Buying a Listed Building in Greece: What Foreign Buyers Should Know About Greece’s New Restoration Grant

If you’ve ever dreamed of owning your own neoclassical townhouse on a Greek island, now may be one of the most interesting times to invest.

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Earlier this May, the Greek government has announced a new subsidy program, known as Diatiro (“Preserve”), designed to encourage the restoration of privately owned listed buildings. The initiative aims to preserve Greece’s architectural heritage while bringing thousands of abandoned historic buildings back into use.

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In this guide, we’ll explain basic terms, how the program works, who qualifies, and what international buyers should know before purchasing a protected property.

What Is a Listed Building in Greece?

A listed building (“διατηρητέο”) is a property that has been officially recognized for its historical, architectural, or cultural significance.

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This may include:

• Neoclassical homes
• Venetian mansions
• Traditional island houses
• Historic urban residences
• Industrial heritage buildings
• Historic commercial buildings

Because these buildings are part of Greece’s cultural heritage, owners cannot freely renovate or demolish them.

What Is Greece’s New Restoration Subsidy?

The Diatiro (“Preserve”) program will help owners restore privately owned listed buildings by covering up to 50% of eligible restoration costs.

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According to the Ministry of Environment and Energy, the program has an initial budget of €75 million, funded through the European Union, with the possibility of expansion if demand is high.

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Eligible works are expected to include:

• Structural repairs
• Roof restoration
• Facade restoration
• Energy efficiency improvements
• Other approved conservation works

One important condition is that projects must also include energy upgrades, as this was required under the EU funding framework.

Why Is Greece Launching This Program?

Across Greece, thousands of listed buildings stay vacant because restoration costs are often too high for its owners.

Many deteriorating buildings sit in prime neighborhoods but require extensive structural work before they can be safely occupied.

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The subsidy will therefore aim to:

• Preserve Greece’s architectural heritage
• Revitalize historic neighborhoods
• Encourage private investment
• Increase available housing for the local population
• Reduce the number of abandoned buildings

Can Foreigners Buy Listed Buildings in Greece?

In short, yes. Foreign nationals can generally purchase listed buildings in Greece, although properties located in certain border areas may require additional approval.

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However, owning a listed property also means complying with heritage protection laws. Building renovations usually require approval from the Ministry of Culture and other authorities before work can begin.

Can Foreign Buyers Apply Under this Restoration Program?

Even though the government has announced the framework for the program, its eligibility criteria are still unknown.

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Whether foreign owners can access the subsidy will depend on the final program rules, including residency, ownership status, and project requirements.

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If you’re considering purchasing a listed property specifically because of the grant, it’s worth waiting until the official application guidelines are released before making any decisions.

Is Buying a Listed Property in Greece a Good Investment?

For some buyers, absolutely. Historic homes that offer timeless architecture in prime locations, are likely to have long-term appreciation potential and strong character that modern buildings can lack.

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Here are some benefits of a listed property:

• Architectural character
• Prime locations in historic neighborhoods
• Larger room proportions
• Original stonework and craftsmanship
• Long-term appreciation potential
• The satisfaction of preserving Greece’s cultural heritage

Many restored heritage homes also become exceptional family residences, boutique guesthouses, or second homes that retain their uniqueness for generations.

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However, listed buildings also come with additional responsibilities. Owners should expect:

• Higher renovation costs
• Longer approval timelines
• Heritage restoration requirements
• Specialist architects and engineers
• More complex permitting procedures

For buyers seeking a turnkey investment, a newer property may be the more practical option. For those drawn to the character, history, and long-term potential of a heritage home, however, a listed building can be an incredibly rewarding project. If that sounds like the kind of property you are considering, the next sections will help you understand the costs, risks, and practical steps involved.

Restoration Costs Explained

Realistically, restoring a listed building in Greece is a huge financial investment.

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Unlike a standard renovation, restoring a protected property requires careful planning, specialist expertise, and compliance with Greek heritage regulations. The final cost depends on many factors, including the building’s condition, size, location, historical significance, and the scope of the restoration.

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Your typical restoration expenses can include:

• Structural engineering assessments
• Architectural drawings and restoration plans
• Heritage conservation studies
• Building permits and approvals
• Roof repairs and waterproofing
• Stone masonry and façade restoration
• Traditional windows, doors, and shutters
• Electrical and plumbing upgrades
• Energy efficiency improvements
• Interior restoration
• Professional fees for architects, engineers, and legal advisors

Because every listed building is unique, a property requiring only light restoration work will differ significantly from one that has been abandoned for decades and requires extensive structural upgrades.

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If you’re still considering your purchase, read our Greece Property Guide: Why Expats Shouldn't Buy Alone, before making an offer.

Hidden Costs Buyers Don’t Expect

Some of the most common hidden costs associated with restoring a listed building in Greece can include:

Structural surprises

Older buildings can conceal issues such as weak foundations, water damage, deteriorating timber, or earthquake-related movement that only become apparent after restoration begins.

Heritage approval delays

Because listed buildings are protected, restoration plans often require review and approval from the relevant authorities. This process can extend project timelines, and can range from a few months to years.

Specialist craftsmanship

Traditional restoration frequently requires highly skilled craftsmen familiar with historic construction methods and materials, which may increase labor costs.

Archaeological discoveries

In some cases, excavation work may reveal archaeological remains, requiring additional procedures before construction can continue.

Utility upgrades

Many historic buildings require complete replacement of electrical systems, plumbing, drainage, insulation, and heating infrastructure.

Inflation and material availability

Specialized materials and traditional construction products may be more expensive or take longer to source than standard building materials.

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Setting aside a contingency fund of approximately 15-20% of your renovation budget is often considered good practice when restoring older properties.

Step-by-Step Buying Process

Purchasing a listed building in Greece follows many of the same legal steps as buying any other property, with other considerations relating to heritage protection.

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Here are all the steps involved in a typical process:

1. Find the right property

Work with an experienced real estate professional who understands historic properties.

2. Complete legal due diligence

Your lawyer should verify ownership, title deeds, planning history, and any legal restrictions affecting the property.

3. Obtain a Greek AFM number

Before purchasing property in Greece, foreign buyers will need a Greek tax identification number (AFM). Learn more about our AFM Application Service.

4. Open a Greek bank account (if required)

Although not always mandatory, many buyers choose to open a Greek bank account to simplify payments and ongoing property expenses. Read our guide on How to Open a Greek Bank Account.

5. Commission technical inspections

Arrange structural surveys and engineering reports before finalizing the purchase.

6. Develop a restoration plan

Consult architects and engineers experienced in listed buildings.

7. Apply for approvals

Submit restoration plans to the relevant authorities before work begins.

8. Begin restoration

Once approvals are granted, restoration can begin with qualified professionals.

Residency and Tax Considerations

Buying property in Greece does not automatically grant residency or make you a Greek tax resident.

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These are separate legal processes.

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Depending on your nationality and long-term plans, you may need to consider:

• Residency permits like the Financially Independent Person (FIP) and the Digital Nomad Visa
• Golden Visa
• EU Registration Certificate
• Tax residency rules
• Double taxation agreements

Similarly, purchasing property does not automatically trigger Greek tax residency. Read what factors may determine your tax residency.

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Tax residency depends on several factors, including the amount of time you spend in Greece, the location of your economic interests, and applicable tax treaties.

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Because every situation is different, buyers should seek professional legal and tax advice before relocating.

How My Greek Expat Journey Can Help

Buying a listed building involves much more than signing a purchase agreement.

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Many international buyers also need assistance navigating Greece’s administrative system before they can begin their restoration project.

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At My Greek Expat Journey, we help simplify the practical side of relocating to Greece through personalized relocation assistance and trusted local expertise.

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Whether you’re relocating permanently, purchasing a vacation home, or investing in Greece real estate for expats, we’re here to help you navigate the process with confidence.

Frequently Asked Questions

Can foreigners buy listed buildings in Greece?

Yes. Foreign nationals can generally purchase listed buildings in Greece, although additional approvals may be required for properties located in certain border regions.

Does buying a listed building automatically qualify me for the restoration grant?

Not necessarily. Eligibility depends on the official program requirements and whether your project meets the funding criteria.

Can I renovate a listed building however I like?

No. Listed buildings are protected by heritage legislation, and restoration work typically requires approval from the relevant authorities before construction begins.

Does buying property give me Greek residency?

No. Property ownership alone does not automatically provide a Greek residency permit. Separate residency pathways are available depending on your circumstances.

Does buying property make me a Greek tax resident?

No. Tax residency depends on several legal factors, including the amount of time you spend in Greece and your personal circumstances.

Do I need a Greek AFM number to buy property?

Yes. A Greek AFM (tax identification number) is generally required before purchasing property in Greece.

Can I apply for the restoration grant after purchasing the property?

Applications are expected to follow the official rules of the Diatiro program. Buyers should confirm eligibility, deadlines, and documentation requirements once the application process opens.

Is restoring a listed building a good investment?

For buyers seeking long-term value, architectural character, and a unique property, restoring a listed building can be highly rewarding. However, it also requires careful planning, realistic budgeting, and patience.