Absolutely, yes. Lawyers perform all the necessary checks on the property titles and make sure the property is free of any burdens, claims or legal encumbrances. Furthermore, your lawyer will assist you in the contract signing process.
Absolutely, yes. Lawyers perform all the necessary checks on the property titles and make sure the property is free of any burdens, claims or legal encumbrances. Furthermore, your lawyer will assist you in the contract signing process.
In certain cases, the advice of a civil engineer is crucial for the evaluation of real estate. The engineer can asses the condition of a structure and may also offer valuable insight on the potential for further development of a property in general.
There is no major obstacle for EU citizens buying property anywhere in Greece. For non-EU nationals though, there are certain parts of Greece called “border zones” which do require a special permit. This is issued by the Greek Ministry of Defense. Halkidiki has been removed from the list of areas that require such a permit.
Yes. Under the Greek Golden Visa programme, non-EU nationals who purchase qualifying real estate in Greece are entitled to a five-year renewable residence permit. The minimum investment is €250,000 for commercial properties converted to residential use, €400,000 in most regions, and €800,000 in high-demand areas including Athens, Thessaloniki, Mykonos and Santorini.
see below for further details
The Assessed Value of a property in Greece is an estimated monetary value issued by the Greek Tax authorities. Generally, this value is far lower than the actual market value of the property.
It is estimated that, when including all fees and taxes, the additional cost of buying a property can be as high as 8 to 9% on top of the purchase price.
Property owners in Greece pay an annual property tax (ENFIA), calculated on the property’s official assessed value at tiered rates ranging from 0.1% to 0.4% depending on value, location, size, age and use. A supplementary tax applies where the total assessed value exceeds €250,000. A small municipal duty of 0.025%–0.035% of the assessed value is also payable annually. Golden Visa investors may let their property on a long-term basis but short-term letting via platforms such as Airbnb is prohibited.
Note: all ownership transfer taxes must be paid in full prior to the final contract.
For the granting of a five (5) year residence permit to third-country nationals (“Golden Visa”), the following conditions apply from 1 September 2024:
(a) For the Region of Attica, the Regional Unit of Thessaloniki, the Regional Units of Mykonos and Thira (Santorini) of the South Aegean Region, and islands with a population of more than three thousand one hundred (3,100) inhabitants according to the most recent census, the minimum acquisition value of the real estate at the time of purchase — as well as the total contractual lease amount for long-term lease or timeshare agreements for tourist accommodation — is set at eight hundred thousand (€800,000) euros.
In addition, where investment is made through the purchase of real estate in the above areas, it must be made in a single property. Where the property is a built structure or one for which a building permit has been issued, a minimum principal floor area of one hundred and twenty (120) square metres is required.
(b) For all other areas of Greece, such as Halkidiki, the minimum acquisition value of the real estate at the time of purchase — as well as the total contractual lease amount for long-term lease or timeshare agreements for tourist accommodation — is set at four hundred thousand (€400,000) euros. Equally, investment must be made in a single property, and where the property is a built structure or one for which a building permit has been issued, a minimum principal floor area of one hundred and twenty (120) square metres is required.
In summary, the new requirements are as follows:
(c) In cases of investment through the purchase of real estate where the principal spaces are converted to residential use, the minimum acquisition value at the time of purchase is set at two hundred and fifty thousand (€250,000) euros. The same conditions apply to investments through the purchase of real estate consisting of an industrial building, or part of an industrial building, or real estate within which an industrial building is located, provided that no industry has been installed and operating therein for at least the last five (5) years.
The investment must be made in a single property, and the change of use must be completed before submission of the application for the granting of the investor residence permit.
(d) In cases of investment through the purchase of real estate consisting of a listed building — or part of a listed building — requiring restoration or reconstruction, or real estate within which such a listed building is located, the minimum acquisition value at the time of purchase is set at two hundred and fifty thousand (€250,000) euros. The investment must be made in a single property.
Residence permits may be renewed for the same period (five years) provided the real estate remains in the ownership of the investor. In the case of investment in a listed building, an additional condition for renewal is that the restoration of the building must have been completed. If the investor sells the property, their residence permit is revoked, and the buyer acquires the right to obtain a residence permit.
In the event of a breach of the above, the residence permit is revoked and a fine of €50,000 is imposed.
(e) Therefore, pursuant to paragraphs (c) and (d), the minimum investment amount remains at €250,000 in the following cases:
This exemption applies across the entire Greek territory.
Important restriction introduced by Law 5100/2024, paragraph 7A:
Properties acquired in full ownership and possession by third-country nationals for the initial grant or renewal of an investor residence permit may not be let on a short-term basis within the framework of the sharing economy (i.e. used as Airbnb), nor sublet. Furthermore, properties acquired under the conditions of paragraph (c) may not be used as the registered seat or branch of a business.
This provision restricts the manner in which qualifying investments may be exploited, prohibiting both short-term letting through sharing economy platforms and subletting.