Property in Greece – Legal basics for buying a home

Property in Greece – Legal basics for buying a home

Legal basics for buying a house

Greece’s stunning islands, ancient cities, and breathtaking landscapes attract millions of visitors each year. Many dream of settling permanently or owning a holiday property. Following the financial crisis, Greek real estate prices fell sharply—by as much as 50% in some cases—making the dream of a holiday home accessible to many private buyers. Recently, prices have started rising again, partly driven by strong international demand.

KPAG Kosmidis & Partner is your experienced point of contact for buying property in Greece. We provide expert advice on real estate law and guide you throughout the purchase process when you want to buy a house in Greece.

Buying property in Greece can be highly attractive and profitable. Increasingly, German nationals are investing in Greek real estate. Beyond houses and maisonettes in Athens and Thessaloniki, demand is particularly strong for luxury properties on popular islands such as Crete, Mykonos, Rhodes, Corfu, and Santorini, as well as for holiday homes in the Peloponnese and Chalkidiki. Short-term holiday letting (e.g., via Airbnb or FeWo-direkt) is especially appealing for Greek properties.

In which regions can you buy property in Greece?

Greece offers a wealth of options, combining a rich history with modern infrastructure. Below are some of the most popular regions for purchasing property in Greece:

Athens & Attica: Attica, Greece’s most populous region, includes the historic capital, Athens. As the cradle of democracy, the city flourished in the 5th and 4th centuries BCE and was home to philosophers such as Plato and Aristotle. Today, Athens blends tradition with modernity and offers a wide range of options for buyers. Although prices have recently risen due to high demand, they remain comparatively low relative to many German markets.

Cyclades: The Cyclades are a group of islands in the Aegean Sea and remain top tourist destinations. Santorini, Mykonos, Naxos, and Syros attract visitors with stunning landscapes and numerous cultural and historic sites. Property owners benefit from independence from hotels and enjoy excellent connections via ferries and airports to the mainland and Athens.

Peloponnese: This peninsula south of the mainland is home to around one million residents and is historically renowned for cities such as Corinth, Sparta, and Olympia. Numerous bridges provide excellent connections to the mainland. Sea-view houses and villas are particularly popular and are often purchased as second homes.

Crete: Greece’s largest island—and the fifth largest in the Mediterranean—Crete enjoys around 300 sunny days a year. Known for both tourism and agriculture (it is a major EU exporter of olive oil), the island offers a mix of developed tourist areas and untouched natural landscapes. Prices vary significantly by location, with properties in the west generally more expensive than those in the east. Holiday properties are especially attractive investments for both private buyers and investors.

Corfu: Greece’s second-largest Ionian island is among the country’s wealthiest regions and has been a popular destination since the late 18th century, famously visited by Empress Elisabeth of Austria (Sisi). From apartments in picturesque villages to holiday homes overlooking the Ionian Sea, the island offers a wide range of options suitable for both private buyers and investors.

Thessaloniki: Greece’s second city, located in Macedonia, has a distinctive flair shaped by millennia of cultural interchange. Its rich history makes it a sought-after destination. As a hub to the Balkans—with the country’s second-largest port, Macedonia Airport, and central connections to the European road and rail network—Thessaloniki is also attractive for companies. While demand and local infrastructure have pushed prices up, investments remain profitable across various buyer profiles.

Whatever region you prefer, KPAG Kosmidis & Partner is your reliable legal partner, providing strong support throughout the process of buying property in Greece.

Which types of property can you buy in Greece?

Residential Property: Whether in vibrant cities like Athens and Thessaloniki or in tranquil villages on Greece’s countless picturesque islands, owning property here offers an ideal retreat. Depending on the location, this could be a city apartment or a larger house—both make excellent second homes. Houses and villas often feature stunning views. Compared with other European countries, purchase prices are frequently lower, and as an investment (e.g., for tourist letting), homes and apartments can generate attractive returns.

Land: For those looking to bring their own vision to life, purchasing a building plot can be particularly appealing. Half‑finished structures are also common in Greece, allowing buyers to acquire them at favorable prices and complete them according to their own specifications.

Commercial Property: German businesses establishing new entities or expanding in Greece benefit from favorable conditions, reduced bureaucracy, and the country’s geostrategic location in the Eastern Mediterranean and within the EU. From office complexes to logistics centers and production sites, we support both the acquisition and the secure implementation of your investment plans in Greece.

Rely on our experience, expertise, and extensive partner network when buying property in Greece. Whether it’s a holiday home, second residence, or commercial property, we explain all relevant specifics and represent your interests locally.

Useful to know: purchase process, taxation and more

While demand for Greek property is strong, a wide range of homes remains available for buyers. Many properties, however, may have construction issues. Before making a purchase—whether a seaside home, a villa in Chalkidiki or the Peloponnese, or a maisonette in Athens—it is essential to have the property thoroughly inspected. A civil engineer can evaluate the structural condition and identify potential risks. We can connect you with our network of local specialists, including experienced engineers, to ensure a professional assessment. Expert local support is always recommended.

It is also crucial to work with an attorney on the ground. Our Greek lawyers are well-versed in local law, understand the property market, and provide direct guidance in Greece. We clarify legal uncertainties and compile all necessary information and documents to ensure a secure and smooth property purchase.

Documents required for EU citizens

Greek tax number (AFM): You will need a Greek tax identification number to proceed with a property purchase.
Official ID or passport: A valid identity card or passport is required for identification before notaries and authorities.
Proof of paid transfer tax: Evidence from the competent tax office that real‑estate transfer tax has been paid is a prerequisite for registration of ownership.

We are happy to assist with obtaining a tax number and the necessary certificates and confirmations.

Incidental costs and taxation of property in Greece

Even if purchase prices are still relatively favorable, do not overlook incidental costs and taxes. Our experienced attorneys will advise you on possible costs associated with buying Greek real estate.
Purchase‑related costs: In addition to real‑estate transfer tax (currently 3.09% of the purchase price), there are notarial fees (around 1% of the value) and registry/cadastre fees (around 0.8%). Brokerage fees (around 2.4% of the purchase price) and legal fees also apply.

Taxes on acquisition: When acquiring property in Greece, transfer tax and, for new builds, VAT may apply. VAT is 24% of the purchase price; however, a general VAT suspension is in force until 31.12.2024, so buyers typically only pay transfer tax (3.09%) during this period.
Annual property tax (ENFIA): Since 2014, Greece levies a unified annual property tax (ENFIA). It is calculated individually for each property. We are happy to explain applicable rates, their components and the costs you should expect.

Overview of key legal aspects when buying property in Greece

The Sale Contract: In Greece, real estate purchases are finalized through a carefully drafted notarial sale contract. The property is precisely described; the purchase price and due date are specified; withdrawal rights and contractual penalties in the event of default or rescission are established; and the steps required for ownership registration are outlined. In practice, a lawyer is usually involved to ensure legal compliance and safeguard the buyer’s interests.

The Land Register: Similar to German law, ownership of a property changes when the notarial deed is entered in the land registry responsible for the property. Payment of the purchase price (or the remaining balance) is made at notarization and recorded in the notarial protocol. Payment of the transfer tax is a prerequisite for registering ownership, which is typically handled by the notary.

Ownership Registers in Greece: Greek land registers (Ipothikofilakio or Ktimatologio) function similarly to those in Germany and cover specific municipalities. Historically, registers were maintained by owner (Ipothikofilakio) rather than by parcel. Verification checks therefore examine the name of the owner, how and when they acquired the property (e.g., sale, inheritance, usucapion), and whether any encumbrances, easements, or disputes are recorded. To address verification challenges, Greece has modernized its registry system under the “Ktimatologio” program.

Ktimatologio (Cadastre): The modern cadastre operates like its German counterpart, with entries made by parcel rather than by owner, and enjoys public faith, including the entry of the owner. The Ktimatologio has been implemented in two phases and is now operational in numerous regions across Greece.

No Mandatory Counsel at Notarization: While there is no formal requirement to have legal representation at the notarial sale, engaging a lawyer—especially for buyers—is strongly recommended. A lawyer can conduct the registry search, review the property from a legal perspective, and assist in preparing the contract.

KPAG Kosmidis & Partner: Since 1992, KPAG Kosmidis & Partner has been a trusted advisor in international legal matters from our offices in Thessaloniki, Athens, and Munich, focusing on cross-border German-Greek issues. Our attorneys are at least bilingual, with some holding dual admissions, providing efficient, practical solutions for clients, including German companies operating in Greece. We also advise on commercial, corporate, tax, and administrative law, and, as specialists in international inheritance law, assist with Greek succession matters.

(As of March 2023. All information provided without guarantee.)