In recent years, the Greek real estate market has experienced a surge in demand, largely driven by the Golden Visa program. According to Greece’s Migration and Asylum Ministry, 9,478 golden visa applications are being reviewed currently, with a total of 6,228 submissions registered in just last year. The figures reveal that Greece is among the top favorite countries in the world for obtaining an investment visa by buying real estate.
From the streets of Athens to the islands of Santorini and Mykonos, the Greek real estate market offers diverse opportunities for investors seeking both lifestyle and financial returns. This guide provides a comprehensive overview of the process of buying property in Greece, including legal requirements, market insights, and why the Golden Visa program is so trendy.
- Greece’s Golden Visa program has been a significant driver of the real estate market, with 9,478 visa applications currently being reviewed.
- House prices in Greece have surged, with increases of 10.76% at the start of 2024. Athens saw a 9.35% rise, while Thessaloniki experienced a 12.19% hike in prices.
- Rental yields in Greece are appealing, with average gross yields of 4.82%, particularly in tourist-heavy areas, making it a profitable option for both short- and long-term rentals.
- Property investors can apply for Greece’s Golden Visa, which gives you residency in the country for seven years and can lead to citizenship.
Greek Real Estate Market Overview
Greek real estate prices have been accelerated amidst the high demand for property. House prices increased by 10.76% at the start of 2024. House prices in Athens rose by 9.35% at the beginning of the year. Thessaloniki’s prices grew by 12.19%. In other cities, prices increased by 10.28%. Despite this increase, Greek house prices remain relatively low when compared to other European countries.
The average price per square meter varies widely depending on the location and type of property. Areas such as Athens, Thessaloniki, Santorini, and Mykonos are particularly popular among international investors due to their potential for capital appreciation and rental income.
From 2025 onwards, the market expects annual growth rates of around 3.7% to 3.2% for residential real estate through 2029. Major cities like Athens are currently undergoing major infrastructure improvements and urban renewal projects, further increasing the value of certain neighborhoods and areas.
The law restricting non-EU citizens from purchasing or owning property within federally protected zones – specifically near military installations or national borders still stands.
With years of experience in advising clients on the Greek market, Mirabello Consultancy ensures that buyers make informed investment decisions, leveraging prime opportunities in key locations like Athens and the Greek islands.
Benefits of Buying Property in Greece
There are many benefits to buying property in Greece, including:
- Structural reforms and EU support have made Greece an attractive, stable destination for foreign investors looking to European markets
- Greece is home to stunning landscapes (including beaches, mountains, and historic sites), making it a popular destination for second homes, holiday rentals, and more.
- The key factor that should encourage you to buy a property in Greece is the affordable prices, which mean high returns.
- Second-hand properties in Greece hold their value well, providing a secure and reliable investment.
- With millions of tourists and expats visiting Greece annually, the potential for rental income is substantial. Investors can benefit from both short-term and long-term rental options, with an average gross rental yield of 4.82% (2024, Q1).
- The Greek Golden Visa program is a big draw, offering residency to non-EU investors who buy properties that meet certain criteria.
- Greece boasts minimal annual taxes and fees, making property ownership cost-effective when compared to other European nations.
- Greece maintains a very low crime rate, ensuring the long-term viability of your investment.
Legal Requirements for Foreign Buyers
The Greek legal system is based on civil law, which means that laws are primarily derived from legislation and codified statutes. It recognizes and protects the ownership rights of property buyers.
Foreign investors have the same ownership rights as Greek citizens and can freely acquire, own, and dispose of real estate in the country – subject to certain restrictions and requirements.
To purchase property in Greece, you need the following:
- Greek tax registry number
- For non-EU nationals, a visa to enter Greece
- Proof of residence or residence permit
- Copies of tax returns
- Proof of current residence (e.g., bank statements, bills, etc.)
- Proof of no criminal history.
Navigating these legal requirements can be complex, particularly for international buyers unfamiliar with Greek property law. Having helped many clients navigate the same challenges, Mirabello Consultancy can advise you on the best legal course of action when considering your real estate investment.
Schedule your free consultation today and secure your future!
Step-by-Step Guide to Buying Property in Greece
The first step is acquiring a tax identification number, which is required for all property transactions. Then, open a Greek bank account. This will be essential for managing payments and expenses related to your property.
Utilize online platforms or engage a real estate agent and experts to find the right property for you. Visit potential properties to assess their condition and suitability if you have to.
Verify the property’s legal status through the Land Registry to ensure it is free from debts or encumbrances, and ensure the property complies with local zoning and urban planning laws. This is particularly important for new builds or rural properties, where there might be restrictions.
Once you find the right property, negotiate the price and terms with the seller.
Sign the Preliminary Contract, which secures the purchase and typically involves a deposit of around 10% of the purchase price. Complete the transaction before a notary, signing the final deed of sale that transfers ownership.
After the deed is signed, register the property at the local Land Registry. Be prepared to pay transfer taxes, notary fees, and any applicable VAT.
Greek Golden Visa Program
International investors who purchase real estate can apply for Greece’s Golden Visa Program, a residency by investment program aimed at non-EU citizens. In August, Greece’s government announced that its threshold for obtaining a Golden Visa has increased to around $540,000 for general properties, and $870,000 for real estate in Attica, Thessaloniki, and all islands with populations exceeding 3,100 inhabitants.
Investors can also gain residency by investing $270,000 towards the conversion of commercial properties into residential use or the restoration of listed buildings, regardless of location or size.
The residency permit is valid for five years and can be renewed as long as the investment is maintained.
Alternatively, a 10-year lease agreement for hotel accommodation or furnished tourist residences within designated tourist accommodation complexes is eligible for the program. This includes time-sharing.
After residing in Greece for seven years, investors with a Golden Visa can become eligible to apply for Greek citizenship.
Mirabello Consultancy, which specializes in providing Golden Visas to investors globally, can guide you through the process and benefits of the program.
Tax Implications for Property Buyers
Buyers are responsible for paying property transfer tax or VAT for new properties, plus stamp duty, notary fees, and registry fees. Depending on the region, the total cost can range from 8% to 12% of the purchase price.
Considering the following taxes:
- New properties have a VAT of 24% of the purchase price, and a stamp duty of 3%.
- Resale properties have a transfer tax of between 3% and 24%, depending on the value of the property.
- Notary, Land Registry, and legal fees are around 0.5% to 1% of the purchase price.
The Greek property market offers a compelling mix of affordability, growth potential, and attractive rental yields, making it a smart choice for investors. Additionally, Greece’s Golden Visa program stands out as one of the most accessible pathways to residency in Europe, appealing to non-EU investors looking for long-term stability and potential citizenship. Whether you’re buying a vacation home, securing a rental investment, or exploring the Golden Visa benefits, Greece's developing infrastructure and rising property values promise strong returns.
Advise professionals like Mirabello Consultancy for guidance on placing your property investments.
Faq
$540,000 for general properties, and $870,000 for real estate in Attica, Thessaloniki, and all islands with populations exceeding 3,100 inhabitants.
The process typically takes two to three months, including legal checks and property registration.
Ongoing costs include property taxes (ENFIA), utility bills, maintenance costs, and community fees if the property is part of a complex. The rate depends on the property's location, size, and age.
Yes, the strong tourism sector in Greece makes it relatively easy to generate rental income, especially in popular areas. Greece also has an average gross rental yield of 4.82%.
After purchasing a property in Greece worth at least EUR 250,000, investors can gain a renwable 5-year residency in the country by applying for Greece’s Golden Visa program.
