Buying property in Greece: pitfalls in 2024
Purchasing process duration
Transaction costs
To open an account
To purchase property in Greece, investors are required to visit the country only once. The purchase procedure has four simple steps.
From 81,000 €
Completion in: 2024.IV Total of 11 apartments
From 121,000 €
Built in 2024 Total of 6 apartments
From 143,000 €
Built in 2023 Total of 17 apartments
From 170,000 €
Built in 2024 Total of 10 apartments
From 470,000 €
Total of 30 apartments
From 290,000 €
Completion in: 2025.II Total of 66 apartments
From 135,000 €
Yield 5.0% Total of 20 apartments
1. Choose a property and prepare documents
The buyer considers their criteria for the property and prepares documents to open an account with a Greek bank. One cannot open a bank account remotely, the client should attend the bank in person.
The buyer can buy a property without a Greek bank account, but this account is necessary to receive rental revenue and pay for maintenance expenses.
Documents required to open a Greek bank account:
- A valid passport + a copy;
- Proof of the applicant’s income, i.e. tax returns, documentary proof of inheritance, dividends, rental income or income from a property sale;
- Letter of employment;
- A copy of any utility bill to prove the applicant’s address;
- A certificate to prove the applicant has a registered telephone number;
- The applicant’s bank account statements.
All documents should be translated into Greek and English. Tranio’s clients can submit all documents in Russian and our lawyer will prepare the translations.
The buyer may use this bank account to pay for the purchase.
2. Make a final decision and open a bank account
If possible, the buyer comes to Athens to choose a real estate object, although it is possible to buy a property in Greece remotely. In such a case, the buyer uses their own bank account from outside Greece to pay for the purchase. The investor can open a Greek bank account later.
It takes 1 day to open a Greek bank account if the client has submitted the documents in advance and the bank has previously confirmed the possibility to open an account.
3. Sign a preliminary purchase agreement
Before signing a preliminary purchase agreement, the buyer hires a lawyer who checks the seller’s ownership certificate and the mortgage registry to find out whether the property has any encumbrances and tax arrears. It takes no longer than 1 business day.
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 1.86% of the transaction value (1.5% + VAT).
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.
Then the notary prepares the purchase agreement. This stage takes from 2 weeks to 1 month.
4. Close the deal
When the purchase agreement is ready, the buyer signs it and transfers the money to the seller’s bank account. The investor 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.
It takes 3 weeks for the transaction to enter the mortgage registry and for the property to be registered with the land registry office. The buyer will need the registration certificate when applying for a residence permit.
Greece has temporarily removed VAT on property purchases that was previously applicable to properties with a building permit issued before January 2006. In 2020–2022 VAT is not applicable to properties with a building permit issued after January 2016 and to properties that were built before January 2021.
For the property that was built before 2006, there is only the asset tax 3.09%.
The buyer must also pay the registration charge that is 0.475% to 0.775% of the transaction value.
Costs of purchasing a property in Greece
- asset transfer tax — 3.09% of the property cost;
- the registration charge — 0.475 to 0.775% of the transaction value;
- notary fees — 1.86% (1.5 % of the transaction value + VAT);
- lawyer fees — 1.86% (1.5 % of the transaction value + VAT);
- in some cases: agent fees — 2.48% (2 % of the transaction value + VAT).
Total: from 7.91 to 10.21%
In Greece, after buying properties worth €250,000 or more one can obtain a Greek residence permit. It is issued within 3 to 6 months.
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- Property Prices
- Buying and Registering
- Mortgage
- Residence
- Citizenship (getting passport)
- Property Maintenance
- Education
- Taxes