Buying property in Greece as an Australian.

When you think of a dream destination, Greece is one place that often comes up due to its stunning landscape, rich history and Mediterranean climate.

Over the years, Australia and Greece have maintained strong economic, political and familial ties, with almost half a million Australian residents being of Greek descent.⁸

In this article we’re going to explore what it takes to buy property in Greece. We’ll take a look at what the legal situation is for Australians, if there’s any agreements in place that make it easier and the steps to follow to purchase a home.

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This article is purely for general information purposes and is not to be taken as financial advice. We recommend that you obtain independent financial advice before making any form of investment.

Can Australians buy property or real estate in Greece?

The good news is that provided you have the correct documentation, it’s possible for an Australian to purchase property in Greece.¹ We’ll delve into what you’ll need to provide and the legal requirements in a little bit.

What is reciprocity when it comes to buying property in different countries

Some nations have reciprocal agreements where citizens of each country have rights in the other because of treaties put in place by their governments.

While Australia has some reciprocal agreements with Greece, there aren’t any that cover property purchases. This means Aussies come under the same rules as most non-EU foreigners.

What’s the property market like in Greece?

It seems that the Greek property market may be making a comeback after experiencing significant economic hardship over the past two decades.

Between 2021 and the first quarter of 2023, prices have boomed.² The year on year growth has increased across the board, but most noticeably for older homes, and apartments in major areas like Thessaloniki and Athens.

While this might sound like you’ve missed the opportune time to buy property in Greece, there’s another statistic to consider. Overall Greece has seen a net decrease in house and rental prices since 2010.³ As of 2022, the house prices had dropped 14% and by Q1 of 2023, rental prices had gone down 22%. This is a significant amount given it was the only country in the European Union to even record a decrease.

What this means, is that while it’s a risk, it may still be an okay time to buy if you’re keen to purchase Greek property.

Property prices for different types of property in different locations

Like most countries, the property prices in Greece vary depending on location and home size. To make it easier to compare, here’s the average cost per square metre to buy a house in these Greek locations.⁴

City	Cost per square metre
Athens Center	€1,887
Thessaloniki Municipality	€2,120
Chania Prefecture	€2,143
Corfu Prefecture	€2,000
Heraklion Prefecture	€1,429

As seen on 30 August 2023

Even within a single city the property prices can vary. For example, Athens Center costs an average of €1,887 per square metre, but Athens North is higher at €2,846.⁴ Athens South is almost double at €3,511.

How to find property to buy in Greece

When finding a property to buy in Greece you could look for one yourself or find an agent to help you.

Property websites in Greece

Online property listings can be useful during the initial stages of your search or if you plan on doing as much of the process yourself as possible. Here’s a few popular sites to start you off.

• Xe
• Tospitimou
• Spitogatos
• Spiti24
• Plot

Property agents and agencies in Greece

If you’d rather have someone by your side who knows the market, can speak Greek and will ensure you’re following all of the correct procedures, you could engage a real estate agent.

To find an agent you can just jump online and do a search to see who’s available that’s well reviewed, speaks English and has experience assisting foreign buyers.

How to choose the right property to buy in Greece.

There’s a number of different factors to consider when choosing which property is the right one for you.

Property type

Think about the size of the property you want and what type of building you’d prefer. Would an apartment or unit suffice for the number of people and lifestyle you’re looking to achieve, or would a spacious home or villa be more appropriate? Also consider the amenities that are non negotiable to you, for example parking, high speed internet access or air conditioning.

Property location

Whether you’re in Australia, Europe or somewhere else, location can have a huge impact on property prices and lifestyle. Greece has everything from remote, mountainous villages to busy cities and stunning coastal towns. It’s up to you to decide where is best for your and your goals.

Property condition

Condition is also an important factor to look at. An older or run down property may be cheaper initially or have more character, but could cost more in upkeep or renovations. It’s worth considering how much time, effort and money you’re willing to put into bringing a property up to the standard you want.

Can you get a mortgage in Greece as an Australian

Technically there’s nothing stopping a Greek bank giving an Australian a mortgage, so it largely comes down to whether or not you meet the bank's requirements.

Depending on the bank, there may be some difference in how much they are willing to lend you as a foreigner, and for how long. For example, Eurobank offers mortgages of up to 70% of the value of the property to Greek citizens, but only up to 65% for Australian citizens. They also allow floating-rate loan terms of up to 30 years for Greek citizens and just 15 years for Australians.⁵

Something else to keep in mind is you may be required to use a Greek lawyer to represent you as a proxy when dealing with the application process.⁵

Documents needed for buying a property in Greece as an Australian

Here’s some of the documents you’ll likely be asked for when buying a property in Greece.¹

• A valid passport
• Greek tax number, known as an Arithmos Forologikou Mitroou (AFM)
• A valid visa to enter Greece
• Proofs of residence
• Copy of your tax returns

What are the requirements for buying property in Greece as an Australian

As long as you can supply all of the relevant documents, including the Greek tax number and valid visa we just mentioned, there are no additional legal requirements placed on Australians when buying a home in Greece.

There may however be some localised legal restrictions in certain areas, which prevent foreigners from buying property. Examples of this include properties near military facilities or on some of the smaller islands.⁷

What are the taxes and fees usually levied on property purchases in Greece

There are a few different taxes that are levied on property purchases in Greece, including some that apply after you’ve bought the place.⁵

Tax	Value
Transfer tax (FMA)	3.09% of the property value
Value added tax (VAT) for new properties	24% of the property value
Capital gains tax	15% of the profit on any property sold within 5 years of purchase
Annual real estate property tax (ENIFA)	A variable primary tax which is determined based of a range of factors Plus an additional secondary tax of 0.10% to 1.15% for properties valued over €200,000
Municipal tax (TAP)	0.025% to 0.035% of the property value, usually added to the electricity bill

As seen on 3 September 2023

In terms of fees, you may encounter some of the following depending on how you choose to go about the purchasing process.⁷

• Lawyer fees
• Real estate agent or buyer's agent fees
• Property inspection fees
• Public registration fees
• Notary fees
• Fees for exchanging AUD to EUR

Steps to take to buy a house in Greece

In basic terms, here’s the steps you’ll need to follow when buying a property in Greece. This excludes applying for a Greek tax number which you’ll need to complete the sale.¹ \

1. Conduct research and decide on the location and type of property you want to buy
2. Find potential properties by looking online or using an agent
3. View the properties you’re particularly interested in
4. Select the property you want to buy and complete any additional checks or inspections you want to do
5. Negotiate and agree on a price
6. Pay a deposit of around 10% to reserve the property and get the preliminary contract
7. Draft and approve the final contract before signing the deed in front of a notary
8. Submit the required paperwork to the relevant Greek authorities

Avoiding scams when buying a property in Greece

For many, becoming a victim of a fraud is one of the biggest worries when buying property abroad. Here’s a few tips to remember to help you avoid being scammed.

• Don’t hand over a deposit before speaking to the seller and viewing the inside of the property yourself.
• Have a property inspection completed to check for any issues that aren’t immediately evident.
• Check to ensure there are no liens on the property.
• Verify that the people selling the property actually have the legal authority to do so.

Wise for sending large amounts

Sending large amounts of money can be frightening and the fees add up fast — but not with the Wise large money transfer service.⁹

Wise is a specialist in sending large amounts overseas, securely. The added bonus is that with a sliding fee scale, the more you send, the more you save. The exchange rate is always based on the mid-market rate, like the one you’d see on Google.

Safety is super important at Wise and it’s regulated wherever it operates. In Australia, it is regulated by the Australian Securities and Investments Commission (ASIC) and holds an Australian Financial Services Licence (AFSL number 513764). On top of this, Wise has dedicated compliance teams and systems working around the clock to keep our customers’ money safe.

You’ll need to keep in mind how much your receiving bank will accept in one transaction, check with them first before making the transfer.

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This article is purely for general information purposes and is not to be taken as financial advice. We recommend that you obtain independent financial advice before making any form of investment.

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Sources:

1. Get Golden Visa - Buying Property in Greece
2. Bank of Greece - Indices of residential property prices: Q1 2023
3. Eurostat - Rents rise, house prices fall in the EU in Q1 2023
4. Spitogatos - Spitogatos Property Index
5. Eurobank - Mortgage Loan for Non Residents
6. Get Golden Visa - Property Taxes in Greece
7. Residence Greece - How to buy property in Greece
8. Australian Government - Greece Country Brief
9. Eligibility is subject to verification of customers' identity

Sources checked on: 4 September 2023