How to Buy Property in Greece (for EU & Non‑EU Citizens)

Greece, with its emerald waters, sunny islands, rich history and welcoming atmosphere, has long been a favourite holiday destination for millions of people, including many Bulgarians. In recent years, for more and more of them, the dream of owning their own home by the Aegean or Ionian Sea has become a reality. Buying a property in Greece as a Bulgarian is a relatively easy process as both countries are members of the European Union. Here are the basic steps, legal requirements and important tips for a successful property purchase abroad.

Why is Greece attractive for buying a property?

• Proximity and accessibility: for Bulgarians, Greece is an immediate neighbor, which makes travel and property management easy and convenient.
• EU membership: as EU citizens, Bulgarians enjoy the same rights when buying property as Greek citizens, without restrictions on nationality or military zones (as with some other non-EU countries).
• From apartments in bustling cities and houses on islands to sea-view villas and traditional country estates.
• Rental Income Potential: The strong tourist flow in Greece during most of the year provides high potential for short-term rental income.
• Lifestyle: Mediterranean climate, delicious cuisine, relaxing atmosphere and welcoming people.
• Lower prices: although prices in popular areas have risen, there are still opportunities for more affordable properties in lesser known areas, especially in Northern Greece.

Basic steps for buying a property in Greece

The process of buying a property in Greece is well regulated but requires the assistance of several key professionals.

1. Obtaining a Greek tax number (AFM – Arithmos Forologikou Mitroou)

• Why it’s important: This is the first and most important step. Your Greek tax number is absolutely mandatory for all financial and legal transactions in Greece, including opening a bank account, signing contracts and transferring property.
• How to get it: you can get it in person or by proxy from a local tax office (Eforia) in Greece. You need to present your passport and proof of address registration in Bulgaria.

2. Opening a bank account in Greece

• Why it’s important: You’ll need a local bank account to make payments on your property purchase, fees, taxes and utilities.
• Requirements: AFM, passport and proof of occupation/income are usually required.

3. Hiring professionals

In order to ensure a smooth transaction, it is imperative that you work with:

• Lawyer (Δικηγόρος – Dikigoros):
  • Role: Your lawyer is key. He will carry out a thorough legal due diligence of the property: he will check the title deed in the Property Registry (Κτηματολόγιο – Ktimatologio) for encumbrances, mortgages, liens, litigation. It will check that the property is legally built and has all the necessary permits (including building permit and energy efficiency certificate). He will also review the contracts.
  • Mandatory: In Greece, the involvement of a lawyer in property transactions is mandatory.
• Notary (Συμβολαιογράφος – Symvolaiografos):
  • Role: The notary is the official who draws up and certifies all the documents for the transaction. He ensures the legality of the transfer of property, calculates and collects the taxes, and registers the final deed in the Property Registry.
  • Mandatory: the participation of a notary is mandatory.
• Civil Engineer/Architect (Πολιτικός Μηχανικός / Αρχιτέκτονας – Politikos Michanikos / Architektonas):
  • Role: He will carry out a technical inspection of the property, confirm the legality of the construction, the compliance with the urban plans and issue an energy certificate (Πιστοποιητικό Ενεργειακής Απόδοσης – ΠΕΑ). This is a crucial step in avoiding future problems with illegal construction.
• Real estate agent (Μεσιτικό Γραφείο – Mesitiko Grafeio):
  • Role: You will help find property, arrange viewings and negotiate. Make sure the agent is licensed.

4. Purchase process:

1. Preliminary Agreement (Προκαταρκτική Συμφωνία – Prokatarktiki Symfonia):
   • Once you have selected a property and your solicitor has carried out an initial inspection, a preliminary agreement can be signed. A small reservation deposit (2-5% of the price) is often required.
2. Preliminary contract (Προσύμφωνο – Prosymfono):
   • A more detailed and binding contract to be signed before a notary public. This describes all the terms of the deal, deadlines and a larger deposit (usually 10-20% of the purchase price). If the buyer backs out, he loses the deposit; if the seller backs out, he returns double the deposit.
3. Payment of transfer tax (Φόρος Μεταβίβασης Ακινήτων – FMA):
   • Before signing the final contract, the buyer must pay the property transfer tax at the tax office.
4. Final contract of sale (Οριστικό Συμβόλαιο – Oristiko Symvolaio):
   • Signed before a notary public. At this point, ownership is transferred, final payment is made and all fees are paid. The notary registers the deed in the Land Registry.

Costs and fees when buying a property in Greece

In addition to the purchase price of the property, you should anticipate the following additional costs, which usually amount to around 8% to 15% of the purchase price:

1. Property Transfer Tax (FMA):
   • Amount: 3.09% of the stated tax value of the property (which may be less than the market price) or the sale price, whichever is higher.
2. Notary fees:
   • Amount: about 1.2% – 1.5% of the property value (plus VAT).
3. Attorney’s Fees:
   • Amount: usually 1% – 1.5% of the property value (plus VAT). In some cases it may be a fixed amount.
4. Civil Engineer/Architect Fees:
   • Amount: about 1% – 2% of the property value (plus VAT), depending on the complexity of the inspection and the required certificates.
5. Real estate agency commission:
   • Amount: normally 2% – 3% of the purchase price (plus VAT) payable by the buyer.
6. Registration fees at the Land Registry (Κτηματολόγιο): small fees for registering ownership.
7. Other costs: bank fees, translator fees (if needed), costs for opening utility subscriptions (electricity, water).

Important tips for Bulgarians:

• Work with a proxy: If you cannot spend much time in Greece, give your lawyer a notarised power of attorney to act on your behalf during the process.
• Check all documents: don’t sign anything until your lawyer has reviewed all the documents and you have fully understood them (with a licensed translator).
• Budget for additional costs: always budget 10-15% above the purchase price for taxes, fees and royalties.
• Current Expenses: inquire about annual property taxes (ENFIA), condominium service charges and utilities.
• Inspect the property: always inspect the property in person.

Buying a property in Greece as a Bulgarian is affordable and relatively easy, thanks to the common EU membership and the close geographical links. With proper preparation, understanding of the legal requirements and the support of qualified local professionals – lawyer, notary, civil engineer and agent – your investment in a property abroad can be successfully realised. Your dream of owning your own place under the Greek sun is closer than ever!

This post is also available in: Български