Greece has become an increasingly attractive destination for property buyers across the world. Whether you’re considering a home for personal use or an investment, it’s important to understand the process, the costs involved, and the benefits like the Golden Visa program. Here’s what you need to know about buying property in Greece;
The Process of Buying Property
Buying property in Greece involves several key steps. After you have identified the type of property you want, and found an object you are interested to proceed with, you should engage a real estate lawyer. This is crucial, as they’ll conduct a thorough title check to ensure the property is free from legal complications and guide you through all the legalities. This is, unfortunately, not always straight forward in Greece, so ensuring you have a lawyer you trust is key.
Before proceeding with the purchase, you’ll need to obtain a Tax Identification Number (AFM) from the local tax office and open a Greek bank account. These are essential for handling payments and meeting regulatory requirements. Once you’ve agreed on a price, you’ll typically sign a preliminary agreement with the seller and pay a deposit, usually around 10% of the property price.
The final sale needs to be completed in the presence of a notary public, where both parties sign the contract, and the remaining balance is paid. The property is then officially registered in your name at the Land Registry or Cadastre, securing your ownership.
Additional Costs to Consider
Beyond the sale price, there are additional fees to budget for when buying property in Greece. These include:
- Property Transfer Tax: Typically 3% of the property’s objective value (as determined by the government).
- Notary and Registration Fees: Expect to pay around 1.5% of the purchase price for notary services and registration at the Land Registry.
- Legal Fees: Lawyers charge approximately 0.5–1% of the property price.
- Agent Fees: If you’re using a real estate agent, their commission is usually 2–3% of the property price (generally paid by both sides).
- Miscellaneous Costs: These can include translation services, certifications, and bank transfer fees – and in some cases fees for an engineer to check certain aspects of the property.
The Golden Visa Program
If you are investing in Greece to benefit from the Greece’s Golden Visa program, below are the key facts to be aware of:
- Minimum Investment: As of September 1, 2024, the minimum investment is €800,000 in high-demand areas. These include the Region of Attica (including Athens), Thessaloniki, Mykonos, and Santorini. In other regions, the threshold is €400,000.
- Benefits: The visa enables you to obtain a renewable five-year residence permit for yourself and eligible family members, with freedom to travel within the Schengen Zone.
- Work authorization: The Golden Visa does not include work authorization. While you can live in Greece and engage in business activities, working as an employee requires a separate work permit.
- Residency Requirement: There is no obligation to reside in Greece to maintain the permit.
- Processing Time: Typically 3+ months after submitting the application.
Conclusion
Greece can be a great investment destination, especially if you want to combine real estate investment with lifestyle benefits like residency or vacation use. Prices remain relatively low compared to many other popular Mediterranean areas. However, challenges such as bureaucracy can be daunting. Careful research and thorough property assessments (with a lawyer and, if necessary, an engineer) are crucial for navigating the process effectively.
If you are looking to buy-to-let, read our other blogpost on the topic here.
If you want the latest info about the Golden Visa program, you will find official information here.
