Real estate Greece

Buy apartment in Greece: how to do it and where to start

The magnetic charm of Greece, with its crystal-clear waters, historic landscapes, and vibrant culture, draws many into its embrace. To buy apartment in Greece is a dream that captivates the imagination, promising a life amid ancient mythologies and modern Mediterranean allure. For those yearning to make this dream a lasting reality, the journey begins with an informed step. The process of acquiring property in Greece can unfold with ease, provided one is armed with the necessary insights and guidelines. This article aims to illuminate the path from the initial allure to the ultimate acquisition of your Greek abode, ensuring you have the knowledge to navigate the market, the legal landscape, and the cultural tapestry that will lead to the front door of your new home.

Understanding the Greek Real Estate Market

Venturing into the Greek real estate market requires an appreciation of its distinctive character. The landscape of available properties paints a diverse picture: from homes that marry traditional charm with contemporary facilities to luxurious coastal villas and modern urban apartments. The market’s dynamism is influenced by several compelling factors that beckon prospective buyers from around the globe.

The Golden Visa program is a particularly influential element. This initiative offers residency permits to non-EU citizens who make significant investments in Greek property. It’s not only a pathway to a life in Greece but also an investment in European residency, making it doubly attractive.

Moreover, the cost of living in Greece, when compared to other European destinations, is notably lower. This affordability extends into the property market, presenting opportunities for a range of budgets, which is especially appealing to retirees and investors alike.

However, like any savvy investor knows, the economic climate is pivotal. It shapes property prices and forecasts their trajectory. Greece has seen its economic challenges, but the resilience of the property market is noteworthy. Buyers should keep a keen eye on fluctuations in the economy as they can affect short-term property values and long-term investment returns.

Another vital consideration is the impact of tourism. Greece’s enduring appeal to travelers can significantly inflate real estate value, particularly in popular destinations. Properties in tourist hotspots like Santorini, Mykonos, or Crete can command premium prices and offer high rental yield prospects during the tourist season.

Legal and Financial Considerations

When embarking on the journey to buy an apartment in Greece, understanding the legal and financial framework is paramount. The path to property ownership is paved with regulatory requisites and fiscal considerations that one must navigate with diligence.

Legal requirements in Greece are multifaceted. A fundamental necessity for any property buyer is obtaining a Greek tax identification number, known as an AFM. This is indispensable for all transactions and legal actions, including opening a bank account, which is a requisite for proceeding with property purchases. Additionally, it is crucial to grasp the property ownership laws which can present restrictions, particularly in border areas or certain islands, where non-EU residents may face limitations.

Foreign buyers should be prepared to open a local bank account in Greece, which not only simplifies the transaction but is also often a prerequisite for setting up utilities and paying taxes associated with property ownership.

When it comes to financing options, one may find that Greek banks are open to offering mortgages to foreigners, although the terms might differ from those offered to Greek citizens. Interest rates in Greece can be competitive, and shopping around for the best rates is advisable. Moreover, understanding the down payment requirements is essential as they can significantly affect the overall financing of the property. Typically, a higher down payment may result in more favorable loan terms.

Speaking of loan terms, they define the amortization period, or the length of time over which the loan will be repaid, and can include various clauses that one should be well-informed about. It is imperative to be comfortable with these terms as they will impact one’s financial planning for years to come.

Searching for Your Ideal Apartment

The quest for the perfect apartment in Greece is an exhilarating chapter in the journey of homeownership, but it’s a passage that necessitates strategic forethought. Setting sail on this search involves a meticulous blend of introspection and external exploration.

Initiating the hunt begins with a clear-eyed assessment of your non-negotiables. These are the features and attributes of a property that you are not willing to compromise on. They might include the size of the apartment, vital for ensuring your space aligns with your lifestyle needs. The view may be paramount for some, especially if the quintessential Greek seascape is part of your dream. Additionally, amenities such as a swimming pool, security services, proximity to local markets, or access to public transport could make or break your decision. Crafting a list of these essentials will sharpen your search and help avoid distractions.

In today’s digital age, a wealth of information can be found on reputable online platforms. These databases not only offer a broad view of the current market prices but also provide insights into the availability of properties that meet your criteria. Delving into these resources can equip you with a robust understanding of what to expect and help manage your budgetary expectations.

However, online research can only take you so far. There’s no substitute for local knowledge, which is why enlisting the expertise of local real estate agents is indispensable. These professionals possess an intimate understanding of the Greek property market, especially those who specialize in aiding foreign buyers. They can offer invaluable advice on the nuances of each neighborhood, the potential for investment return, and the subtle dynamics of the local market that might not be immediately apparent to outsiders.

The Buying Process

Purchasing an apartment involves several steps:

  1. Making an Offer: Once you find your ideal apartment, make a formal offer through your agent.
  2. Due Diligence: Hire a lawyer to conduct a title search and ensure there are no legal encumbrances.
  3. Finalizing the Sale: Sign the contract, make the payment, and transfer the deed at the local land registry.


Buying an apartment in Greece can be a rewarding experience with the right guidance. Remember to do your homework, understand the legalities, and choose a location that feels like home. Whether it’s the bustling streets of Athens or the serene beaches of the Aegean, your Greek odyssey awaits. Take the first step today and embark on a journey to owning a piece of this enchanting country. Finally, we recommend reading our article, where we talked about: From Greek real estate to business mastery: a guide for aspiring entrepreneurs.


What is the Golden Visa program in Greece, and how does it influence the real estate market?

The Golden Visa program in Greece offers residency permits to non-EU citizens who make significant property investments, making it an attractive option for international buyers seeking European residency.

How does the cost of living in Greece compare to other European destinations, and how does it affect the real estate market?

The cost of living in Greece is notably lower than in many other European countries, including property costs, which presents opportunities for various budgets and appeals to retirees and investors.

How does the economic climate in Greece impact the real estate market, and what should prospective buyers keep in mind?

Fluctuations in the Greek economy can affect short-term property values and long-term investment returns, so prospective buyers should closely monitor economic conditions when considering real estate investments in Greece.

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