Investing Securely in Greek Real Estate
The Greek real estate market has recovered noticeably since the end of the economic crisis: after years of sharply falling prices, demand – particularly from foreign investors – has risen significantly again, and in numerous regions prices have once more increased markedly in recent years.
These economic developments have been accompanied by a series of far-reaching legislative changes, particularly in real estate tax law. Numerous legislative reforms and structural innovations – such as the introduction and ongoing expansion of the national Land Registry (Ktimatologio) and the statutory requirements for legalizing unauthorized building deviations (“Schwarzbauten”) – have led to a noticeable simplification, acceleration, and greater transparency of real estate transactions.
At the same time, attractive opportunities continue to arise for acquiring and investing in high-quality properties within a now more stable legal and economic environment. For many investors, this continues to represent a favorable investment opportunity.
Against this background, the selection of qualified advisors – lawyers, tax advisors, and technical experts such as civil engineers and architects – is of particular importance in order to carry out a real estate acquisition in a legally secure manner. This concerns both the selection of a suitable investment property and the legal review and drafting of contracts, obtaining the necessary permits and certificates, financing, and fulfilling tax obligations.
Aware of these particularities and of the legal uncertainties that can arise, especially for foreign investors, from a lack of familiarity with Greek law and local procedures, the law firm KPAG Kosmidis & Partner offers, through its nationwide network of specialists, comprehensive legal support in all relevant areas.
The articles in this section provide an overview of the key topics of Greek real estate law and are intended to clarify the procedure to be followed in connection with a property acquisition. They are not legally binding and do not replace individual legal advice: the particularities of each individual case must always be examined separately, taking into account the specific facts and circumstances.
Among other things, the firm contributed the chapter on Greece to the publication “Real Estate Financing and Credit Security in Selected European Countries.”
Real Estate Financing and Credit Security in Selected European Countries.
Country section on Greece, edited by KPAG Kosmidis & Partner
FAQ
The market is in a strong growth phase. Thanks to a stable political and economic environment, after a period of falling prices, significant price increases and strong momentum have again been recorded for several years now. This continues to offer investors, particularly from abroad, lucrative investment opportunities amid positive long-term growth forecasts.
Economic developments in recent years have led to comprehensive reforms, particularly in real estate tax law and in the digitalization of the authorities. Important procedural innovations include the nationwide, now nearly complete, introduction of the new Land Registry (Ktimatologio) as well as strict statutory requirements for legalizing any unauthorized structures. Thanks to the now mandatory “Electronic Building ID” (Ilektroniki Tautotita Ktiriou), issued by the engineer, real estate transactions have today become significantly safer and more transparent.
Due to a lack of familiarity with the specifics of Greek law and local bureaucratic procedures, foreign investors can quickly encounter legal uncertainties. Engaging specialists such as lawyers, tax advisors, architects, and civil engineers is therefore essential to ensure a legally secure transaction. They actively assist with due diligence on the property, drafting contracts, obtaining permits, and financing and tax matters.
No. General overviews serve merely as an initial orientation and to facilitate the procedure; they are not legally binding. Since every real estate purchase has specific particularities, the facts and circumstances must always be separately examined by specialists for the specific individual case.
Greek law fundamentally distinguishes between two categories:
- Within the town plan (Entos Schediou): areas within the planned built-up zone of towns or villages.
- Outside the town plan (Ektos Schediou): areas outside the built-up zone, subdivided into:
- Ordinary agricultural land: general plots used for agricultural purposes.
- Agricultural land from state land distribution (Klirotemachia): land historically allocated by the state (e.g. to refugees displaced from their homeland after 1922).
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A property within the planned built-up zone or within a locality is referred to as a building plot (Ikopedo) and may be built on in accordance with public-law regulations. Land outside the built-up zone, by contrast, is a parcel of land (Agrotemachio). A particular feature of the historical Klirotemachia is that they are generally large in area and, by law, may not be subdivided into smaller parcels.
Unlike in many countries, building outside the built-up zone is, in principle, permitted under certain conditions. The rules governing the building coefficient and the permissible built area (e.g. up to 186 m² of living space for a base plot size of 4,000 m²) depend on the type of use.
The following special rules and deadlines must be observed:
- Plots under 4,000 m²: the minimum size of 4,000 m² was, in principle, introduced as a requirement in December 2022. Since then, smaller plots may only be built on under transitional provisions. Applications for a building permit, preliminary ruling, or buildability certificate may currently still be submitted for this purpose until 30 June 2027.
- Exceptions below 4,000 m²:
- Plots with frontage onto a national, regional, or municipal road predating 1978 (minimum size 2,000 m², with 25 m of frontage and 40 m of depth).
- Plots within settlement zones predating 1977 (minimum size 2,000 m²).
- Plots reduced in size by expropriation or road construction.
- Plots over 4,000 m²: the legal situation has, in effect, remained unchanged (“frozen”) since March 2023, since the presidential decree required to re-regulate building conditions outside the town plan is still pending. Plots resulting from land consolidation and plots for tourist facilities continue to require at least 4,000 m².
- Access to a road: under the case law of the Council of State (Symvoulio tis Epikrateias), a legally recognized right of way or access to a public road is additionally required. As there is no uniform administrative practice, the building authorities (Ypiresies Domisis) handle this differently.
In order for a building project to be carried out, a property must cumulatively satisfy two criteria:
- Suitable (Artio): refers to the shape, dimensions, and size of the plot, which must permit economic and structural use.
- Buildable (Ikodomisimo): means that building is actually permitted under all applicable public-law, building-law, and other special regulations (e.g. forestry or monument protection).