Buying Property in Greece | Non-Greek Nationals

Greece is one of the most attractive destinations for people that want to buy property, make an investment or start a business. 

The reasons why many foreign nationals turn to the real estate market in Greece, whether they are EU citizens, third-country nationals or groups of companies, include the following:

• Natural beauty and high tourist value;
• Mild climate and good quality of life;
• Rich history and cultural heritage;
• Strategic geographical location;
• Economic and political stability as Greece is an EU Member State;
• Tax incentives and a favourable environment for investment;
• Favourable Golden Visa regime;
• Developed infrastructure and transportation networks;

Non-Greek nationals have the right to buy one or more properties, either as individuals or as legal entities (companies).

The process of buying and selling a property can be easy, affordable and fast, when appropriately assisted by an expert Real Estate Lawyer, as long as the right legal and tax procedures are followed and as long as there are no issues that obstruct the whole process.  A due diligence and an appropriate handling of the legal procedures and the contacts involved will ensure that the sale/purchase contract will be concluded quickly.

Below is a summary of the process of buying property in Greece for non-Greek nationals (basic steps), the legal issues that need to be considered, taxation and possible obstacles that will have to be addressed.

First of all, you should start by selecting the property that suits your needs, as there are several factors that need to be taken into consideration to ensure that your choice is the best possible. Some criteria to consider in order make the right choice of property in Greece are the following:

• Type of property (Residential: Apartments, detached houses, villas, Commercial properties: Shops, Offices, Warehouses, Properties for tourist use: Hotels, villas for rent, tourist accommodation, Rural real estate: Agricultural land, vineyards, estates);
• Reason for the purchase;
• Location – Geographical area;
• Value of the property
• Prospects of Development
• Condition and age of the property

Typically, choosing a property requires the assistance of an expert realtor of the area and visiting first several properties on sale that meet certain specific criteria of your choice.

Choosing a lawyer with expertise in Real Estate is crucial for the safe and smooth completion of your purchase, ensuring that the whole procedure will be compliant with the law and will not involve legal pitfalls. 

Real Estate Law in Greece is a separate field of the Civil Law. Your lawyer of choice must have extended experience in that field, in order to be able to grasp all legal aspects and stages of buying a property and to oversee the whole process successfully until the safe acquisition of the property. 

In order to speed up the process, the buyer usually signs a power of attorney with a lawyer assigning him or her the responsibility of handing the procedures and representing the buyer before the competent authorities where required.

• The seller produces the title deeds.

The seller is obliged to hand over to the buyer’s lawyer all documents of the property that will be transferred (title deeds, topographic maps, floor plans, building permit, any regularisations of urban planning offences etc.) to enable him or her carry out the necessary checks.

The engineer will check the property for any urban planning infringements and the relevant offsetting actions. The engineer will also check the thoroughness of the building’s Electronic Identity, will verify the measurements for floor area and spaces, and the uses declared.

• Property Title Check

A property title check is extremely important, as it ensures that the property you intend to buy or invest in is free of encumbrances, legal obstacles, disputes and restrictions on its use.

Indicatively, a property check will carefully and accurately investigate whether the property is free of mortgages, mortgage liens, foreclosures, claims, servitude rights or any other legal impediments, such as non-continuity in the title deeds, mismatch between entries in the Titles Registry and the Land Registry, etc.

The lack of a thorough and accurate check of the titles may lead to cancellation of the final contract or to legal disputes.

• Signing a Private Agreement – Advance Payment – Security Deposit

The lawyer will draft the Private Agreement and will ensure that it is signed by the seller and the buyer and that the conditions stipulated therein are met.

The Private Agreement includes the price agreed and the terms and conditions of the agreement in general, outlining the obligations of the parties until a final contract is signed.

At the time of signing a Private Agreement, a sum will be paid by the buyer to the seller as advance payment (security deposit), which binds both parties to continue the process.

This amount will be deducted from the final price for the property that the buyer will pay to the seller on the date of the final contract.

• Issuing a Taxpayer’s Identification Number (TIN)

To purchase a property, non-Greek nationals must be given a Greek Taxpayer’s Identification Number (TIN) and register with AADE’s (Independent Public Revenue Authority) online services with their personal TAXISnet username and password.

You will not be able to buy a property in Greece without a Greek TIN, because a TIN will enable a prospective buyer have access to all digital platforms related to real estate and the relevant steps that need to be taken.

• Opening an Account at a Greek Bank

If you have a Greek bank account, will be able to do all your property-related transactions more easily, such as e.g. paying bills via a standing order or use the account to pay the contract price, after first transferring the money from any account held abroad.

• Purchase Agreement

Assisted and supervised by the lawyer, the notary will prepare a draft agreement that will be discussed between the buyer’s and the seller’s lawyers.

• Property tax

Before signing the final contract, the buyer has to submit a Property Transfer Tax Declaration and pay the relevant tax.

The Notary will then post the declaration on MyProperty platform and the parties will acknowledge the declaration by ticking the appropriate box in their MyAADE page. The buyer will then pay the tax and issue a relevant receipt.

• Signing the Final Contract

Once all terms and conditions have been agreed, the parties will sign the final contract in the presence of the notary and the buyer will pay the price either on the same day by a bank cheque, or at a later date as agreed in the contact by a bank transfer to the seller’s bank account.

Before signing the contract, the Buyer’s lawyer should make a final legal check on the property to ensure that there are no encumbrances such as a mortgage or foreclosure or that the property has not already been transferred.

Note that the seller must had paid all utility bills relating to the property, such as electricity, water and gas bills, before the contract is signed.

• Transcription of the Contract at the Register of Title Deeds or Registration at the Land Registry

The contract must be submitted for registration at the competent Land Registry or for transcription at the competent Register of Title Deeds.

Nowadays, notaries are able to file the contracts to the respective platform of many Land Registries electronically or transcribe them electronically at the Land Registry Offices, where existing or merged the Title Deed Registries.

• Signing the proof of payment

The proof of payment of the contract price is a notarial deed that confirms that the buyer has paid to the seller the overall contract price for the property. It is a document that confirms that the price mentioned in the agreement has been paid off.

A proof of payment is usually signed when the price has been agreed to be paid at a later date, not at the time of signing the contract.

Thanks to our Network of Associates throughout Greece, which includes Lawyers, Notaries, Economists, Financial Analysts – Investment Advisors, Engineers, Brokers, Accountants, Architects, Construction Companies – Building Contractors, Certified Real Estate Appraisers, we are able to provide comprehensive legal advice and services, in Greece or abroad, representing every foreign national for the purchase of real estate in Greece and ensuring the proper and immediate completion of the transaction.

In particular, our long experience in the field of Real Estate enables us to provide the full range of services that concerns the Acquisition and Management of Real Estates, considering that we have in-depth knowledge of the peculiarities of dealing with the Greek State and of the ‘smart’ steps one should take in order to accelerate the procedures for the completion of the transactions they wish, remaining dedicated and committed to the idea that every case requires personalized handling.

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