Published on and written by Cyril Jarnias
Buying a house or apartment in Greece is a dream, but the local market is far more complex than it appears. Incomplete property titles, illegal constructions, highly technical zoning rules, taxation and financing specific to foreigners… without careful preparation, the risk of ending up with an unsellable or overtaxed property is real.
This 25-point checklist covers everything you need to check before signing: it is based on Greek banking practices, cadastral regulations, urban planning rules, and common mistakes made by foreign buyers.
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1. Clarify Your Purchase Project Before Even Looking for a Property
Before talking to a notary, bank, or land registry, you need to clearly define why you are buying. Your project determines almost everything else: type of property, location, legal structure, taxation, and even the level of financing possible.
Before buying a property, clearly identify your project: primary residence, seasonal rental, Golden Visa investment, or building plot. Then check the specific constraints for each case: condominium regulations for rentals, investment thresholds for the visa, or building restrictions on the land.
It is also at this stage that you must decide whether to buy in your own name or through a company (local or foreign), which can affect both taxation and how banks and authorities review your file.
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2. Check If Your Non‑Resident Status Requires Special Permits
In Greece, real estate purchases are open to both EU and non‑EU citizens, with no residency requirement. But there is an important nuance: certain “border” or “military” zones require prior authorization, especially for non‑EU buyers.
Acquiring properties near external borders or strategic islands may require prior approval from the Ministry of Defense, or the signed deed could be legally void.
Before committing to a property, check with your lawyer whether the area is classified as a restricted zone and whether you are subject to these formalities.
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3. Obtain Your Greek Tax Number (AFM) and Open a Local Bank Account
You cannot buy a property in Greece without an AFM, the tax identification number required for all procedures: purchase, tax payments, property declarations, utility connections, etc. It is issued by the Greek tax authority (AADE), usually through the local tax office, and your lawyer can obtain it for you by proxy.
While opening a Greek bank account is not always legally mandatory after obtaining an AFM, it is highly recommended. In practice, banks, notaries, and the administration require financial flows to go through a local account to comply with anti‑money laundering (AML) rules. To open one, prepare your passport, proof of address, foreign income tax returns, bank statements, and your AFM.
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4. Build Your Team Early: Lawyer, Notary, Engineer, Possibly a Broker
In Greece, a real estate transaction relies on a core quartet:
– an independent lawyer, who represents your interests and performs the full legal review;
– a notary, who drafts the deed, checks the legally required documents, and handles the formalization;
– an engineer or architect, who verifies technical and urban planning compliance and issues required certificates;
– possibly a credit broker, if you are seeking local financing.
Approximately 60 to 70% of older properties in Greece have building permit violations, such as extensions or enclosed terraces.
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5. Set a Realistic Budget Including “Hidden” Costs (8–12% of the Price)
In Greece, it is dangerous to only think in terms of the listed price. Ancillary fees are numerous and sometimes higher than anticipated. It is prudent to plan for an additional 8 to 12% above the purchase price, or even more if the property has irregularities that need to be resolved.
Summary of the main cost items
Description of the first item
Description of the second item
Description of the third item
| Cost Item | Typical Order of Magnitude |
|---|---|
| Transfer tax (FMA) | 3.09% of the property’s objective value |
| Notary fees | Approximately 1–2% of the price |
| Land Registry / Cadastre fees | < 0.6% of the price |
| Real estate agency fees | In practice, 2% per party (buyer/seller) |
| Lawyer fees (standard purchase) | Approximately 1–2% of the price (often €400–500 for an apartment in Athens for due diligence only) |
| Engineer fees (inspection, certificates) | Typically €500–1,500 |
| Costs to regularize irregularities | Variable, sometimes several thousand euros |
| Translations, powers of attorney, apostilles, etc. | Variable |
In addition to these transaction costs, you will also have annual taxes (ENFIA, municipal TAP taxes) and, if applicable, renovation work or upgrades to meet standards.
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6. Understand Local Bank Financing and Your Minimum Down Payment
Greek banks are now lending again, including to non‑resident foreigners, but with stricter conditions than for local borrowers. Access to credit depends on a comprehensive analysis of your international financial situation: income, assets, debts, credit history in your home country, etc.
Maximum financing for a non‑resident covers 60 to 65% of the property value, requiring a down payment of 35 to 40%.
An example ratio grid by profile illustrates this conservative approach:
| Buyer Profile | Indicative Maximum LTV | Usual Maximum Term |
|---|---|---|
| Non‑resident (EU or non‑EU) | Up to 65% | Generally up to 15 years |
| Greek or Cypriot citizen | Up to 70–80% | Up to 25–30 years |
| EU permanent resident (for certain products) | Up to 80% | Up to 25 years |
| Non‑EU permanent resident | Up to 70% | Up to 20 years |
Some banks offer initial fixed rates (e.g., 2.70–2.90% for a few years) before switching to a variable rate indexed to 3‑month Euribor. For foreigners, observed variable rates are around 4.2 to 4.8%. It is crucial to check prepayment penalties and the possibility of switching from fixed to variable or vice versa.
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7. Gather the Documents Required by Greek Banks
If you plan to apply for a local loan, anticipate a heavy file. Banks typically require:
To build a mortgage application, you must provide: proof of income (employment contracts, financial statements, pay slips, or tax returns), bank statements from the last 3 to 12 months from your main accounts, a certified list of your assets (real estate, investments, cash) and debts, any foreign credit reports, and proof of your down payment covering at least 30 to 40% of the purchase price.
Furthermore, you will be required to open an account with the lending bank and have the monthly payments domiciled there. Criteria are stricter for non‑residents, and especially for non‑EU nationals: expect a thorough screening of your source of funds as part of AML rules.
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8. Protect Yourself from Exchange Rate Risk If Your Income Is Not in Euros
If you are not paid in euros, ignoring exchange rate risk is one of the most common mistakes. Between signing the preliminary agreement and paying the balance, a few percentage point change in the exchange rate can cost you several thousand extra euros.
This risk is twofold: first, when transferring your down payment and paying fees; second, over the life of the loan if you borrow in euros but repay with income in another currency. Therefore, it is wise to discuss early with your bank or a foreign exchange specialist to consider hedging solutions or smart spread-out transfers.
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9. Never Pay a Deposit Before Completing Essential Checks
Many serious problems arise because buyers rush to “lock in” a property by paying 5 to 10% of the price, without having obtained complete results from legal and technical searches. In Greece, this haste is particularly risky, as a simple pre‑contract does not protect you against title defects or urban planning irregularities.
The safe sequence is to first conduct searches at the Land Registry and Cadastre, analyze the chain of ownership, check building permits and any illegal constructions; only then sign a pre‑contract supervised by your lawyer, with clear suspensive clauses (obtaining financing, removal of mortgages, etc.) and set up an escrow mechanism.
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10. Have a Full Title Review Conducted Over at Least 20 Years
The Greek cadastral system is still being finalized, with areas where old registries (mortgages, seizures, property rights) coexist with the modern Cadastre system. Many properties, especially in rural or island areas, have fragmented or incomplete chains of ownership, often due to poorly formalized inheritances.
Your lawyer must therefore:
To secure a real estate purchase, you need to go back at least 20 to 30 years of title history, verify each transfer, identify all encumbrances (mortgages, easements, leases, usufruct), and compare the area, boundaries, and use with reality.
A Greek peculiarity is the frequency of registration errors or omissions (undeclared properties, incorrect areas, “unknown owner” in the Cadastre). These anomalies must be corrected, sometimes through litigation, before finalizing the purchase.
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11. Identify and Address Any Mortgages, Liens, and Seizures
The mere existence of a mortgage or seizure does not in itself prohibit the sale, but how it is handled is crucial. Your lawyer must obtain the most recent encumbrance certificates from the competent registry and check:
– the exact amount of debts secured by each mortgage or seizure;
– whether the sale price can fully cover them;
– the written agreement of creditors to release these securities on the day of signing, conditional upon payment.
The notary will require certificates and consents proving that the price will suffice to pay off creditors. Otherwise, you risk acquiring a property still encumbered by mortgages or subject to future seizure.
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12. Check Urban Planning Compliance and “Afthaireta” (Illegal Constructions)
Greece has long been tolerant of constructions without permits or exceeding building rights. As a result, a considerable proportion of properties (60–70% of older homes, according to estimates) have irregularities: extensions, annexes, enclosed balconies, mezzanines, additions, etc.
The law is now strict: it is forbidden to transfer a property with illegal works that have not been regularized. For the sale to proceed, the seller must have:
You must regularize irregularities via legal procedures (notably Law 4495/2017), obtain a certificate from an engineer attesting to the absence of violations or full regularization, and provide updated plans and drawings (topographic, coverage diagram, etc.).
Your engineer, independent from the seller’s, must verify on site the correspondence between the actual state of the property, the original plans, permits, and any regularization files. Without this check, you could inherit illegal works leading to heavy fines, renovation impossibilities, or even a ban on resale.
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13. Examine Zoning Constraints, Forest Maps, and Archaeological Zones
For building plots or houses in rural areas, the “planning and environment” aspect is as crucial as titles. The engineer and lawyer must particularly check:
To know if a plot is buildable in Greece, you must check whether it is inside or outside the town plan (outside the plan, building rights are very restricted), the construction coefficients (height, footprint), forest status via forest maps (δασικοί χάρτες) which may block or heavily regulate construction, archaeological easements (“arxaiologia”) imposing excavations or limitations, and coastal protections, Natura, or nature reserves.
A plot that seems idyllic may in reality be unbuildable, or buildable only under onerous conditions. Forest and archaeological authorities sometimes need to issue permits or favorable opinions, which your lawyer must obtain and file.
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14. Verify Road Access and New Road Frontage Rules
A recent reform has upended the market for building plots: it is no longer sufficient for a parcel to be “in the plan” to be buildable; it must now have direct access to a road adopted by the municipality (public road) with a minimum frontage of 40 meters (compared to 25 meters previously).
Up to 70% of previously buildable plots have been declassified.
– a recent topographic plan, geo‑referenced, showing the effective frontage on an adopted road;
– written confirmation from the engineer on buildability under the new rules;
– proof that it is not a simple private or agricultural path without public road status.
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15. Ensure Proper Cadastre Registration and Correct Any Errors
Since 2021/2022, Greece has accelerated the implementation of a digital Cadastre (Hellenic Cadastre), but many areas remain in transition, and errors are common: incorrectly reported areas, approximate boundaries, non‑existent owners, etc. A property not properly registered may be subject to fines or administrative blocks, or even reversion to the state if the situation is not regularized in time.
Your lawyer must verify:
The parcel number (KAEK) and cadastral sheet must be up‑to‑date. The cadastral boundaries must match the actual land, verified with the engineer. No pending disputes or proceedings concerning the sheet should exist.
In case of a manifest error (area, boundaries, owner identifier), it may be necessary to file a correction request or initiate court proceedings. It is imperative that these corrections be made before finalizing the purchase, to avoid inheriting the problem.
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16. Analyze the Risks of Neighbor Disputes and Right‑of‑Way Easements
In Greece, especially in rural areas or on islands, unformalized right‑of‑way arrangements are common: agricultural roads, paths used for decades by neighbors, access to olive groves or pastures. They may not appear clearly in the deed of sale, yet they concretely limit your use of the land.
The examination of registries and plans must therefore cover:
– the presence of recorded easements (right of way, water drainage, etc.);
– de facto uses observed on the ground (paths, fences, shared access);
– any ongoing disputes with neighbors, even if not yet adjudicated.
Ignoring these elements means risking years of conflict over a moved fence or contested access.
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17. Check the Seller’s Tax Certificates and Absence of Debts
Before the notary can prepare the deed, the seller must prove they are in good standing:
When selling a property, you must provide the ENFIA (property tax) certificate for the last 5 years with no arrears, tax and social security clearance certificates (if applicable), and proof of regularization of municipal taxes (TAP), often collected via the electricity bill.
A seller in debt can theoretically sell, but the transaction will then be tightly controlled: the price must cover the payment of those debts, with creditors’ and administration’s agreement to lift any blocking entries. Your lawyer must ensure these certificates are valid and cover the entire required period.
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18. Understand the Tax Cost of Ownership: ENFIA and Local Taxes
Once you become an owner, you will be liable each year for:
The rate of the municipal TAP tax, applied to the objective value of a property and collected via the electricity bill.
For ENFIA to be calculated correctly, you must declare the property in your E9 tax form (always via your AFM). An omission or error can lead to tax assessments and penalties.
For investors with high wealth, an ENFIA surcharge may apply above a certain total value threshold.
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19. Check Energy Compliance and the Energy Performance Certificate (EPC)
Greece imposes strict energy regulations: no sale can be finalized without an Energy Performance Certificate (EPC/PEA), which rates the property from A+ to H. Since 2021, this rating must also appear in all real estate advertisements.
The seller is obligated to: deliver the sold item within the agreed time and guarantee the buyer a title free of hidden defects.
To be compliant, you must have an energy audit by a certified engineer, provide the EPC when listing the property and attach it to the deed, and meet the minimum requirements of the KENAK regulation (insulation, heating, renewable energy) for new constructions or major renovations.
For you, the EPC is both a formal obligation and a practical indicator of the property’s consumption level. A very poorly rated home will often require significant work (insulation, window replacement, heating), to be factored into the overall budget.
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20. For Construction or Renovation Projects: Master Permits and the Digital Procedure
If your project involves building or major renovation, obtaining a permit is entirely digital, via platforms managed by the Order of Engineers. Only a licensed engineer can submit a file.
The standard process includes:
The process includes a complete architectural and technical study (plans, structural studies, installations), uploading all documents to the e‑permitting platform (titles, topographic plan, coverage diagram, certifications), review by urban planning services and other authorities (environment, archaeology, fire department), then issuance of the permit, sometimes automatic, with deadlines for checks and corrections.
Official deadlines are often ambitious, but in practice a full permit for a significant project can take many months, especially in tourist areas or areas with strong heritage constraints. Without a valid permit, you cannot legally build or make major alterations.
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21. Handle Deposits, Reservations, and Escrows Properly
Once a preliminary agreement is reached on a property, the agent will almost always ask for a reservation deposit (often 5 to 10% of the price) to take the property off the market. This step is legitimate, but it must be tightly controlled.
Some prudent principles apply:
Never pay money directly to the seller or agent without a written contract drafted or reviewed by your lawyer. Prefer a deposit into an escrow account controlled by a lawyer or notary, with precise release conditions (completion of checks, removal of mortgages, obtaining financing). Ensure the reservation contract clearly states what happens to the deposit if the seller backs out, if major legal issues are discovered, or if the loan is refused.
In Greece, a pre‑contract does not confer a strict “title”: only the registration of the notarial deed at the Land Registry creates an enforceable property right. Hence the importance of treating the deposit as a risky advance, not as a quasi‑acquisition.
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22. Protect Yourself Against Scams and Pressure to Sign Quickly
The most frequent scams targeting foreigners revolve around three themes:
Beware of sellers without full rights, undisclosed encumbrances like mortgages or seizures, and urban planning violations falsely presented as regularized with missing certificates.
The main red flag remains pressure to sign quickly, pay a reservation “before someone else takes it,” or accept verbal assurances instead of official documents. Until your lawyer has completed their review and given a written opinion, do not sign anything or transfer any significant amount.
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23. Finalize the Notarial Deed and Register It: The Only Real Protection
In Greece, you are truly the owner only once three steps are completed:
The procedure includes three key steps: 1. Signing the deed of sale at the notary’s office in the presence (or by proxy) of the parties and their lawyers. 2. Full payment of the price according to the planned schedule, often by immediate bank transfer. 3. Registration of this deed with the competent registry (Land Registry or Cadastre) and obtaining a copy or certificate of this registration.
Without registration, even a perfectly drafted notarial deed does not protect you against third parties (creditors, heirs, other buyers). Your lawyer must therefore follow the transcription procedure through to the end, retrieve the registration certificate, update your E9 declaration, and ensure you have all documents (deed, plans, certificates, tax receipts) in a single file.
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24. Anticipate Tax Implications (Purchase, Ownership, Resale, Rental)
In addition to the transaction costs and annual taxes already mentioned, it is useful to think from the outset about:
Rental income is subject to tax in Greece, with a progressive rate from 15% to 45% depending on the amount. On resale, capital gains are taxed under a complex system that may include suspensions or partial exemptions. For inheritance, estate or gift taxes apply.
For non‑resident investors, taxes can eat up 20 to 30% of expected returns if poorly anticipated. A discussion with a tax specialist used to international situations is therefore highly recommended before finalizing your structure.
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25. Set a Realistic Timeline and Don’t Underestimate the Time Required
Finally, the last item to check on this list is time management. Greece remains a country where bureaucracy, delays, and back‑and‑forth between administrations can significantly extend deadlines. Between your first contact with your lawyer and the registration of your deed at the Cadastre, expect 8 to 12 weeks in a smooth scenario. For complex properties (irregularities to regularize, forest/archaeological context, bank financing, etc.), it can be much longer.
A realistic timeline looks like this:
| Indicative Period | Main Steps |
|---|---|
| Weeks 1–2 | AFM, bank account, lawyer mandate, initial visits |
| Weeks 2–4 | Offer, price agreement, start of legal & technical due diligence |
| Weeks 4–6 | Finalize checks, collect seller’s certificates |
| Weeks 6–8 | Draft deed, pay transfer tax, close financing |
| Weeks 8–10 | Signing at notary, payment, submission for registration |
| Weeks 10–12 (and beyond) | Confirmation of registration, tax update (E9, ENFIA), transfer of energy contracts |
Arming yourself with patience, accepting that not everything will be “instant,” and refusing dubious shortcuts is probably the best insurance to keep your project in Greece what it should be: an opportunity and a pleasure, not a legal nightmare.
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By rigorously verifying project definition, legal and technical compliance, mastering financing and taxation, and securing deposits and registration, you significantly reduce the risk of acquiring a problematic property. The Greek market offers great opportunities but requires surrounding yourself with good professionals, documenting every promise, and avoiding any rush.
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Cyril Jarnias is an independent expert in international wealth management with over 20 years of experience. As an expatriate himself, he is dedicated to helping individuals and business leaders build, protect, and pass on their wealth with complete peace of mind.
On his website, cyriljarnias.com, he shares his expertise on international real estate, offshore company formation, and expatriation.
Thanks to his expertise, he offers sound advice to optimize his clients' wealth management. Cyril Jarnias is also recognized for his appearances in many prestigious media outlets such as BFM Business, les Français de l’étranger, Le Figaro, Les Echos, and Mieux vivre votre argent, where he shares his knowledge and know-how in wealth management.
