Complete Property Buying Process in Greece for Foreigners Step by Step

Complete Property Buying Process in Greece for Foreigners Step by Step

Buying property in Greece as a foreigner follows a defined legal process that takes approximately 4-12 weeks from initial offer to completion. The process is governed by the Greek Civil Code and requires several professional intermediaries, specific government registrations, and a notarial deed. Here is every step in order.

Step 1: Hire a Greek Lawyer

Timeline: Before anything else.

This is not optional. Greek property law is complex, the language barrier is real, and the notarial system requires legal representation in practice even where it is not strictly mandated by law. Your lawyer (dikigoros) will handle the AFM application, title searches, contract review, and attend the notarial signing on your behalf if you grant power of attorney.

Find a lawyer through the Athens Bar Association (Dikigorkos Syllogos Athinon) or the bar association of the region where you are buying. Expect legal fees of 1-2% of the purchase price. Confirm the fee structure in writing before engagement. Your lawyer should be independent, meaning not recommended by or affiliated with the seller or the real estate agent.

Step 2: Obtain Your AFM (Tax Identification Number)

Timeline: 1-3 business days.

The AFM (Arithmos Forologikou Mitroou) is required before you can open a bank account, sign contracts, or pay taxes in Greece. Apply at any DOY (tax office). Non-EU residents must appoint a Greek tax representative (usually the lawyer).

Required documents: passport (original plus copy), completed M1 registration form, and proof of address in your home country. Your lawyer can handle this with a power of attorney. The process is administered by AADE (Independent Authority for Public Revenue).

Step 3: Open a Greek Bank Account

Timeline: 1-2 weeks (can take longer due to KYC checks).

You need a Greek bank account to transfer the purchase funds and pay taxes. Greek banks conduct thorough KYC (Know Your Customer) procedures requiring proof of identity, proof of address, proof of source of funds (bank statements, employment records, or business documentation), and your AFM number.

Major banks: National Bank of Greece, Piraeus Bank, Alpha Bank, Eurobank. Some banks offer remote account opening for property buyers, but most require at least one in-person visit.

Step 4: Property Search and Offer

Timeline: Varies.

Once your AFM and bank account are in place, you can begin the property search. You can work with a licensed real estate agent (mesitis), search online platforms, or work through your lawyer's network. Greek agents typically charge 2% plus 24% VAT (effectively 2.48%), paid by the buyer.

Offers in Greece are typically made verbally or in writing through the agent. There is no formal offer system like in some other countries. The key milestone is the signing of a reservation agreement (proangelma or prokatarktiko symfoniko).

Step 5: Reservation Agreement and Deposit

Timeline: Negotiated between parties.

Once an offer is accepted, the parties typically sign a reservation agreement (preliminary contract). This is not a legal requirement, but it is standard practice, especially for off-plan purchases. The deposit is typically 5-10% of the purchase price.

Your lawyer must review this agreement before you sign. Key terms to negotiate: the deposit refund conditions (what happens if due diligence reveals problems), the timeline to completion, and penalties for either party backing out. The deposit should ideally be held in your lawyer's client account rather than paid directly to the seller.

Step 6: Due Diligence

Timeline: 2-4 weeks.

This is the most critical phase. Your lawyer conducts the following checks.

Title Search: A search of the property's ownership history at the relevant Land Registry (Ktimatologio) or old-system mortgage registry (Ypothikofilakio). The search should go back at least 20 years to cover the statutory usucaption period. The lawyer verifies that the seller has clear, unencumbered title and the legal right to sell.

Encumbrance Check: Verification that there are no mortgages, liens, seizures, or other claims registered against the property. This is done through the same registry.

Urban Planning Check: Confirmation with the local Poleodomia (urban planning office) that the property complies with its building permit and zoning regulations. This includes checking for any unauthorized construction (afthereta).

Tax Clearance: The seller must provide tax clearance certificates (forologiki enotita and dimotiki enotita) showing they are current on property taxes (ENFIA) and municipal charges.

Engineer's Report: An independent engineer (michanikos) inspects the property and compares the actual structure against the building permit and architectural drawings on file. This report (also called the topographic survey or engineer's declaration) is legally required for the notarial deed under Law 4495/2017 and identifies any unauthorized additions or deviations.

Forest Map Check: For properties outside urban cores, checking the Forest Maps (Dasikoi Chartes) to confirm the land is not classified as forest or reforested area.

Energy Performance Certificate (PEA): The seller must provide a current energy certificate issued by an authorized energy inspector. This is required for all property transactions under Law 4122/2013.

Step 7: Transfer the Purchase Funds to Greece

Timeline: 3-7 business days for international wire transfers.

Transfer the full purchase price plus estimated taxes and fees to your Greek bank account from your account abroad. Keep all transfer receipts and bank confirmation documents; these serve as proof of foreign funds origin, which is important for tax purposes and essential for Golden Visa applications.

The transfer must be from your own bank account (or a joint account). Transfers from third parties, even family members, can create complications with Greek tax authorities and Golden Visa applications.

Step 8: Pay the Transfer Tax

Timeline: Must be paid before the notarial deed is signed.

The transfer tax (Foros Metavivaseos Akiniton, FMA) is 3.09% of the property's value. The taxable base is the higher of the contract price or the objective tax value (antikimeniki axia) set by the Ministry of Finance for the property's zone.

The tax is paid at the local tax office (DOY) using a specific tax form prepared by your lawyer. You will receive a receipt (apodeiksi) that must be presented to the notary before the deed can proceed. Governed by Law 1587/1950 as amended.

Note: New-build properties subject to VAT (24%) are exempt from transfer tax. However, the VAT suspension on new residential properties has been repeatedly extended; check the current status with your lawyer.

Step 9: The Notarial Deed (Symvolaio)

Timeline: 1 day (the signing appointment), but scheduling may take 1-2 weeks.

The notarial deed is the core legal instrument that transfers property ownership in Greece. It must be executed before a Greek notary (symvolaiografos). The notary is a neutral public official, not an advocate for either party.

At the signing, the notary reads the entire deed aloud in Greek. If you do not speak Greek, a certified translator must be present (this is a legal requirement, not optional). The deed includes the complete property description, cadastral data, the engineer's declaration, the purchase price, proof of transfer tax payment, the seller's tax clearances, and the parties' identification documents.

Both parties (or their authorized representatives with power of attorney) sign the deed. The notary retains the original; you receive certified copies.

Notary fees are regulated and typically run 0.65-1.0% of the property value, calculated on a sliding scale set by Presidential Decree 16/2014.

Step 10: Land Registry Filing

Timeline: Filed immediately after signing; registration confirmed within 1-4 weeks.

Your lawyer files the notarial deed with the Ktimatologio (or Ypothikofilakio in areas not yet covered by the cadastre). This registration is what makes your ownership opposable to third parties. Until the deed is registered, your ownership is not fully protected.

Registration fees are approximately 0.475% of the property value for the Ktimatologio, or 0.475-0.575% for the Ypothikofilakio.

Step 11: Utility Transfers and Post-Purchase Setup

Timeline: 1-2 weeks.

After completion, transfer utilities (electricity via DEDDIE, water via the local water company) to your name. Set up standing orders for ENFIA property tax payments. If you plan to rent the property, register it with the AADE short-term rental registry (for short-term) or file a lease agreement with AADE (for long-term).

Total Costs Summary

The typical total transaction costs for a foreign buyer in Greece break down as follows: transfer tax at 3.09%, legal fees at 1-2%, notary fees at 0.65-1.0%, land registry fees at approximately 0.475%, agent fees at approximately 2.48% (2% plus VAT), and engineer's report at €500-€1,500 (flat fee). The total runs approximately 8-10% above the property purchase price.

Timeline Summary

From initial engagement with a lawyer to registered ownership, the process typically takes 6-12 weeks if there are no complications. Complications that cause delays include unresolved title issues, pending forest map objections, missing seller tax clearances, slow bank account opening due to KYC requirements, and scheduling availability at busy notary offices.

For transparent property information and process guidance for foreign buyers in Greece, Bektu provides verified listing data and due diligence resources.

Bottom Line

The Greek property purchase process is structured and well-established, but it requires engaging the right professionals and following a specific sequence. The non-negotiable elements are: independent legal representation, a thorough due diligence phase (especially the title search and engineer's report), and payment of all taxes through the banking system before the notarial deed. Trying to shortcut any of these steps is where foreign buyers get into trouble.