How to Buy A House In Greece?

7 minutes read

Buying a house in Greece involves several steps and procedures. Here is a brief guide on how to buy a house in Greece:

  1. Find a real estate agent: Start by finding a reputable real estate agent who specializes in properties in Greece. They will help you navigate the local market and provide you with suitable options.
  2. Property search: Discuss your requirements and preferences with your agent, and they will show you various properties that match your criteria. Conduct several viewings to get a better understanding of what is available.
  3. Legal assistance: Seek the services of a qualified lawyer with expertise in Greek property law. They will ensure that the legal aspects of the property purchase are properly handled and guide you throughout the process.
  4. Due diligence: Before making an offer, conduct thorough due diligence on the property. This includes checking ownership, verifying boundaries, examining any liens or encumbrances, and ensuring that all necessary permits and licenses are in order.
  5. Make an offer: Once you have found the right property, negotiate the price with the seller and make an offer. If your offer is accepted, the next steps can proceed.
  6. Signing a preliminary contract: Sign a preliminary purchase agreement (known as a "synallagma") with the seller. This contract outlines the terms of the purchase, including the purchase price, payment terms, and any conditions or contingencies.
  7. Payment and taxes: As a buyer, you will need to pay various fees and taxes associated with the property purchase. This includes the transfer tax, notary fees, and legal fees. Your lawyer will assist you in understanding and fulfilling these financial obligations.
  8. Final contract and transfer of ownership: Once all the necessary checks are complete, a final contract ("definitive deed") is signed in the presence of a notary public. This legal document transfers ownership of the property to you and ensures that the transaction is legally binding.
  9. Registration: The final step is to register the property with the local land registry or the National Cadastre. This ensures that your ownership rights are recognized by the Greek government.


It is highly recommended that you consult with professionals throughout the process to ensure a smooth and secure transaction. The information provided is a general overview, and local regulations and procedures may vary.


How to research the Greek real estate market?

Researching the Greek real estate market requires a systematic approach and the use of various resources. Here are the steps to follow:

  1. Understand the real estate market: Begin by familiarizing yourself with the overall status of the Greek real estate market. Study general market trends, economic indicators, and the legal framework governing real estate transactions in Greece. This will help you gain a broader perspective.
  2. Determine your investment goals: Clarify your objectives, whether it's buying a personal property, a holiday home, or making real estate investments. Understanding your goals will guide your research and ensure you focus on the right aspects of the market.
  3. Study local market conditions: Narrow down your research to specific locations in Greece. Explore regions, cities, or islands that interest you and evaluate their market conditions. Consider factors such as supply and demand, price trends, rental yields, tourist seasonality (if investing in tourist areas), and any upcoming infrastructure developments.
  4. Analyze property prices: Examine recent property sales data and listings to get an idea of average property prices in your desired locations. Real estate websites, listing platforms, and local real estate agencies can be valuable sources of information. Pay attention to variations in prices between different neighborhoods or areas within a city.
  5. Identify local real estate agents: Connect with reputable local real estate agents or agencies operating in Greece. They possess market knowledge, expertise, and access to a variety of properties. They can provide detailed insights and assist you in finding suitable properties based on your preferences and budget.
  6. Engage in online research: Utilize online resources and publications dedicated to Greek real estate. Some popular websites for property listings and market news include Spitogatos.gr, Remax.gr, and Greece.SothebysRealty.com. These platforms often provide market reports, investment guides, and expert analysis.
  7. Monitor government policies and legal requirements: Stay informed about any changes in Greek real estate laws, regulations, or investment incentive programs. Keep an eye on measures that may affect property ownership, taxation, residency permits for foreign buyers, and other relevant legal aspects. Access official government websites or consult with professionals to receive accurate and up-to-date information.
  8. Network with local professionals: Establish connections with lawyers, accountants, and other professionals specializing in Greek real estate. Seek their guidance to navigate the legal procedures, understand tax implications and obligations, and gain insights into the local market dynamics.
  9. Visit Greece: If possible, plan a visit to Greece to explore the real estate market firsthand. Walk around neighborhoods, attend property exhibitions or open houses, and speak with locals or expats who have invested in real estate. This will give you a better understanding of the market and help you make more informed decisions.
  10. Consult with experts: Finally, consider consulting with expert advisors who have experience in the Greek real estate market. They can offer guidance, conduct due diligence on your behalf, and optimize your investment strategy.


Remember, conducting thorough research and consulting with professionals will provide you with a comprehensive understanding of the Greek real estate market and increase your chances of making successful investments.


What is the required deposit for buying a house in Greece?

The required deposit for buying a house in Greece typically varies depending on various factors, including the purchase price, the financial institution, and the buyer's financial profile. Generally, banks in Greece may offer mortgage loans covering up to 80% of the property's value, while requiring a down payment or deposit of at least 20% from the buyer. However, it's essential to consult with a local real estate agent or financial institution to obtain accurate and up-to-date information based on your individual circumstances.


What is the process of buying a house in Greece?

The process of buying a house in Greece typically involves several steps. Here is a general outline of the procedure:

  1. Find a property: Start by researching and identifying properties that fit your requirements, whether through real estate agents, property websites, or local advertisements.
  2. Hire a lawyer: Engage the services of a Greek lawyer who specializes in real estate to help you navigate the legal aspects of the process and ensure all necessary documentation is in order.
  3. Property inspection: Arrange a visit to the property you are interested in to inspect its condition, amenities, and surroundings. If necessary, hire a professional surveyor or architect to assess the property's structural integrity.
  4. Agreement and deposit: Once you have decided to proceed with the purchase, you and the seller agree on the terms and conditions of the sale, including the purchase price. Both parties sign a preliminary contract (synallagma) and you typically pay a deposit, usually ranging from 5% to 10% of the property's value.
  5. Conduct due diligence: Your lawyer will conduct a thorough investigation to verify the legal status of the property, including title deeds, building permits, property tax payments, and any outstanding encumbrances or mortgages.
  6. Obtain a tax number (AFM): As a foreign buyer, you will need to obtain a Greek tax identification number (Arithmo Forologiko Mitro or AFM) from the local tax office. Your lawyer can assist with this process.
  7. Finalize the contract: Once the due diligence is complete and all legal aspects are resolved, the final contract (apothikos synallagma) is prepared and signed by both parties. At this stage, the remaining balance is paid, along with any additional fees, taxes, or notarial expenses.
  8. Registration and transfer of ownership: The contract is submitted to the local Land Registry Office (Ypothikofilakio), where it is recorded and the property's ownership is transferred to your name. Your lawyer will handle the registration process on your behalf.
  9. Transfer tax and other fees: You will be responsible for paying transfer tax, which typically ranges between 3% to 9% of the property's assessed value, based on its location and other factors. Additionally, you may need to cover notary fees, legal costs, and other administrative charges.
  10. Take possession of the property: Upon completion of the registration process, you can take possession of the property and start enjoying your new home.


It is important to note that this is a simplified overview, and the specific steps and requirements may vary depending on the location, type of property, and individual circumstances. It is advisable to work closely with a reputable lawyer throughout the entire process to ensure a smooth and legally secure transaction.

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