Frequently Asked Questions

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 “borderline areas” which do require a special permit. This is issued by the Greek Ministry of Defense. Recently, Halkidiki has been removed from the list of areas that require such a permit.

Yes. By decision of the General Secretary of Decentralized Administration, a residence permit for five (5) years is issued to a third-country citizen, if he/she has obtained a visa, if required, and legally owns property in Greece, or a 10-year lease of hotel accommodations or furnished tourist accommodation (houses) in tourist accommodation complexes.

The aforementioned residence permit may be renewed for the same duration (five years) if the property remains unchanged in its legal ownership status as described above and the contracts of ownership remain in effect, and other statutory conditions detailed above are met.

The minimum value of the property and the contract price of the time-share leases and the leases for hotel accommodations or tourist furnished accommodations (houses) in tourist accommodation complexes, according to this Article, shall be two hundred fifty thousand (250,000) Euros.

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 6% on top of the purchase price.

Since 01.01.2008, a single tax of 0,1% on a property’s assessed value (also called nominal or objective price) is levied on all real estate owned by natural entities in Greece.

• As soon as you select your desired property, you should hire a lawyer and a notary public.
• Request a Tax Registry Number “AFM” from the Greek Tax Authorities (your lawyer can do this on your behalf using power of attorney).
• Open an account with a Greek Bank (to acquire the “pink slip” which proves the funds are wired from abroad and cannot be characterized as income and therefore are not taxable). This, too, can usually be completed by your lawyer using power of attorney.
• Your lawyer drafts a preliminary agreement with the terms of the sale and payment.
• Pay a deposit against the property (this amount is best kept by the lawyer until the completion of the final contract).
• Final Contract is signed after four to six weeks, at the public notary’s offices. Your lawyer is present at this procedure.

Note: all ownership transfer taxes must be paid in full prior to the final contract.