The Complete Guide to Buying an Apartment in Greece: Everything You Need to Know [2025]

Purchasing real estate abroad is one of the most significant decisions you will make — especially when it comes to Greece, a country beloved by many but fundamentally different in its culture, taxation, and bureaucracy.

In recent years, we have closely accompanied hundreds of investors throughout the entire process of purchasing property in Greece — from families buying vacation homes, to entrepreneurs managing rental property portfolios, to investors fulfilling their Golden Visa goals.

In this guide, we don’t just share professional knowledge — we share real-world, on-the-ground experience. These are insights drawn from real clients, practical lessons learned from both successes and mistakes, and expertise that cannot be gained from a spreadsheet or a desk at home.

This is experience built through years of operating in Greece: buying and selling hundreds of properties, navigating local systems, and understanding the small but critical nuances that truly make the difference.

This guide was created not only to provide theoretical understanding, but to offer concrete, practical, and actionable tools that will help you make a smart, secure, and informed property purchase in Greece.

Whether you are considering an apartment in Athens, a villa on a picturesque Greek island, or an investment property for residency purposes — this guide will walk you through every step, with full transparency, up-to-date information, and real stories from the field.

What will you learn here?

• • How to properly define your purchase goals (and why this affects everything)

  • What hidden costs exist beyond the apartment’s purchase price

  • Which areas to focus on based on your investment strategy

  • What legal representation includes — and how a good lawyer can save you tens of thousands of euros

  • How to open a bank account in Greece and transfer funds safely

  • The latest tax and regulatory rules for short-term rentals (including tighter Airbnb regulations)

  • And how to manage a property in Greece from abroad — without losing peace of mind

   

  Our goal is to help you make an informed decision, deeply understand the risks and opportunities, and avoid unnecessary mistakes — based on hands-on experience from accompanying real transactions, day in and day out, across Greece.

  So if you are considering investing in Greek property — start here.
  This is not another theoretical guide.
  This is a guide written by people who have done it themselves, and who have successfully guided others through the process.

  It’s easy to fall in love with the idea of owning a home in Greece — but before you start browsing listings or running yield calculations, there’s one crucial question you must answer:

  Why are you buying in the first place?
  Without a clear answer, the entire purchase process can easily lose direction.

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  Step 1: Understand Why You’re Buying — and What Your Real Budget Is

  Most people enter the real estate world with a general idea — but without clearly defined goals and a realistic budget, even the most attractive deal can turn into an expensive mistake.

  Why Greece? Define the Purpose of Your Investment

  • Purchase prices: Among the lowest in Europe

  • High yield potential: Rental income, especially short-term

  • Economic recovery: Strong positive trends in recent years

  • Personal use + income: Private vacations combined with partial rental

  • Golden Visa: European residency — with specific investment requirements

  • Permanent living / relocation: Lifestyle and quality-of-life considerations

  • Location advantage: Proximity to Israel

  Key Questions You Must Define

  • What is the primary goal of the investment? (Yield? Personal use? Residency?)

  • What is your true budget, including all additional costs?

  • How long do you plan to hold the property? (1 year? 5 years? Long-term?)

  • What will the income be used for? (Loan repayment? Household income? Savings?)

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  Matching Areas to Investment Strategy

  Short-Term Rental / Airbnb

  • Pangrati

  • Kolonaki

  • Kifisia

  • South Athens (Glyfada, Alimos)

  • Ilisia

  Long-Term Rental / Value Appreciation

  • Attiki

  • Kypseli

  • Kolonos

  • Votanikos

  • Sepolia

  • Gizi

  Prime Locations

  • Kolonaki

  • Pangrati

  • Kifisia

  • South Athens coastline

  • Chalandri

  • Marousi

  • Ilisia

  Stable Residential Neighborhoods

  • Kallithea

  • Petralona

  • Nea Smyrni

  • Neos Kosmos

  • Ambelokipi

  • Zografou

  • Galatsi

  • Exarchia

  Field Tip:
  An incorrect definition of your investment goals will almost always lead to the wrong choice of area, budget, or property

Without an AFM, it is almost impossible to carry out any legal or financial activity in Greece.
It can be obtained either in person at the tax office or through a tax representative holding a power of attorney.

Roy, an investor, planned to purchase a small apartment in Psirri—one of Athens’ most sought-after areas for short-term rentals. His plan was to invest approximately €250,000 in order to qualify for a Golden Visa.

At the last minute, however, it became clear that the law had changed: Psirri now requires a minimum investment of €800,000 for residency eligibility, making the deal no longer relevant for him.

This is where our experience came into play. Thanks to our deep understanding of local regulations and the market, we presented an alternative solution: a property in Pangrati, a growing residential neighborhood, priced at €250,000, which was still eligible for the Golden Visa program.

Moreover, the property had undergone a legal conversion from commercial to residential use, allowing Roy to meet all requirements—both legal and practical.

Thanks to flexibility and a clear understanding of the regulatory landscape, Roy not only secured his visa, but also ended up with a larger apartment in an area with strong appreciation potential.

Field Insight:
In Greece, it’s not uncommon for new laws to take effect while even professionals are unsure how they will be implemented. There are gray areas, open questions, and often no clear guidelines. At Beta, we work with people who know the system from the inside—those who can read between the lines and act even when written instructions don’t yet exist.

The New Golden Visa Investment Thresholds

The updated law divides Greece into zones with different minimum investment requirements:

€800,000

• One property of at least 120 sqm

• High-demand areas, including:

  • All of Attica (Greater Athens)

  • Thessaloniki

  • Mykonos

  • Santorini

  • Islands with more than 3,100 residents

€400,000

• One property of at least 120 sqm

• All other regions of Greece

€250,000

• Special qualifying properties, such as:

  • Listed buildings designated for preservation and restoration

  • Properties converted from commercial to residential use

  • Properties located in rural areas

In all cases, the investment must be made in a single property only.

Property Tours – See, Feel, and Examine in Depth

Whether you visit Greece in person or conduct a virtual tour through a representative, there are key elements you should examine carefully. These are not “red flags” per se, but warning signs that can help you identify potential issues before they turn into serious problems.

Physical Checks Inside the Property

• Building façade and entrance – Neglect may indicate poor building management.

• Bathrooms – Look for signs of dampness, mold, leaks, or outdated plumbing.

• Electrical and water systems – Ask when they were last upgraded and whether issues recur.

• Smell in the air – Odors of sewage, mold, or humidity may indicate infrastructure problems.

• Noise levels – Nearby bars, bus stops, or noisy neighbors are better discovered now.

• Water pressure – Check showers and sinks.

• Ceiling height

• Neighbors – Try to understand who lives in the building.

• Layout and structure – Are there columns? Can the space be reconfigured?

Environmental Checks Outside the Property

• Public transportation access – Critical even for car owners, especially for rentals.

• Proximity to daily services – Supermarkets, bakeries, pharmacies, cafés.

• Parking availability – A real weakness in Athens and tourist-heavy islands.

• Sense of safety – Walk the street at different times of day. If you don’t feel comfortable, neither will tenants.

Don’t Just Look – Know How to Inspect: Smart Tour Tips (Even Remotely)

When evaluating a property in Greece—on-site or remotely—knowing what to check makes all the difference. These tips are based on real, hands-on experience with hundreds of properties.

• Use Google Street View
  Examine the building’s exterior, graffiti, trash bins, parking, active or abandoned shops—before you even send a passport scan.

• Check if the property was previously listed
  A quick Google search of the address may reveal repeated listings or failed sales—often a warning sign.

• Ask to see what isn’t shown in virtual tours
  Lobby, staircases, roof, parking. Real problems often hide there.

• Document impressions immediately after each tour
  Keep a spreadsheet with location, price, condition, pros, cons, and open questions.

• Evaluate the building, not just the apartment
  Broken mailboxes, cracked stairs, neglected entrances suggest weak management and future costs.

• Check the building year
  Buildings constructed before 1950 are very difficult to insure against earthquakes.

• Ask about common expenses (Koinochrista)
  Monthly fees vary greatly. Central heating or old elevators can be costly.

• Walk the neighborhood at different hours (including night)
  A calm street by day may feel very different after dark.

The Local Agent – Your Person on the Ground

A good real estate agent is far more than someone who opens doors. They:

• Identify deals before they are publicly listed

• Know who is selling and why

• Understand neighborhood dynamics

Important:
A professional agent is transparent about fees, speaks a language you understand (at least English), and ideally does not represent both buyer and seller in the same transaction. (This doesn’t automatically disqualify a deal—but you should be aware of it.)

Field Tip:
Never waive the use of an independent lawyer. Even if an agent “recommends” one, make sure the lawyer represents only you.

You’ve chosen an area, narrowed down options, and maybe even seen one or two properties. Now comes the less glamorous—but absolutely critical—part: making sure everything is legally sound.

Step 3: The Legal Anchor – Legal Representation & Critical Due Diligence

In Greece, a property can look perfect—but be built without a permit, carry hidden debts, or even be registered under a deceased relative. This is where your lawyer becomes your gatekeeper.

The Lawyer – Not an Expense, but Insurance

In Greece, appointing a lawyer is mandatory for the buyer. Even if it weren’t, you would still need one. A good lawyer protects you from illegal construction, hidden debts, forged documents, and more.

What Does the Lawyer Handle?

Ownership & Land Registry Check (Ktimatologio):

• Who is the registered owner?

• Are there debts, liens, or mortgages?

• Are ownership rights clean?

Building Legality Check (Polidomia):

• Was the property built according to a valid permit?

• Are there construction violations?

• Can violations be legalized (if they exist)?

• Does the physical property match approved plans and registry records?

Municipal & Utility Debts:

• Property tax, water, electricity, building fees

• Seller’s outstanding taxes

Third-Party Rights:

• Rooftop access rights, rights of way, pre-emption rights

Drafting the Purchase Contract
Representation at the Notary & Signing
Registration of the Property in Your Name

Real Case from the Field – Non-Regularizable Building Violation

One of our clients almost purchased a penthouse in Athens. Everything looked perfect—location, price, brand-new renovation. But the lawyer discovered that the top floor had been built without any permit, and in that area, legalization was impossible.

The deal was canceled—and the client avoided a loss of tens of thousands of euros.

Documents Required for Foreign Buyers

To purchase a property, a foreign buyer generally needs:

• A Power of Attorney to a local lawyer

• A Greek Tax Number (AFM)

In order for the lawyer and notary to act on your behalf, you will need to provide the relevant documents accordingly.

Note: All documents must be officially translated into Greek and stamped with an Apostille.

Field Tip:
Translations and Apostille certifications take time and cost money. Prepare your documents in advance and ask your lawyer for a precise checklist to avoid last-minute surprises. If you purchase through a professional advisory firm like Beta, you gain direct access to experienced local professionals who have worked with hundreds of foreign investors—saving you time, money, and unnecessary headaches.

If everything is clear—great. Now it’s time to move to the financial side: opening a Greek bank account, transferring funds in a fully documented manner, and ensuring that every euro can clearly demonstrate where it came from and where it is going.

Field Tip:
During the registration period, the most critical step is ensuring that the notary submits the purchase agreement to the Land Registry and receives a protocol number. This number confirms that the property registration process has officially begun.

Until the registration is completed, selling the property can be complex (depending on the notary and the buyer), so obtaining this protocol number is a key milestone that protects your ownership rights.

Ongoing Costs of Property Ownership in Greece

In addition to the purchase costs, there are ongoing annual and periodic expenses to consider:

Field Insight:
Ongoing expenses may seem minor when viewed individually, but over the course of a year they add up to a significant amount that directly impacts your return. Build a structured annual budget, include allowances for unexpected scenarios, and maintain an up-to-date file that tracks all actual expenses. An investment managed like a business, performs like a business.

Choosing between long-term and short-term rentals impacts income potential, management intensity, and regulatory requirements

Short-Term (Airbnb) vs. Long-Term Rentals

Maya’s Story: From Airbnb to a Low-Maintenance Model

Maya purchased an apartment in Athens and initially rented it out on Airbnb. The income looked promising, but the reality proved to be intensive: constant coordination, frequent cleaning, guest reviews, forgotten keys, and countless late-night messages. After six months, she switched to a long-term lease with a student tenant. While the yield decreased slightly, the time and peace of mind she gained made the decision worthwhile.

Field Insight:
Managing an Airbnb property requires far more than simply listing it online. It involves hospitality, logistics, ongoing maintenance issues, fluctuating tourist seasons, and guests with changing needs. It can be profitable—but only if you are equipped for it or work with a reliable management company. It’s not the right fit for everyone.

Rental Income Taxes in Greece – 2024 Tax Brackets

Important Notice:
This tax applies to non-residents. Annual reporting is mandatory.

Short-Term Rental Regulations: Key Updates for 2024–2025

In recent years, Greece has tightened oversight of short-term rentals (such as Airbnb and similar platforms), with a focus on taxation, regional regulation, and safety standards.
These regulations also apply to non-residents, and annual reporting is mandatory.

The good news: investors who understand the rules can prepare in advance, take advantage of available benefits, and avoid costly mistakes.

Regulatory Requirements for Short-Term Rentals

Additional Updates Expected for 2025

Field Insight:
Even if rental income is relatively modest, regulations change quickly. Choose a tax representative who stays up to date with regulatory developments and can ensure full compliance—especially if you operate under an Airbnb model or manage multiple properties.

Summary: Smart Investing in Greece Starts with the Right Guidance

Purchasing property in Greece is a real opportunity—but like any investment, it requires more than momentary enthusiasm:

• Understanding the numbers, not just the photos

• Knowing which questions to ask

• Surrounding yourself with professionals you genuinely trust

Here are a few principles that can save you thousands of euros down the road:

• Don’t rely on gut feeling—demand documents, inspections, and official approvals

• Always start by defining a clear objective: yield, residency, or personal use

• Property management is not a hobby—it’s a business, especially with Airbnb

• Choose a lawyer, accountant, broker, and management company who truly know Greece—not ones learning at your expense

Ready to Start the Process?

Thinking about the next step? This is exactly where most people get stuck—and where we know how to break the process down into clear, manageable stages.
Whether you’re just starting to explore, have already found a promising property, or simply want someone to think things through with you—we’re here.

Beta Real Estate has guided hundreds of Israeli investors toward smart property purchases in Greece, with a local team that understands how things really work—from bank bureaucracy to the property itself.

Frequently Asked Questions

1. Do I need to travel to Greece to purchase a property?

No. Through a notarized Power of Attorney (translated and apostilled), your lawyer can represent you throughout the entire process—including opening a bank account, signing contracts, and transferring ownership.
That said, a physical visit to Greece for property tours, on-the-ground familiarity, and in-person bank account opening can significantly streamline the process and save time.

2. Can foreign investors obtain a mortgage in Greece?

In theory—yes. In practice—it’s not simple.
Greek banks typically require:

• Local financial history

• Proven income in Greece

• Collateral secured on the property

Most Israeli investors purchase without financing or use loans arranged in their home country, when possible.

3. What is “Objective Value” and why does it matter?

The Objective Value (Αντικειμενική Αξία) is an official valuation set by the tax authorities based on location, floor, size, and other parameters.
Purchase tax (3.09%) is calculated based on the higher of:

• The actual purchase price

• The objective value

In simple terms: even if you buy at a bargain, you may still pay tax on a higher amount.

4. Is it advisable to purchase property through a Greek company?

It depends. In the past, this structure offered tax or operational advantages, especially for partnerships.
Today, following regulatory changes (particularly from 2024), there are new limitations:

• Higher business taxation

• Ongoing management costs

• Full reporting obligations

When does it make sense? If you plan to operate short-term rentals at scale with significant income, it may be worthwhile—but only after consulting a local accountant.

5. What if the seller hides debts or building irregularities?

If you hire a competent lawyer, these issues will be identified in advance.
A land registry check reveals liens, mortgages, and debts.
A planning authority check reveals building irregularities.

Bottom line: never sign anything before your lawyer completes these checks and gives formal approval to proceed.

6. Can I sell the property whenever I want?

Yes, but keep in mind:

• If the property was purchased under the Golden Visa program, selling before five years may revoke residency status

• If sold at a profit, capital gains tax may apply (depending on timing, amount, and regulatory changes)

7. Is the Golden Visa program relevant for me?

Yes—if you invest at least €250,000–€500,000 in Greek real estate, depending on the area.
The program provides:

• Residency for the entire family

• Free movement within the Schengen Area

• A potential pathway toward citizenship in the future

Important: always verify that both the property and its location meet the current minimum investment threshold under the updated law.