers, and mild winters

• Excellent accessibility from Germany via direct flights

• Warm hospitality, a relaxed lifestyle, and a growing expat community

• Diverse landscapes and rich cultural heritage

Typical property styles and real estate options in Greece

Anyone searching for property in Greece will mainly encounter the following property types:

• Apartments and townhouses in metropolitan areas

• Traditional stone houses in rural regions

• Apartments, small beach houses, and sea-view villas on islands and along the coast

• A wide range of buildable plots of land

Attractive regions for buying property in Greece

Both mainland Greece and the islands offer a highly diverse property landscape. Sparsely populated regions appeal with nature, tranquillity, and authenticity. Coastal regions and islands offer excellent infrastructure, beautiful beaches, and strong appreciation potential. In larger cities, buyers can expect cultural diversity and modern living concepts.

Particularly sought-after regions include:

• The Attica region, including the capital city Athens

• Crete, with a German-speaking community, excellent infrastructure, and 1,064 kilometres of coastline

• The Cyclades, including Santorini, Naxos, and Mykonos

• The Ionian Islands, including Corfu and Lefkada

• Rhodes and Samos as part of the Dodecanese islands

• Northern Greece, known for its varied landscapes and culture

• Central Greece, offering a mix of mountains, beaches, and natural scenery

The process of buying property in Greece

For EU citizens, purchasing property in Greece is relatively straightforward. However, there are still a few country-specific details to keep in mind. We guide you from the initial search through to receiving the keys.

Step 1: Finding a property

Choose your preferred region and property type, then arrange viewings for suitable properties. Once you have found the right property, price negotiations with the seller begin.

Step 2: Verifying ownership details

A local lawyer checks the land registry for existing mortgages or encumbrances. Only after this review are the sale preparations finalised — an important step to protect buyers.

Step 3: Applying for a Greek tax number (AFM)

You will need a personal Greek tax number, known as an AFM, for the purchase contract and all tax-related procedures in Greece. This can be obtained from the local tax office using the M1 form, or through a lawyer acting on your behalf. The AFM must be issued before signing the contract.

Step 4: Signing the purchase agreement

Once both parties agree on the purchase price, the contract is notarised and signed. After registration in the land registry, you officially become the owner of the property.

Costs and financing: What to consider when buying property in Greece

In addition to the purchase price itself, there are several other costs and considerations buyers should keep in mind from the start: additional purchase costs, financing options, and, depending on nationality, the Greek Golden Visa programme.

Overview of purchase costs

In addition to the property price, buyers should expect the following additional costs. Overall, these usually amount to around 5 to 7 percent of the purchase price:

• Estate agent commission: typically 2 to 4% of the purchase price, if an agent is involved

• Notary fees: approximately 2% of the purchase price or taxable property value

• Land registry fee: 0.5% of the sale value

• Property transfer tax: 3.09% of the purchase price or taxable value

• Legal fees: optional, but highly recommended in many cases

Financing options

In general, buyers have two options: financing through a German bank or through a Greek financial institution. Financing through a Greek bank is possible for EU citizens, although it often involves higher interest rates and more administrative procedures. Independent financial advice is recommended in any case.

Golden Visa for non-EU citizens

For buyers from non-EU countries, Greece offers an attractive residency-by-investment programme through the Golden Visa scheme. Those investing in Greek property may qualify for a residence permit. Since the reform introduced on 31 March 2024, different minimum investment thresholds apply depending on the location of the property:

• €800,000 for properties in highly sought-after areas such as Attica (Athens), Thessaloniki, Mykonos, Santorini, and islands with more than 3,100 inhabitants

• €400,000 for properties in all other regions of Greece, with a minimum property size of 120 m²

• €250,000 as a reduced threshold exclusively for listed buildings or properties requiring conversion or renovation

The Golden Visa is valid for five years and can be renewed as long as the investment is maintained. German citizens do not require this programme, but it may be an attractive additional benefit for international buyers from outside the EU.

Buying property in Greece with Engel & Völkers

With a global network and decades of experience in the international property market, Engel & Völkers is your trusted partner when searching for the right property in Greece. Whether in Athens, Rhodes, or Crete, our experts know the local markets and support you from the first viewing through to the handover of the keys. You can also find a more comprehensive guide to buying property abroad here.

We look forward to hearing from you.