Complete Guide to Buying Property in Greece
1–3 months
The average duration of the purchasing process
7,91–10,21%
Transaction Costs
1 Bank Visit
To open an account
Initial Costs Overview
Total costs range from 7.91% to 10.21% of the property value, including:
- Asset transfer tax: 3.09% of property cost
- Registration charge: 0.475% to 0.775% of transaction value
- Notary fees: 1.86% (1.5% + VAT)
- Lawyer fees: 1.86% (1.5% + VAT)
- Agent fees (if applicable): 2.48% (2% + VAT)
Step 1: Initial Property Selection and Documentation
Property Selection
- Buyers can choose properties either in person in Athens or remotely
- Properties worth €250,000 or more qualify buyers for a Greek residence permit (processing time: 3-6 months)
Bank Account Preparation
- A Greek bank account is recommended but not mandatory for purchase
- Account is necessary for:
- Receiving rental revenue
- Paying maintenance expenses
Required Documents for Bank Account
- Valid passport with copy
- Proof of income (tax returns, inheritance proof, dividends, rental income, or property sale documentation)
- Employment letter
- Utility bill copy (proof of address)
- Telephone number registration certificate
- Bank account statements
Note: All documents must be translated into Greek and English. Tranio clients can submit documents in Russian, and their lawyer will handle translations.
Step 2: Bank Account Opening
- Must be done in person at a Greek bank
- Takes approximately 1 day if documents are pre-submitted and approved
- Can be completed after property purchase if buying remotely
Step 3: Preliminary Purchase Agreement
Legal Verification
- Lawyer performs due diligence (1 business day):
- Checks seller’s ownership certificate
- Reviews mortgage registry
- Verifies no encumbrances or tax arrears
- Legal representation is recommended due to language requirements
- Legal fees: 1.86% of transaction value (1.5% + VAT)
Agreement Process
- Sign preliminary purchase agreement
- Pay 10% deposit
- Notary prepares final purchase agreement (2 weeks to 1 month)
Step 4: Closing the Deal
Final Steps
- Sign purchase agreement (can be done in person or via power of attorney)
- Transfer funds to seller’s account
- Notary certifies agreement (fees: 1.2% of transaction value)
- Register property (3 weeks processing time):
- Mortgage registry entry
- Land registry office registration
- Obtain registration certificate (needed for residence permit)
Tax Information
- Registration charge: 0.475% to 0.775% of transaction value
- VAT exemption (2020-2022):
- Properties with building permits issued after January 2006
- Properties built before January 2021
- Properties built before 2006: only 3.09% asset tax applies