Overview of Property Acquisition in Greece
Buying property in Greece as a foreign national is a structured legal process governed by the Greek Civil Code. For citizens of European Union (EU) member states, there are few restrictions. For non-EU citizens (Third Country Nationals), the process is largely the same, though specific permissions may be required for properties located in designated "border regions" (such as parts of Eastern Aegean, Thrace, and Epirus).
As of 2025 and moving into 2026, the Greek real estate market remains a primary pathway for residency through the Golden Visa program, though investment thresholds have increased significantly in high-demand areas. The administrative framework relies heavily on digital platforms, such as the myPROPERTY portal managed by the Independent Authority for Public Revenue (AADE).
Preliminary Legal Requirements
- Tax Identification Number (AFM): Every buyer must obtain an Arithmos Forologikou Mitroou (AFM) from the local tax office (DOY). This is mandatory for all financial transactions in Greece. Information can be found via the AADE official portal.
- Greek Bank Account: While not strictly mandatory for the purchase itself, a local account is necessary for paying utilities, taxes, and proving the "import of capital" if applying for residency.
- Validity of Funds: Buyers must comply with Anti-Money Laundering (AML) regulations, ensuring all funds are transferred via traceable bank wires.
The Step-by-Step Purchase Process
The transition of property ownership in Greece typically follows a four-to-eight-week timeline, provided the legal paperwork of the seller is in order.
1. Due Diligence and Legal Check
Once a property is selected, the buyer’s lawyer performs a title search at the Land Registry (Ktimatologio) or the Registry of Deeds (Ypothikofylakeio). This ensures the property is free of liens, mortgages, or legal disputes. Simultaneously, a civil engineer must verify that the building complies with urban planning laws and that no unauthorized constructions exist.
2. The Reservation Agreement
A "Reservation Agreement" or "Promissory Agreement" is often signed to take the property off the market. This involves a small deposit, usually ranging from 5,000 EUR ($5,250 USD, Jan 2026) to 10,000 EUR ($10,500 USD, Jan 2026). This deposit is typically refundable only if the legal due diligence fails.
3. The Final Contract
The final "Purchase and Sale Agreement" must be signed in the presence of a Notary Public. The Notary is a government-appointed official who drafts the contract and ensures all legal prerequisites are met. Unlike some other jurisdictions, the Notary does not represent the buyer or seller but the Greek State.
4. Registration
After the contract is signed, the lawyer registers the deed at the Land Registry. Ownership is officially transferred only upon this registration. A certificate is then issued by the Hellenic Cadastre confirming the new owner.
Associated Costs and Taxes
Buyers should budget approximately 10% to 12% of the purchase price for additional fees and taxes. All calculations are based on the "objective value" or the purchase price, whichever is higher.
Transaction Taxes
- Property Transfer Tax (FMA): This is fixed at 3.09% of the property value.
- VAT (FPA): For new-build properties with a building permit issued after January 1, 2006, a 24% VAT was previously applicable; however, a suspension of VAT on new constructions is currently in effect through the end of 2025 to stimulate the market.
Professional Fees
- Lawyer Fees: Usually 1% to 1.5% of the property value plus VAT. Legal representation is highly recommended for foreign buyers.
- Notary Fees: Typically 0.8% to 1.2% of the value plus VAT.
- Real Estate Agent: Generally 2% of the price plus VAT (24%).
Golden Visa Thresholds (2025/2026)
For investors seeking residency through property purchase, the minimum investment amounts are categorized by region:
- Tier A (Athens, Thessaloniki, Mykonos, Santorini, etc.): 800,000 EUR ($840,000 USD, Jan 2026).
- Tier B (Rest of Greece): 400,000 EUR ($420,000 USD, Jan 2026).
- Minimum Surface: The property must be at least 120 square meters to qualify for the investment program.
Ongoing Obligations After Purchase
Ownership entails annual responsibilities to the Greek tax authorities. Foreign owners must ensure they have a representative or accountant in Greece to manage these filings.
- ENFIA: This is the annual unified property tax. The amount depends on the size, location, and age of the property. For a standard 80sqm apartment, this can range from 200 EUR ($210 USD, Jan 2026) to 600 EUR ($630 USD, Jan 2026) per year.
- Income Tax on Rentals: If the property is rented out, income is taxed at a progressive rate starting at 15% for income up to 12,000 EUR ($12,600 USD, Jan 2026).
- E9 Form: Within 30 days of purchase, the buyer must update their E9 statement on the AADE electronic portal to declare the new asset.