Getting a mortgage in Greece as a foreigner is straightforward
Getting a mortgage in Greece as a foreigner is straightforward

Buying property in Greece as a foreigner. Everything you need to know

Finding the perfect property can be challenging, but fortunately, foreigners in Greece have the option to obtain a mortgage, allowing them to boost their property budget. Our guide covers the process, requirements, and tips to make an informed decision.

Delia Mihuț
Written by Delia Mihuț
Published at 2023-07-06
Last updated on 2024-03-22
Readtime 7 minutes

Are you dreaming of a getaway in Greece? From the vibrant streets of Athens to the idyllic Greek islands, this sun-kissed Mediterranean country is irresistible. If you're ready to buy property in Greece as a foreigner and turn your dream into reality, let's explore the possibilities together.

How easy is it to buy property in Greece as a foreigner?

Buying property in Greece as a foreigner has become easier, with the condition that all legal and financial requirements are met, and the property is not located near the country's borders or military bases.

Non-residents face no restrictions, while EU citizens generally have a smoother process. Non-EU individuals must provide evidence of their ties to Greece and genuine intent for the property. The Ministry of Defence evaluates their applications based on the submitted proof.

How much does it cost to buy a property in Greece?

Like other countries, the cost of property in Greece varies based on the region, type of housing, and location. 

Below, you will find a comparison of some of the most popular cities for buying houses:

Location m2 price in City Centre m2 price outside of the Centre
Athens 2,909 EUR 2,803 EUR
Thessaloniki 2,852 EUR 1,941 EUR
Santorini 4,500 EUR 3,000 EUR
Corfu 2,500 EUR 2,500 EUR
Crete 3,257 EUR 2,000 EUR

In Greece, property buyers can enjoy incentives such as residency permits for purchases over 250,000 EUR and tax benefits for property renovation.

Where is the best Greek island to buy a property?

Athens is a top choice for many foreigners seeking to make Greece their new home and establish businesses or pursue job opportunities. Meanwhile, British buyers tend to favor Crete and Corfu.

The best location to buy a property in Greece depends on your preferences and priorities. Consider lifestyle, proximity to services, investment potential, and personal preferences. For party enthusiasts, Mykonos offers an exciting choice. For sandy beaches and excellent kitesurfing conditions, Naxos is an ideal destination.

Finding the perfect property can be challenging, but fortunately, foreigners in Greece have the option to obtain a mortgage, allowing them to maximize their property budget.

How easy is it to get a mortgage in Greece as a foreigner?

Getting a mortgage in Greece as a foreigner is relatively straightforward as long as you meet the requirements. While the process may have certain considerations for non-EU residents, Greece has made efforts to attract foreign investment and simplify mortgage procedures.

To qualify for a mortgage, you must meet age requirements, have a Greek bank account, and obtain a Greek tax number (AFM). The maximum loan amount is usually determined based on your income, with a common limit of 75% of the property's value.

What documents are required to get a mortgage in Greece as a foreigner?

When buying a property and obtaining a mortgage in Greece, you or your lawyer should submit the supporting documents:

Proof of identity
  • Valid passport or EU national ID card
  • Greek Tax Number (AFN)
Proof of income and tax details
  • The last 2 income tax returns 
  • A letter of employment or any proof of income
Proof of address and phone number
  • a copy of a recent utility and phone bill, specifying your main address and phone number

It is worth knowing that Eurobank accepts documents in English or Greek.

Suppose you cannot be present throughout the entire process of buying a property and obtaining a mortgage in Greece. In that case, you must appoint a proxy to submit your loan application on your behalf.

What is the best mortgage in Greece for foreigners?

Eurobank is the only bank that finances holiday home buyers in Greece. 

The good news is that the bank serves a wide set of non-resident applicants with currencies including EUR, CZK, DKK, NOK, SEK, CHF, GBP, HUF, RON, BGN, CAD, QAR, ISK, JPY, USD, AED, AUD, HKD, and SGD.

With a loan-to-value ratio of up to 65%, the loan term ranges from 6 to 15 years. 

The maximum loan amount depends on your income but generally is at most 75% of the property price. 

Homevest simplifies obtaining mortgage loans from abroad

Navigating the system in a new country can be challenging, and repeatedly preparing the required documents for each bank application can be frustrating.

Homevest can be an excellent solution to simplify and streamline your cross-border house-buying journey in one convenient platform.

Completing the application form and uploading the necessary documents on the Homevest platform can be accomplished in minutes. After thoroughly reviewing your documents, Homevest will promptly forward them to eligible banks. 

Homevest is not active in Greece at the moment, but they often have contacts who can assist you. To get help quickly, consider joining the waitlist.

What are the taxes for buying property in Greece as a foreigner?

When buying property in Greece as a foreigner, there are several taxes and expenses that you may be required to pay:

Service Price
Transfer Tax (FMA) 3% of the property value
Stump duty 3.6%
Registration fee 420 EUR
VAT tax* 24%
Lawyer fees 1-2%
Agency fees 2% or 2.5% + VAT

* VAT only needs to be paid if the property was constructed or became inhabited after January 1, 2006

Please note that in Greece, there are taxes associated with owning a property. 

The Real Estate Tax (ENFIA) is paid annually and is determined based on factors such as the property's size, location, age, purpose, and estimated value.  Individuals are only required to pay this tax when the property price exceeds 250,000 EUR.

Buying property in Greece after Brexit

British citizens have no restrictions when purchasing a property in Greece, and no additional rules or regulations apply after Brexit.

With the UK no longer an EU member, British citizens can now qualify for Greece's Golden Visa program. By investing a minimum of 250,000 EUR in a property, UK citizens can obtain a five-year residency visa in Greece, which can be extended indefinitely as long as they retain ownership of the property.

Buying a property in Greece is a significant step, and navigating the system in a new country can be complex. Thankfully, solutions like Homevest can help make the dream of owning a house on a Greek island a reality.

Sources used and checked on March 2024:

  1. Buying property in Greece
  2. Property prices in Athens, Greece
  3. Property prices in Thessaloniki, Greece
  4. Property prices in Santorini, Greece
  5. Property prices in Corfu, Greece
  6. Property prices in Crete, Greece
  7. Eurobank mortgages for non-residents
  8. Property taxes in Greece

We recommend obtaining professional or specialist advice before taking or refraining from any action based on the content in this article. The information in this article does not constitute legal, tax, or other professional advice from Homevest Limited. Prior results do not guarantee a similar outcome. We make no representations, warranties, or guarantees, whether express or implied, that the content in this article is accurate, complete, or up to date.

No comments
Leave a comment
Related articles
A mortgage could be a strategic option to expand your budget

US citizens buying property in Spain in 2024: what are your options?

Buying property in Spain as a US citizen might have some challenges, but with good advice, knowing the local rules, and careful planning, owning a house in this country it's possible. Here’s what you need to know in 2024.

A mortgage broker can get you better deals from banks

Mortgage rates in Spain for non-residents [March 2024]

When comparing mortgages for a property in Spain, staying updated on the latest market deals can help you to negotiate effectively. Negotiation is standard practice, and this is where Homevest excels, helping you secure the most advantageous deal.

A platform for mortgages

Homevest is a pan-European mortgage and homebuying platform. We strive to bring the mortgages in the 21st century.

Where will you buy?