Buying property in Greece as a foreigner is easier than you might think. Greece allows EU and non-EU citizens to buy property in the country without any restrictions. As a buyer, you can choose from a range of homes, from high-tech Athens Riviera residences to quiet Peloponnese retreats.
Greece is also one of the few EU countries that still offer a Golden Visa through property investment, with options for luxury properties or for converting commercial spaces to residential use. The buying process involves obtaining a Greek tax number (AFM), hiring a lawyer to check the titles, and opening a local bank account.
This article will explain everything you need to know about buying property in Greece, including an overview of the market, the buying process, fees and taxes, and some of the best places to buy a home in Greece.
Buying Property in Greece: Key Takeaways
What is the Greek real estate market like?
The Greek real estate market has become divided into a two-speed phase, with a high demand on one side but limited supply on the other, which is also pushing prices higher. However, across the country, property prices increased by about 7 to 8% in 2025. But different investors are interested in different properties and regions. Some foreign investors are buying smaller apartments for rental income, while others are contributing to the growth in the luxury holiday home sector.
Profit is still very possible in the Greek property market, but it is no longer about quick returns. It is now more stable and focused on rental income, with yields of around 5-8% in popular areas such as central Athens and Thessaloniki. Even though islands like Mykonos are still in demand, many investors are choosing mainland areas such as Thessaloniki, because of the newly built metro, and the Peloponnese, for steady year-round demand. Neighborhoods near the future Athens Metro Line 4 are also rising in value, as buyers believe these areas will become important city centers.
Benefits of Buying Property in Greece as a Foreigner
- Lower purchase tax: The 24% VAT on new homes is suspended until December 31, 2026. Instead, buyers pay a much lower 3.09% transfer tax, which reduces upfront costs.
- No capital gains tax until 2026: If you sell your property before the end of 2026, you do not pay capital gains tax. This makes it easier to sell at a profit.
- Attractive tax programs: New tax residents can benefit from Greece Flat Tax regime and pay a flat €100,000 per year on all foreign income. Retirees can pay just 7% tax on their foreign pensions for 15 years.
- Good rental income: Average rental returns range from 4.5% to 6.5%. In popular areas of Athens and tourist destinations like Crete, returns can reach 8–9% for well-maintained apartments.
- Property prices are rising: Greece lacks enough modern, energy-efficient homes, and bigger metro projects across the country are driving prices up by about 5–8% per year.
Can foreign nationals buy property in Greece?
Yes, foreign buyers from both EU and non-EU countries can legally purchase property in Greece and have the same rights and protections as Greek citizens. Most areas are fully open to foreign buyers, but non-EU nationals may need an administrative permit from the Ministry of Defense if the property is in certain border areas.
To complete a purchase, all buyers must obtain a Greek Tax Number (AFM). It is also recommended to open a Greek bank account to make the transaction easy and more transparent. The process is largely digital, and steps like signing the final contract can be done remotely through a Power of Attorney.
Buying Property through the Greece Golden Visa Program
The Greek Golden Visa is one of the few residency by investment programs in Europe that still allows investors to gain permanent residency through a property purchase. The program uses a tiered system that lets you choose between prime locations at a high price or specialized renovation projects at a lower entry point.
1The four Investment Tiers
- Tier 1 €800,000: Covers the most desirable and high-end areas like Athens, Thessaloniki, Mykonos, Santorini, and any island with more than 3,100 people. You must buy a single property of at least 120 m².
- Tier 2 €400,000. Tier: Applies to all other regions of the Greek mainland and smaller islands. The 120 m² single-unit rule also applies.
- Tier 3 €250,000: Is for applicants investing €250,000 in properties that have been converted from commercial to residential use. The property’s size and location don’t matter, but the conversion must be finalized before applying for the Golden Visa.
- Tier 4 €250,000: This is another €250,000 option for properties of historical or cultural value. The investor must have fully restored or reconstructed the property to meet the Golden Visa requirements.
Important rules & restrictions
- Short-Term rental ban: Properties in the €400k and €800k tiers cannot be listed on Airbnb or similar platforms. They are for personal use or long-term leasing only.
- The “single unit” rule: You can no longer combine two or three small apartments to reach the investment requirement; it must be one property that meets the square footage rules.
- No Mortgage: You cannot use a Greek bank mortgage to cover the minimum investment amount; the funds must come from abroad and be paid in full.
How to Buy Property in Greece: Step-by-Step Process
Step 2: Legal representation & tax ID (AFM)
If you are obtaining the property through the Greek Golden Visa, working with a Greek immigration agency like Global Citizen Solutions, which has in-house lawyers who can act as your representative, will make the process stress-free. Then, your first priority will be getting an AFM (Greek Tax ID), which is mandatory for any transaction.
Step 1: Find the home and make an offer
Then find a property you like and make an offer through your real estate agent. If the seller accepts, you sign a reservation agreement and pay a small deposit, usually between €3,000 and €10,000, to take the property off the market while your lawyer checks that everything is legally in order.
Step 3: Due diligence & bank account
While a bank account is not a requirement, it is recommended for paying utilities, taxes, and making the transition much easier. The lawyer will then conduct a legal due diligence by checking the Land Registry (Ktimatologio) for debts, liens, or zoning issues.
Step 4: Technical survey
An engineer must inspect the property to ensure it aligns with building permits. This is important because properties with illegal extensions cannot be legally transferred or qualify for a Golden Visa.
Step 6: Tax payment & the final deed
Before signing the final contract, your lawyer files the Property Transfer Tax, which is currently 3.09%. The purchase is finalized in front of a Notary, who authenticates the deed. If you are abroad, your lawyer signs on your behalf using the PoA.
Step 7: Registration & declaration
After signing, the deed is registered at the Land Registry. Finally, you need to declare the property on the E9 tax form via the Greek government’s Taxisnet system to establish your annual property tax (ENFIA) records.
Property Taxes and legal fees for buying property in Greece
| Fee / Tax Category | Estimated Rate | Responsibility | Notes |
|---|---|---|---|
| Transfer Tax (FMA) | 3.09% | Buyer | Standard rate for resales and VAT-exempt new builds. |
| VAT (FPA) | 0% or 24% | Buyer | Currently suspended through 2026 for most new constructions. |
| Lawyer Fees | 1% – 1.5% | Buyer | Covers title checks, AFM (Tax ID) registration, and contract review. |
| Notary Fees | 0.8% – 1.2% | Buyer | Required for drafting and certifying the final deed. |
| Land Registry | 0.5% – 0.8% | Buyer | Paid to the Ktimatologio to register legal ownership. |
| Real Estate Agent | Around 2% | Buyer | Often negotiable; common rate for most Greek agencies. |
| Civil Engineer | €500 – €1,000 | Seller/Buyer | Required certificate confirming building legality and energy status. |
Can you get a mortgage as a foreign buyer in Greece?
Yes, foreign nationals can get a mortgage in Greece, but the loan terms depend on whether you are an EU or a non-EU resident. EU residents can borrow 70 to 80% of the property value, while non-EU residents are limited to 50 to 65%, meaning a larger cash deposit is required. Fixed interest rates can be between 2.9 to 4.2% for the first three to 15 years. Loans must be repaid before the borrower turns 75, and applicants need a Greek Tax ID, a local bank account, and three years of translated tax returns to apply for a home loan.
Best banks for foreign buyers
- Alpha Bank: Considered the most inclusive bank because it has a specialized mortgage loan for foreigners with fixed rates starting around 2.70%. They offer one main contact point for non-residents and can manage most of the application process online or through a lawyer acting on your behalf.
- Eurobank: Loved for its international banking department, which allows non-EU residents to borrow up to 65% of a property’s value. They also offer a “Europhone” service dedicated to international clients and support remote applications via Power of Attorney.
- Piraeus Bank: Offers flexibility by providing mortgages in foreign currencies for buyers whose primary income is in different currencies.
Average Prices for Houses in Greece
| Region / City | Avg. Price per m² | Market Trend | Investor Type |
|---|---|---|---|
| Athens (South/Riviera) | €4,050 – €4,500+ | High Growth | Luxury & Lifestyle |
| Athens (Center) | €2,400 – €2,800 | High Demand | Yield-focused (Short-term) |
| Thessaloniki | €2,550 – €2,750 | Strongest Growth | Students & Young Professionals |
| Mykonos / Santorini | €7,000 – €11,000+ | Peak Luxury | High-Net-Worth |
| Crete (Chania/Heraklion) | €2,200 – €3,200 | Steady Growth | Expats & Digital Nomads |
| Corfu | €2,300 – €2,700 | Stable | European Second Homes |
| Peloponnese | €1,700 – €1,850 | High Value | Retirees & Value Seekers |
| National Average | ~€1,650 | Upward (7.7%) | General Market |
5 Best Places to Buy Property in Greece
Athens Riviera – Capital growth
Thessaloniki – High rental returns
Chania (Crete) – Stable year-round
Kalamata – Affordable coastal living
Paros – Luxury lifestyle
How Can Global Citizen Solutions Help You?
Global Citizen Solutions is a boutique migration consultancy firm with years of experience delivering bespoke residence and citizenship by investment solutions for international families. With offices worldwide and an experienced, hands-on team, we have helped hundreds of clients worldwide acquire citizenship, residence visas, or homes while diversifying their portfolios with robust investments.
We guide you from start to finish, taking you beyond your citizenship or residency by investment application.
