Greece Buying Guide

October 20, 2023

Your definitive guide to buying a home in Greece safely!

Greece delivers on all fronts for anyone looking for a new life abroad, including money, health, and lifestyle. With over 6,000 sun-kissed islands, ancient architecture, and a culture steeped in a long and fascinating history, it’s no surprise that tourists flock to Greece year after year.

But visiting a country is one thing; living there is quite another! To help you decide whether Greece is a good place to live, five compelling reasons to relocate to Greece;

  • Irresistible culture and language
  • Affordable cost of living
  • Excellent cuisine
  • Glorious Greek weather
  • Laidback lifestyle

What are the prices of Homes in Greece?

In addition to the actual cost of the property, there are a number of other costs that must be considered. A number of factors, such as whether the property is new-build or resale, and how you pay for the property . Cash or Mortgage will influence how much these costs total. We recommend budgeting between 10-15% of the purchase price to cover all taxes and fees.
The majority of the fees will be based on the property’s assessed tax value, which is usually less than the actual price you are paying. This has previously been calculated by local tax authorities using government criteria, and it is usually fixed. Typically, these fees will include:

  • Notary fees (1%)
  • Legal fees (1%)
  • Registration fees (3,5%)
  • Land registry fees

1st Option | Bank Loan (instalment plan through the bank)

Loan-to-value ratios are typically 60% value of the price of the property for non-Greek citizen, fixed Interest 3.75% and floating Interest (Euribor) with a maximum term of 15 years. The total of your liabilities must be less than 30% of your monthly net income.
When applying, you will need the following items:

  • Income tax returns for the previous two years
  • Bank statements from the previous year
  • Proof of income for the previous six months
  • List of existing mortgage loans
  • An accountant has confirmed your asset and liability statement.
  • a photocopy of your passport

2nd Option | Instalment plan through Valenci Luxury Developers (without interest)

  • 5% deposit (signing of private agreement)
  • 30% (signing the notarial pre-contract or contract)
  • 20% (completion of reinforced concrete structure)
  • 15% (completion of plaster jobs)
  • 20% (completion of aluminum frames)
  • 10% (delivery)

Reservation and Offer

When you find the property, you want to buy and agree on a price, the agent will usually ask you to sign a reservation agreement to remove the property from the market at the agreed-upon price. This is usually for 5-10 days. Normally, you’ll pay at least €5,000, but it could be as much as €10,000 or more, depending on the property’s value.