Buying Property in Greece as a Foreigner
Are you dreaming of owning a slice of Greek paradise?
Whilst the process of buying property in Europe has been made that much more complicated since the UK exited the EU, it has not deterred eager buyers looking for their own Greek home.
Whether you’re a retiree looking for a serene place to enjoy your golden years or an investor eyeing a promising market, Greece offers a wealth of opportunities within its real estate space.
A move to Greece promises buyers a harmonious blend of ancient traditions, modern culture, and a much-appreciated laid-back approach to both work and life!
Plus, you can enjoy day after day of glorious sunshine, with the country boasting over 2,500 hours of it every year!
So, is it time to stop wondering what life aboard is like and take the plunge?
Here’s an in-depth guide to help you navigate the process of buying property in this beautiful country.
Understanding The Greek Property Market
House in Athens.
If you are considering a move to Greece, we are sure you are aware of some of the economic issues that the country has seen in recent years, but don’t let these events put you off, there are plenty of signs of recovery!
Greece’s real estate market has seen a steady rebound since the economic crisis of 2009 and more recently the pandemic.
2023 marked a significant rally, making now as opportune a time to invest as ever before.
While prices are still relatively low, they are on an upward trend, especially in the more sought-after areas, so acting quickly could be in your best interest.
Greece is set to raise its profile even further by the end of 2024, joining the likes of Portugal, Spain, and France as one of Europe’s top real estate markets for foreign investors.
The Greek Golden Visa program also boosts foreign interest and is a great incentive to those of you considering purchasing property here by allowing non-EU citizens to gain residency by investing a minimum of €250,000 in real estate.
With more growth on the horizon, it is essential that you stay up to date with how the Greek property market is performing – staying well informed is always important no matter where you are moving to.
Do I Need to Have a Permanent Visa in Greece to Buy a Home There?
Greece allows non-residents to purchase properties.
No, you do not need a permanent visa to buy a home in Greece as a foreigner.
Greece allows non-residents to purchase property without any visa or residency requirements.
However, buying property does not automatically grant you the right to live in Greece permanently. You will need to obtain a Greek Tax Identification Number (AFM),
Greece offers a Golden Visa program, granting residency to non-EU citizens who invest a minimum of €250,000 in real estate.
This program provides a renewable five-year residency permit, allowing you to live, travel, and work in Greece and other Schengen countries.
If you plan to stay in Greece for longer periods or permanently, you must apply for a residence permit.
The permit can be obtained either through the Golden Visa program or other routes, like employment, family reunification, or retirement.
Step-by-Step Guide to Buying Property in Greece
There are several steps to follow to ensure a smooth buying process.
1.) Identify Your Ideal Location:
- Athens: The capital, rich in history and modern amenities, is perfect for those who love urban life.
- Thessaloniki: Known for its vibrant culture and culinary scene, it offers a slower pace than Athens.
- Islands like Santorini and Mykonos: Ideal for those who want stunning views and luxury living, though they come with a higher price tag.
- Crete and Peloponnese: Offer a mix of natural beauty and historical sites, great for a quieter lifestyle.
2.) Conduct Through Research
Investigate the local real estate market, understand pricing trends, and identify the most attractive neighbourhoods.
Websites like Numbeo are the perfect tools to provide insights into the cost of living and property prices in various regions.
3.) Hire Local Professionals
A top tip you will always receive from anyone who has purchased a home in Greece is to get in touch with a local real estate agent as well as an English-speaking lawyer specialising in Greek real estate and an accountant.
These professionals will guide you through legal and financial processes, ensuring the entire process is far more manageable for you. Delegation is always a welcome addition to any international move!
4.) Obtain a Greek Tax Identification Number (AFM):
Receiving an AFM is essential for property transactions and if you intend to work while in the country.
To apply for and obtain an AFM, certain documents and steps are necessary, the good news is that you can now obtain your AFM entirely online, allowing you to apply from your home country without needing to visit Greece.
This tax number also grants access to online services from the Greek tax authorities, including filing your tax return.
Getting your AFM is more straightforward than ever, simply visit the Greece government website to find out more!
5.) Secure Financing
While Greek banks may be cautious with real estate loans, there are plenty of options you can explore either with your local bank or by preparing for a cash purchase, however, you should be aware that there is typically a 10% deposit when making an offer in Greece!
6.) Conduct Property Inspections
As an expert in international removals, we would always recommend performing thorough inspections of any property you are looking to buy. You will need to check for structural issues, legal clearances, and any outstanding debts and always ensure the property is not under any historic preservation constraints that could limit any building work you may wish to have in the future.
7.) Make an Offer and Finalise the Purchase:
Once your offer is accepted, a deposit is required, typically around 10%. Your lawyer will handle the legalities, including contract preparation and registration at the Land Registry.
By following these steps, buying a home in Greece as a foreigner should be a surprisingly simple process and not nearly as daunting as it is often made out to be!
Avoiding Common Pitfalls
Moving home or purchasing property is usually one of the most expensive transactions we will conduct in our lives!
It will therefore come as no surprise that people prey on those thinking of purchasing property in Greece.
Scams are one of the most common pitfalls people come across when purchasing property here – talk on online forums often warns people that this may be the case!
But what can you do to protect yourself?
Scams
Never send money to anyone before seeing the property and meeting the seller.
You should also verify the seller’s ownership and the property’s legal status.
One of the best ways to avoid a scam altogether is to get in touch with an expert. Estate agents and lawyers will be able to help you navigate this tricky landscape by not only with their intimate knowledge of the housing market in Greece but also through being able to understanding the language!
So, don’t be afraid to ask for some help to avoid any nasty surprises.
Unseen Costs
Another common mistake many people make when buying property is not accounting for hidden costs.
Keep in mind that there will almost certainly be some additional costs, these could include legal fees, notary fees, and property taxes.
Some of these costs may seem minor at first but they can quickly add up and should be included in your budget planning.
Protect Your Budget from Currency Exchange Rate Fluctuations
When purchasing property in Greece, it’s crucial to consider the impact of currency exchange rate fluctuations on your budget.
There is often a gap between making an offer and finalising the payment, during which exchange rates can vary significantly.
You need to keep this volatility in mind when purchasing a home or it could lead to unexpected increases in your budget!
To mitigate this risk, consider using a currency exchange service. They can really help you save some money with solutions such as locking in a favourable exchange rate for up to 12 months.
This means you can secure the exchange rate when it’s advantageous, ensuring your property cost remains within your initial budget.
Popular Places to Buy Property in Greece?
Santorini, Greece.
Many of those considering a move to Greece find their dream spot after experiencing the country’s charm during a holiday.
It’s really no surprise that this is the case, how can you avoid the allure of a leisurely meal in a Greek taverna with a glass of local wine?
Greece’s natural beauty, with its islands, beaches, and mountains, coupled with the warm Mediterranean climate, offers an idyllic setting for a relaxed and active lifestyle.
If you’re still on the fence about the best place to move to here are some of our top locations to consider:
Athens
Athens is a vibrant metropolis where ancient history and modern living coexist seamlessly.
The city is a treasure trove of historical landmarks, including the iconic Acropolis.
For any expats who thrive in urban environments with rich cultural and historical contexts, Athens is the perfect place for you, with easy access to museums, galleries, and historical sites.
Santorini
Santorini, famous for its stunning sunsets and white-washed buildings, is one of the most picturesque locations in Greece.
The island is a favourite among tourists and expats who fell in love with this stunning spot while on holiday, offering breathtaking views and a serene atmosphere, it’s ideal for those who want to live in a truly unique and captivating place.
Mykonos
Known as the “Manhattan of the Aegean,” Mykonos is renowned for its vibrant nightlife and beautiful beaches.
The island attracts those who enjoy a lively social scene and all of the finer things in life.
Keep in mind that Mykonos can be pricey, but it offers high-end amenities, including luxury shopping and dining – certainly worth the price for many.
Paros and Naxos
These Cycladic islands offer a more relaxed atmosphere than the rest of our list and are sure to appeal to expats seeking a balance between a great community-centric feeling and the tranquillity that only comes with island life.
The smaller towns and villages dotted throughout the articles provide a retreat from busy urban life, making them popular among retirees and those looking for a slower pace.
Crete
Crete, Greece’s largest island, offers a mix of pristine beaches and picturesque villages without sacrificing the modern amenities that many of us have become so reliant on!
The island’s main cities, Chania and Heraklion, each have unique charms and surprisingly large expat communities, meaning that Crete is perfect for those looking for a blend of island and city living.
Peloponnese
The Peloponnese region on the mainland of the country is rich in history and stunning landscapes, featuring mountains, beaches, and more archaeological sites than you can count.
Cities like Nafplio and Kalamata are popular for their quieter lifestyles with easy access to both urban conveniences and natural beauty.
Thessaloniki
Greece’s second-largest city, Thessaloniki, is a cosmopolitan hub known for its rich history, youthful energy, and vibrant food scene. It appeals to those seeking a city with a slightly slower pace than Athens but with plenty of cultural and entertainment options.
Each of these locations offers something unique, catering to various preferences and lifestyles.
Whether you’re drawn to the hustle and bustle of city life, the serene beauty of the islands, or the historical richness of the mainland, Greece has a perfect spot for you.
How do I Get MY belongings to Greece?
White & Company Truck
Now you are armed with much more information and insight about how to buy a home in Greece, it is likely you will want to bring some if not all your possessions with you at some point.
Getting your belongings anywhere abroad takes time the process does differ.
Using an experienced removes company such as White & Company will mean that you have the peace of mind that your precious effects are well cared for.
White & Company have been moving people to Greece for decades and in that time, we have built an excellent relationship with our Greek counterparts.
So, not only will your belongings receive the best attention in the UK, but they will continue their journey to your new home aided by our trusted partners on the other side.
All consignments to Greece are shipped by container. The container will arrive at the closest port of entry, be offloaded, customs cleared and then delivered right to your front door.
Contact our offices and book a no-obligation survey. We can also offer a video survey, however for large moves a face-to-face visit is recommended.
Following the survey, we can give you a competitive quotation for the move.
As long-standing members of the industry regulators BAR, OMNI and FIDI you have the reassurance that with White & Company, you will receive the best possible service.
Max is a seasoned writer and blogger in the real estate and home moving sectors, as well as a knowledgeable source of information for expatriates living and working abroad. His detailed insights have helped thousands of people move and live abroad with greater simplicity and ease.
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