Why are people increasingly buying real estate in Greece?

Over the past decade, there has been a noticeable great interest among our people in purchasing real estate in Greece. Even though the period when real estate prices in Greece were extremely low has passed, the interest is still high. Just five years ago, the price per square meter of apartments in Thessaloniki and its surroundings had dropped to 300€, while now those same apartments cost around 1000€ per square meter.

Popular locations and types of real estate

The majority of our people are buying apartments in the Olympic region, as well as in the small towns around Thessaloniki (Perea, Nea Epivates, Nea Mudanya, Nea Kalikratia, Nea Plagia). Smaller apartments are in high demand, typically one-bedroom and two-bedroom units priced around 60,000 to 70,000€. Most of our people buy apartments for themselves, not for renting out. They usually use them only during the summer.

Read also about buying real estate in Nikiti on Sithonia by clicking here.

Just over 20% of real estate buyers in northern Greece are from Serbia and North Macedonia. Apart from our people, there is an increasing number of Greeks buying apartments, as well as Bulgarians and Albanians living and working in Greece.

If you are considering buying real estate in Greece, you might want to hurry, as Greece is considering changes to the laws regarding real estate purchases by foreigners.
Official data does not exist, but the media mentions that Serbians have bought tens of thousands of properties in Greece over the past few years. Smaller apartments and flats are most commonly purchased, mostly under 100,000 euros, primarily in Halkidiki and in tourist areas. Greece has recently initiated a discussion about changing the law due to the high volume of purchases by Bulgarians and Turks, especially in border and sensitive areas. The issue for Greeks is not the purchases themselves, but the mass and concentrated purchases in these regions for permanent relocation, which alters the demographic picture of the region. In fact, Greeks are moving out of rural border areas, while Bulgarians and Turks, at very low prices, are buying abandoned houses in deserted villages and permanently settling there. 
It’s important to note:

  • the law is still in the procedure
  • the discussion has just started
  • it is still unknown how the law might change and to what extent
  • for now, buying is still free and allowed

Serbians are currently not a problem for Greek authorities, as they mostly buy tourist real estate and do not affect the demographics of sensitive areas. However, any changes in the law regarding foreigners could also formally affect Serbians. There is no need to panic, but it is worth following the situation. Until then, real estate in Greece can still be freely viewed and purchased.

Legal framework and conditions for foreigners

The conditions for buying real estate in Greece are the same for foreigners as they are for Greeks, so the entire purchasing and transfer process is quite straightforward. Below, we will present an approximate procedure and all the steps involved in buying real estate in Greece.

How to choose real estate and arrange a visit

If you are interested in buying an apartment, house, or plot of land in Greece, you can first look at websites with listings online. If you like a particular property or need more information, you can contact a real estate agent and arrange a visit to Greece to see the properties that interest you. Based on your preferences, the agency can make an offer and select the apartments for you to view in person.

Our recommendation and trusted partner is the agency PB Homes.

Before you start your search, it is very important to familiarize yourself with common challenges. Unfortunately, many buyers make beginner mistakes that later cost them time and money. To be fully prepared, we have thoroughly analyzed the 10 biggest mistakes when buying real estate in Greece and how to avoid them and we advise you to read them before signing any preliminary contract.

Deposit, AFM, and beginning of the purchase

If you decide on one of the offers, you leave a deposit with the agency and obtain the so-called AFM (tax number) which is necessary to complete the purchase and open a bank account. The deposit remains with the agency and amounts to about 10% of the property value.

  • If the purchase does not go through due to paperwork issues or any other obstacles in the process, the deposit is returned.

  • If a potential buyer changes their mind, the deposit is not refunded.

Paperwork and hiring experts

After selecting the property and paying the deposit, you can return to your country while the agency takes care of the necessary paperwork, which sometimes takes more than a month. During this period, the agency engages a lawyer to check if all the documents are in order, if there is a mortgage, or anything else that could be to the buyer’s disadvantage. The agency can provide a lawyer, translator, accountant, and notary on behalf of the client, as well as change the owner’s name for electricity and water. Once all the necessary preparations and paperwork are completed, the buyer only needs to come and sign the final contract.

The contract is in Greek, so the presence of a translator is mandatory.

The administrative process in Greece requires knowledge of local rules. The first and most important step is obtaining the AFM number (tax number), without which you cannot become the owner. Find out how to efficiently obtain AFM in Greece with our step-by-step guide. It is also crucial to know who your allies are in this process: a lawyer, notary, and engineer are essential experts who protect your investment. Read more about why they are key experts in real estate purchases and the roles they play in the process.

What do people who have already bought real estate in Greece say?

Theory is one thing, and reality is often different. To bring you closer to the actual buying process, we organized a large campaign on our social networks where our followers asked questions directly to people who have already gone through the entire procedure. Six of our compatriots - proud owners of apartments and houses in Greece - generously shared their experience: from the first contact with the agency, through the “traps” in paperwork, to that magical moment when they first unlock the door of their new home.
In our guide Customer Experiences: real stories, examples from practice, and advice, you will find concrete answers to questions that are not found in official regulations. This is also our most read text, as it contains answers to all those dilemmas that currently bother you before making a final decision.

Costs of buying and additional fees

In addition to the purchase price, it is necessary to plan for associated costs. A detailed overview of all taxes, fees, and additional expenses can be found in our guide: Costs of buying an apartment, house, or flat in Greece.

It is important to know that besides the amount you pay for the property, there are other costs amounting to around 4,000 to 5,000 euros, if the property price is up to 50,000€, or slightly more for a more expensive property.

The annual tax depends on various factors, primarily on the square footage, location, year of construction, floor level, the presence of an elevator… An average price is 5-7€ per square meter, but it can be slightly lower or higher.
The fee paid to the agency is 2% of the property value, plus VAT if the property costs more than 100,000€, and if the property value is lower than 100,000€, then the commission is 2,000€ plus VAT. VAT is 24%.

The lawyer’s services are about 1% of the property value (the price at which the property was purchased), and the notary’s services also 1% if the property is more expensive than 80,000€ and 1.5% if it is cheaper than that amount.
The translator’s service costs between 100 and 250€, depending on whether you want to pay the translator only when signing the contract or if you also want them to translate the contract into Serbian so that you can submit it to a bank in Serbia.

It is very important to pay attention to the year of construction of the properties because the difference in the transfer tax can be significant. In fact, the tax is 3% if the property was built before 2009 and up to 24% if the property is newer. This tax is paid on the property value according to the cadastre. This value is usually lower than the price at which the buyer purchased the property.

Utilities, bills, and annual tax management

Transferring ownership for electricity and water is free if there are already a water meter and an electric meter. If not, the costs for installation can be up to a maximum of 1,000€.
The accountant’s service, who manages the annual tax payment records, costs around 50€ per year.

Additional service options and renting out

If you wish, you can arrange for a lawyer, notary, translator, and accountant yourself. If you bought the apartment to rent it out, the agency can assist in the rental process, but only for rentals of two months or more, not per day. The agency also provides renovation services or building services if you purchased a plot of land.

Our recommendation and trusted partner is the agency PB Homes.

Additional texts

Read other articles related to buying real estate in Greece:
Work permit and buying real estate in Greece
Where is the best place to buy an apartment, house, or flat in Greece?

Once you become an owner, the question of everyday life remains - especially if you plan to stay near Thessaloniki for an extended period. Living costs, from utilities to daily expenses, differ from those in Serbia. Find a detailed breakdown of monthly costs in our article: How much does it cost for a family or a couple to live in Thessaloniki.

Frequently asked questions about buying real estate in Greece

Do I, as a foreign citizen, have the same rights as a Greek when buying?

Yes, the conditions are identical. The process is transparent but requires the hiring of experts (lawyer and notary) to ensure legal security.

Can I get a residence permit if I buy real estate?

Buying real estate is a basis for considering a residence permit, and the “Golden Visa” program for larger investments is especially popular. You can find all the details about the conditions in our guide on the Greek Golden Visa.

Can I legally work in Greece if I buy a flat?

Buying a flat does not automatically grant a work permit. For digital nomads, there are special visa conditions. Learn more in our guide for digital nomads.

How long does the entire process take?

From selection to registration, it can take from one to several months, depending on the efficiency of the administration and the checks the lawyer must carry out.

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