Buying property in Greece as a foreigner can incur a lot of stress. There are many moving parts involved in buying a property in Greece, such as taxes, financing and other types of paperwork.
Foreign nationals can buy property in Athens, including land, with ownership rights that are largely equivalent to those of Greek citizens. This encompasses the freedom to buy, sell, and inherit property with minimal restrictions.
According to Global Property Guide, as of Q1 2024, the average gross rental yield in Greece was 4.82%, down from 5.22% in Q3 2023. In Athens, Greece's capital city, house prices rose by 9.35% (5.94% in real terms) in Q1 2024 from a year earlier, a slowdown from the prior year's huge growth of 17.39%. During the latest quarter, house prices were up 2.58% (2.93% in real terms).
There are many neighborhoods in Athens that vary in demographics, size, culture, lifestyles, and landscape. This is why it is important to visit all of the different areas prior to purchasing a property.
For instance, if you are buying in the south suburbs like Glyfada or Voula, then you would be close to seaside areas like the Athens Riviera or Vouliagmeni beach.
For more information on where to buy property in Athens, read our guide on 7 Best Neighborhoods to Live in Athens.
You need to prove that you will be a borrower that will not bail on the loan, so you must have a valid residence permit.
Non-residents are eligible to obtain property loans in Greece. The Greek banking system permits foreigners to apply, as long as they fulfill certain conditions and requirements. Typically, this involves holding a valid residence permit and presenting proof of income or employment.
We strongly recommend visiting IMS (Individual Mortgage Solutions), a website that offers tools like a loan calculator to help you view loan terms, interest rates, and total monthly payments.
Bear in mind that there are different taxes and buyer's fees involved when you are buying a property in Athens.
To purchase a property in Greece, you must obtain a Greek VAT number, called the AFM. This Taxpayer's Identification Number is used to make a basic financial footprint in Greece, allowing you to complete necessary transactions such as opening a bank account, paying property taxes, and fulfilling other financial obligations related to the property purchase process.
The AFM is essential for both residents and non-residents and is required for signing contracts, paying utilities, and managing other legal and tax-related matters in Greece.
To obtain an AFM, please see more information on our blog article, How do I get a TIN (AFM) in Greece?
Foreigners, including non-EU citizens, are generally allowed to purchase real estate without residency requirements. You do not need a valid residence permit to buy property in Athens.
If you currently require assistance with obtaining an AFM or with purchasing property, feel free to book your complimentary 30-minute consultation call.