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Posted by Chase Real Estate Corfu on May 1, 2025
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Greek Real Estate Laws You Need to Know Before Buying

A Greek real estate contract being signed by a buyer and notary, illustrating key steps in the property buying process in Greece.

If you’re considering purchasing property in Greece, it’s essential to understand the local laws that govern real estate transactions. Greece has a unique legal system when it comes to property, and being well-informed can save you time, money, and potential headaches. This article will guide you through the key aspects of Greek real estate laws and provide you with everything you need to know before making a purchase.


1. Can Foreigners Buy Property in Greece?

One of the most common questions asked by potential property buyers is whether foreigners can purchase property in Greece. The good news is that, yes, foreigners can buy property in Greece. However, there are specific regulations and requirements that must be met.

Key Points:

  • EU citizens have the same rights as Greek nationals when buying property in Greece.

  • Non-EU citizens can also buy property, but there are restrictions, particularly in border areas and islands. In these regions, a special permit from the Ministry of Defense may be required.

  • The process is relatively straightforward but involves obtaining a Greek tax number (AFM) and setting up a Greek bank account.

To start your property search and explore available options, visit our guide for property buyers.


2. The Importance of Legal Due Diligence

Before committing to any real estate transaction, it’s crucial to carry out thorough legal due diligence. This process ensures that the property you’re interested in is free from legal issues and encumbrances.

Legal Due Diligence Steps:

  • Verify Ownership: Ensure that the seller is the legal owner of the property and has the right to sell it.

  • Check for Mortgages: Make sure the property is not mortgaged or subject to any unpaid debts.

  • Building Permits and Compliance: Confirm that the property complies with local building codes and that any renovations have been authorized.

  • Land Registry: Confirm that the property is properly registered in the Greek Land Registry and that there are no outstanding disputes.

For legal guidance, visit our Greek real estate legal guide.


3. Understanding Greek Property Taxes

When purchasing property in Greece, it’s essential to understand the taxes involved. There are several taxes that both property buyers and owners need to be aware of.

Key Taxes to Consider:

  • Property Transfer Tax: This is a one-time tax paid by the buyer upon transferring property ownership. The rate is usually 3% of the purchase price or the tax assessment value, whichever is higher.

  • Annual Property Tax (ENFIA): Property owners in Greece are required to pay an annual tax based on the size and location of their property.

  • VAT on New Property: New properties are subject to VAT, which is generally 24%. However, there are exceptions, such as for properties purchased directly from developers.

It’s crucial to work with a local real estate agent and legal advisor to ensure all taxes are paid properly. For more details, visit Chase Real Estate Corfu.


4. Property Contracts and Notary Public

In Greece, property transactions must be formalized through a notary. The role of the notary is essential in ensuring the legality and fairness of the contract.

The Notary’s Role:

  • Preparation of the Contract: The notary prepares the final contract for the property transfer. The contract must be signed by both the buyer and seller in the presence of the notary.

  • Finalizing the Transaction: After signing, the notary will file the transfer with the local land registry, making the transaction legally binding.

It’s recommended to have a Greek lawyer present during this process to ensure that the contract accurately reflects your intentions. You can find a lawyer through our real estate guide.


5. Greek Real Estate Financing Options

While most property buyers in Greece purchase real estate with cash, financing options are available for both locals and foreigners. The process of obtaining a mortgage in Greece can be more complex for non-residents, but it’s certainly possible.

Steps to Secure Financing:

  • Greek Bank Account: You’ll need to open a Greek bank account to apply for a mortgage.

  • Proof of Income: Lenders will require proof of income and may also look at your credit history.

  • Loan-to-Value Ratio: Most banks offer loans for up to 70-80% of the property value, meaning you’ll need a substantial down payment.

Foreign buyers should also be aware that some Greek banks may require a larger deposit for non-residents. For more details, check out our real estate investment guide.


6. The Role of a Real Estate Agent in Greece

While you can buy property in Greece without a real estate agent, having a professional by your side can help navigate the complexities of the market. A real estate agent can offer valuable local knowledge, assist with legal matters, and ensure the transaction runs smoothly.

Benefits of Working with a Real Estate Agent:

  • Market Knowledge: Agents are familiar with property values and market trends in different areas of Greece.

  • Legal and Tax Assistance: They can help ensure you’re complying with Greek property laws and taxes.

  • Negotiation: Experienced agents can assist with negotiations to ensure you get the best possible deal.

For more information, check out our about us page to learn more about our expert services.


7. Closing the Deal: The Final Steps

Once the property contract is signed, and all legal and financial matters are in order, the closing process begins. This process includes the final payment, the transfer of ownership, and registration of the property.

Closing Checklist:

  • Pay Property Transfer Tax

  • Final Payment to the Seller

  • Property Registration with the Land Registry

  • Obtain the Title Deed

Once these steps are completed, you will officially own your property in Greece.


Navigating Greek Real Estate Laws with Confidence

Buying property in Greece can be a rewarding investment, but it’s essential to understand the legal landscape. By being aware of property laws, taxes, and the buying process, you can avoid common pitfalls and ensure a smooth transaction. Always work with experienced professionals—agents, lawyers, and notaries—to guide you through the process.

For more expert advice on purchasing property in Corfu, check out Chase Real Estate Corfu.

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