Property buying guide for Greece
Article 2 of 6
Greece
Buying and Registering

Buying and registering real estate in Greece

Purchase takes 1–3 months Registration costs 7–10% of the purchased property value

To purchase property in Greece, investors are required to visit the country only once. The purchase procedure has seven simple steps.

1. Choose a property

The buyer arrives in Athens to choose the property. The buyer appoints a lawyer who will check property documents, which will take about one month. This includes verifying the seller’s ownership certificate and searching the mortgage registry to find out whether the property has any encumbrances and tax arrears. The lawyer will also provide legal support for the payment of property purchase taxes.

Although unnecessary at this stage, Tranio, however, recommends appointing a lawyer as verifying the title clearance requires, at least, a good command of the Greek language. Legal fees are about 1.5% of the transaction value.

2. Sign a preliminary purchase agreement

While the lawyer is verifying documents, the buyer and seller sign a preliminary purchase agreement and the buyer puts down a deposit of about 10% of the property price.

3. Receive an individual tax number

To receive an individual tax number, the buyer needs a lawyer’s support to fill in an application form in Greek. This procedure takes several hours.

Required documents:

  • passport and a copy of it; and
  • marriage certificate (if a tax number is also issued to the applicant’s spouse).

4. Open a bank account

ПThe buyer opens an account with a Greek bank. For this, a lawyer has to carefully check the package of application documents. The applicant is required to be present when submitting the documents. The procedure takes 1–2 days.

Required documents:

  • passport and a copy of it;
  • copy of a tax return or a tax resident certificate, or a three-year personal income tax certificate (apostilled and translated into Greek or English by a certified translator);
  • letter of employment (translated into Greek or English);
  • copy of an electricity bill (translated into Greek or English); and
  • certificate confirming that the investor has a registered telephone number (translated into Greek or English).

For large transactions, the bank can request fund clearance certificates.

5. Transfer money

The buyer transfers the funds covering all purchase costs to the Greek bank account. The buyer can transfer funds for the purchase directly from a Russian bank account, but a Greek bank account will still be needed in the future to pay taxes, management company fees and utilities.

The property purchase tax varies as follows:

  • VAT of 24% VAT on the property purchase if its construction permit was issued after January 1, 2006.
  • Ownership transfer tax of 3.09% of the property value for properties built before 2006.

6. Sign the purchase agreement

Closing the deal takes place a few weeks after the property is selected (once the property title clearance is verified). The buyer can either do this in Greece or issue a power of attorney for a lawyer who will sign the purchase agreement on behalf of the buyer. A notary must certify the signing of the agreement. Notary fees are 1.2% of the transaction value. Depending on the agreement, the buyer can wire money to the seller prior or after the signing of the agreement.

7. Register the transaction

It takes 1–1.5 months for the transaction to enter the mortgage registry and for the property to be registered with the land registry office. The registration charge is 0.475% to 0.775% of the transaction value.

Property buying guide for Greece
Article 2 of 6
Tranio’s managers offer advice on buying real estate in Greece
Ekaterina Matsyuk
Ekaterina Matsyuk
Real Estate Expert Tranio in Greece
+44 20 3608 1267
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