Investing in Greek Property: A Guide for Global Buyers

Greece stands out as one of Europe’s most compelling real estate markets, combining capital appreciation, competitive entry points, and the opportunity to obtain a Greek residence permit via investment. Foreign nationals are permitted to purchase property across most of the country, and investments from €250,000 qualify for the Greek Golden Visa: a five-year renewable residence permit that covers you and your family.

In this guide, you’ll learn how to buy property in Greece as a foreign investor, including legal steps, required documentation, and strategic tips to help you make a sound investment. Insights are provided by the international experts at Astons.

Why Invest in Greek Property

Greek real estate offers a rare blend of lifestyle appeal and financial upside: from reliable rental yields to long-term capital growth. With its Mediterranean climate, cultural heritage, and strong tourism economy, Greece continues to attract both lifestyle buyers and strategic investors.

In 2024, Greece drew over €2.75 billion in foreign investment, with one-third coming from within the EU. A record 35 million tourists visited in the same year, and this trajectory is expected to continue in 2025.

While Athens and Thessaloniki lead in price appreciation, demand is expanding across key regions such as the Cyclades, Athens’ suburbs, and Halkidiki – all areas where supply is tightening.

Astons has published a detailed market report highlighting these trends.

Key insights:

• Tenants increasingly prefer unfurnished apartments, while fully furnished turnkey options remain highly sought after. 
• Developers typically deliver move-in-ready properties with appliances and modern finishes. 
• Living costs remain favourable: €800/month (excluding housing), with studio rentals in Athens from €600–1,000/month which is still significantly below costs in France or Germany. 
• Real estate investments from €250,000 grant access to one of Europe’s most accessible Golden Visa programmes.

How to Buy Property in Greece: Step by Step

Foreign nationals can acquire property in Greece either in person or through a legal representative. The process is straightforward, especially with expert guidance from Astons, who manage everything from property selection to document finalisation.

Purchase Process for Foreign Buyers

STEP 1: Grant Power of Attorney

A Greek notary, with interpreter present, prepares a Power of Attorney authorising your lawyer to act on your behalf.

STEP 2: Obtain Tax Number (AFM) & Open Bank Account

Your legal representative obtains your AFM (Greek tax identification number) and opens a local bank account.

STEP 3: Legal Title Check

Due diligence is conducted to confirm clear title and absence of encumbrances.

STEP 4: Pay Property Transfer Tax

Our experts file the 3.09% transfer tax declaration on your behalf.

STEP 5: Sign Sale Contract

The purchase agreement is signed before a notary and lodged with the Greek Land Registry.

STEP 6: Receive Legal Documentation

You receive a full set of certified documents (translated in English), including building permits, energy certificates, and site plans.

Required Documents

Minimum documents needed include:

• Valid passport 
• Entry visa 
• Greek tax number (AFM) 

To obtain an AFM, you will also need:

• Proof of residential address (e.g. internal passport with registration) 
• Employment letter 
• Tax return or income verification

The Greek Golden Visa: Real Estate Route

The Greek Golden visa grants a 5-year renewable residence permit to non-EU nationals who invest in qualifying real estate. It extends to the applicant’s spouse, children under 21, and dependent parents.

Residency does not require relocation. Simply maintaining the investment is sufficient. Investors may use the property personally or generate returns through long-term rental (typically 4-6% yields).

Investment thresholds vary by location:

• €800,000+ in premium areas such as Athens, Thessaloniki, Santorini, Mykonos, Crete, and larger islands 
• €400,000+ in other regions
  

Alternatively, invest €250,000+ in:

• Heritage or listed properties, with mandatory restoration within five years 
• Commercial-to-residential conversions (managed by developers, most commonly in Athens)
  

Investors planning relocation and contributing €500,000+ may also benefit from Greece’s Non-Dom Tax Regime, paying a flat €100,000 annual tax in place of local income tax (up to 44%).

Where to Invest in Greek Real Estate

Athens/Attica, Thessaloniki, Halkidiki, the Cyclades, and the Ionian Islands. More than 60% of demand is for apartments; villas and townhouses account for roughly 19.4%.

Top Investment Locations

Athens: The capital continues to offer robust returns. Investment properties eligible for the Golden Visa often start from €250,000 and are typically located near metro hubs.

Athens Suburbs: Upscale areas such as Kifisia, Halandri, and the Athenian Riviera (Glyfada, Voula, Vouliagmeni) offer proximity to the city and beachside living.

Thessaloniki: Greece’s second city offers modern infrastructure, high-quality healthcare, and strong educational institutions, with property prices rising rapidly.

Halkidiki: This coastal region offers consistent rental returns and capital appreciation, driven by seasonal tourism and limited supply.

Peloponnese: Ideal for full-time living or holidays, this well-connected region offers attractive prices and strong potential.

Market Outlook: Cities vs Islands

• Athens property prices rose 9.1% in 2024, with some suburbs seeing gains of 25%+. 
• Rental returns in key cities range from €650–1,000/month for one-bedroom flats. 
• Off-plan investments can appreciate 10–25% by project completion, and still qualify for the Golden Visa. 
• Islands like Santorini, Mykonos, Crete, and Rhodes deliver high rental yields but come with seasonal fluctuation. 
• Emerging locations like Ikaria and Lefkada are attracting early-stage investor attention.

Property Pricing Overview

 Average Prices by Region

(Source: spitogatos.gr)

Residential vs Commercial Pricing

Pricing depends on:

• Location: prime city or island regions carry higher values. 
• Type: offices tend to cost more than apartments, while smaller commercial units might be cheaper. 
• Condition and age: new builds are pricier. 
• Demand and future potential: areas with rising interest attract more value. 

Taxes & Fees for Foreign Buyers

Ongoing Ownership Costs

Key Investment Considerations

Essential due diligence tips:

• Secure renovation permits in coastal/heritage zones. 
• Confirm heating system type: older buildings may use centralised gas/oil. 
• Verify if parking is included: can cost €20,000+ in cities. 
• Floor area includes walls; check usable space. 
• Seismic activity: don’t alter load-bearing structures without permits. 
• Terraces add value but may not count toward official sqm.

Avoiding Pitfalls

While most properties are freely available to foreign investors, special zones (border regions, protected areas, archaeological sites) require additional permits.

Always:

• Conduct legal due diligence 
• Clarify fees, taxes, and zoning limitations 
• Work with English-speaking agents 
• Align location with lifestyle and ROI goals

Astons provides a comprehensive guide to Golden visa real estate selection.

Professional advice saves time, avoids mistakes, and safeguards investment quality.

Astons is a trusted leader in investment immigration and real estate worldwide, with over 30 years of experience. For a free consultation on the Greek Golden Visa, contact our experts, and we’ll help you select the right property based on your budget and needs.

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