Purchasing Property in Greece

Purchasing Property in Greece




































































You have taken the major decision of buying your dream property. Now you have to deal with the paperwork and in a foreign language.

It is actually quite straightforward and providing there are no hitches it can be dealt with within a couple of weeks.

Previous to Greece being a member of the European Union it wasn’t possible for non-Greeks to own property. Since joining the Union it’s possible for other EU nationals to purchase property in Greece with the same rights and obligations as any Greek. Non-EU citizens, however, have to apply to the council of the Local Prefecture for permission to purchase.

The usual steps for purchasing property are as follows:

Power of Attorney
It is highly recommended that you have a lawyer to handle all legal work for you. The simplest way is to grant your lawyer Power of Attorney and can be cancelled at any time. This must be done through a Notary Public.

This will save you from many extra costs (Air fares, accommodation costs, legal fees, etc.) 


 Obtain a Tax Number (AFM)
The local tax office can provide you with a tax number which is necessary to purchase property in Greece. It is also necessary for opening a bank account. To obtain your tax number you must have:

Your birth certificate with you which has to show both your parents full names.

Copy of your Passport.

You must also appoint a legal representative  who is a permanent resident of Greece.

If you are buying property in 2 names both parties need to get a tax number.

Property title search.
The property owner must prove they have a "clean" title in order to sell the property. A lawyer carries out the search at the Land Registry Office.

Topographic plan
Under Greek law a topographic plan is required which shows the exact location of your property, the boundaries and exact measurements of the land along with details of buildings, joint access rights if applicable, community limits etc. If there isn’t an up-to-date topographic plan it will be necessary to get a Civil Engineer to draw one up.

Under Greek law it is normal to pay a deposit of 10% of the asking price to secure purchase. To do this you will sign an agreement detailing conditions of the sale and the full purchase price. Make sure that you receive a proper receipt for the amount. Get written confirmation at this point that a full refund is due if there are problems with the property. You will not get a refund if you simply change your mind.

The seller, buyer and property must be free of tax debts for the purchase to proceed.

The Contract is always executed by a Notary Public. The Notary Public will calculate the officially estimated price of the property. This is assessed by the Tax Office and will usually be lower than the real purchase price.
The buyer and seller can only sign contracts with a very low assessed tax value. Otherwise both need to have lawyers present to sign the contract.

Purchase tax
The Notary Public will calculate the Purchase Tax on the property based on the assessed value of the property. This amount is usually paid the same day of the signing of the Contract. The receipt is then filed with the purchase contract.

Apart from the price of the property, there are several other expenses you have to take into account when buying property. They are:

1.    Property Purchase Tax.

Based on the estimated value of the property ( by the tax office) - this is also the price that will be stated in the contracts and normally is much smaller than the actual price you pay for the  property. For the first 15,000€, the tax is 7%. After this it goes up to 9%.

2.    Municipality Tax.

As well as  the total amount of purchase tax you have to pay, there is an additional 3%  tax to be paid to the municipality  in which the  property is located.

3.    Notary Public.

The Notary Public expenses range from 2%  to 3% of the value stated in the contract. Included in this is the cost of registering your property with the
Land Registery Office.

 Legal Representation.

If the evaluated tax value of the property is under 11,740€ legal representation is not necessary.  Over this amount you need to have a lawyer.  The fee isfor up 44,000  is 1% .  Over this amount the fee is 0,50% or according to agreement.   

Land Registration
Upon exchanging of contracts the new owner is registered in the Land Registry office.

It is normal for the buyer to pay the purchase tax, the Notary Public fee and to cover legal fees.
As a general guide you can expect your total costs to be about 10% on top of the Purchase Price.

 For  more information please contact us!


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Aggelakis Giorgos

Makrigialos, Sitia,
Crete, Greece, 72 055


Tel.: +30.28430.51707,
GSM Mobile: +30.6976.438697