A GUIDE FOR BUYING PROPERTY
Buying property in Greece requires choosing a property (permits may apply in frontier zones), then working with a lawyer, civil engineer/architect, notary and accountant. Buyers must obtain a Tax Identification Number (AFM), open a Greek bank account, and usually sign a preliminary agreement with a deposit before the final contract is registered. Costs include transfer tax, brokerage, legal, notary, engineering, and registration fees, calculated as percentages of the property value.
1. Select the property you are interested in
Decide where and what type of property you want to buy. A Real Estate Agency relieves you of wasted time and possible complications. Note that in certain areas, defined as “frontier zone”, the transfer of ownership of real estate is allowed to citizens of the European Union and foreign citizens only after the Buyer has a special permit issued by the Council of Prefectural Administration.
2. Select Lawyer
The property’s title and legal status for at least the past 20 years must be verified, ensuring it is free of liens, encumbrances, and mortgages, and that the seller has fulfilled all obligations to the State. This review must be completed before any commitment is made. If you do not have a lawyer, we can recommend one from the experienced and trusted professionals who collaborate with our company.
3. Select Civil Engineer / Architect
The technical inspection is carried out by a Civil Engineer or Architect and concerns the property’s location (inside or outside an urban plan) and whether the construction complies with the provisions of the Town Planning Code. For plots or land, whether built or unbuilt, the inspection includes verification of the topographical diagram, the structural integrity of any existing building, approvals from the Archaeological and Forest Authorities, and all relevant chartings such as the shoreline (Aigialos) and any protected biotopes. If required, we can introduce you to experienced Civil Engineers and Architects who collaborate with our company.
4. Select Notary
The Notary legally ensures the correct transfer of the property by checking all the official documents required. Then, the notary prepares the Purchase Agreement (Title of the Property), which is signed by the parties in his/her Office.
5. Select Accountant
Since you acquire a new asset, it is important to have an Accountant for relations with the Tax Office. It will help you obtain, if you do not have one, a Tax Identification Number (AFM) and will inform you about your obligations under the Real Estate Tax Laws.
6. Get Tax Identification Number (if you do not already have one)
The acquisition of a Tax Registry Number (AFM) is mandatory for those wishing to buy a property in Greece (Foreigners, Permanent Residents abroad). It is issued by the Tax Office directly with the display of your passport and birth certificate, either by you or by a proxy attorney or accountant.
7. Open an account with one Greek Bank
Opening a bank account is straightforward and requires minimal time, usually without any initial deposit. You must appear in person and provide your passport or ID, your Greek VAT number, and proof of permanent residence (e.g., a utility bill such as electricity, water, or landline phone). All payments related to the property purchase must be made through this account to demonstrate that the funds originate from abroad and are therefore not taxable in Greece.
8. The Contract
As a rule, before signing the final contract, a preliminary agreement is drawn up specifying the property being purchased and the terms of sale and payment. An advance, typically up to 10% of the agreed price, is paid so the property can be withdrawn from the market.
Once the legal check and technical inspection are completed and the Notary has verified all required documents, the Final Contract is prepared and signed. The Notary then files it with the Land Registry, which issues a certificate confirming registration of the property in the buyer’s name.
Afterwards, this certificate, together with a copy of the contract, is submitted to the Land Registry by the attorney for the formal transcription of ownership.
9. The costs involved
The costs listed below are in force as of today, and the amounts depend on several parameters; thus, there is no fixed amount that is calculated case by case:
1. Value of property
2. Property Transfer Tax (FMA 3%)
3. Brokerage fee (2% +VAT 24%)
4. Lawyer’s fee (1%+VAT 24%)
5. Engineer’s fee (To be agreed)
6. Notary fees (1.2%+VAT 24%)
7. Registration fees (0.475% to 0.775%)