Have you been dreaming of a villa or a holiday home by the Mediterranean? We certainly don’t blame you. But how to buy property in Greece as a foreigner? The good news is Greece joined the European Union in 1981, so it uses the Euro and familiar laws.
Greece is not going to blow you away in terms of heat (as it might if you were moving from, say, the United Kingdom), but plenty of Aussies are still drawn here because of Greece’s culture and relaxed lifestyle. You could even be thinking about renting out a Santorini loft from Sydney.
The Greek property market has had its ups and downs. Prices surged strongly in 2021-2023, but they’re still below their 2010 peak. In practice, this rebound means bargains can be found, especially on holiday islands or in rural towns, but conditions are naturally going to vary depending on where you look.
For context, prices differ widely: as of 2025, prime Athens averages around €2,200 per square metre, whereas touristy spots like Santorini or Mykonos can be near €4,000/m². You basically breathe in Mykonos and you’ve spent €20.
But if you’re considering investment rentals, note that Greece will ban new short-term rental licences in central Athens starting 2025 to ease overtourism and housing pressure.
Documents and Local Steps
First off, you’ll need a Greek tax number. Known as a tax registry number (AFM), it’s mandatory for the entire purchase process. You apply for an AFM at the local tax office (DOY). (If you can’t visit Greece, a lawyer or accountant can get one for you by power of attorney.) Put simply, no AFM, no deal.
Next, open a Greek bank account. You’ll want one to handle:
- The deposit
- Purchasing property
- Taxes
- Utilities
Along the way, you’ve got to gather a few essential documents: Greek authorities will expect your valid passport, the new AFM, and proof of income or tax returns (like when applying for a mortgage at home). You’ll also need a valid entry visa for Greece. Beyond that, Australians face no extra restrictions compared to EU citizens. As long as you have your paperwork in order, Greek officials treat you like a local.
Local Assistance
It’s also very helpful to engage a local real estate agent and a lawyer who knows about the Greek real estate market. An agent brings market smarts – knowing which neighbourhoods suit retirees versus holiday rentals – and they speak the local language of listings and negotiations.
A lawyer handles due diligence: checking title at the local land registry (Ktimatologio) to make sure the seller is the legal property owner and that there are no surprises like unpaid taxes or illegal additions. This attention to detail helps avoid problems later.
Searching for Properties
Once you’re ready to search, remember that Greece offers a variety of homes. A Greek property purchase can vary from central Athens flats to hillside villas on Crete. Many Australians look at beach towns or islands for that holiday vibe, but also check up-and-coming regional areas.
Use international property portals or have your agent set up targeted viewings. If possible, visit in person: seeing the view and testing a village’s vibe just can’t be done online. Also ask your agent to gather the last year of utility bills and title deeds in advance – these can reveal hidden costs or needed repairs.
When you find the right place, the offer-to-contract stage begins. You make a formal offer, and if the seller accepts, it’s common to sign a preliminary contract (a compromis) with about a 10% deposit. This locks in the deal under agreed terms (purchase price, closing date, etc.) for both sides. If you later back out without chuse, you’ll usually forfeit that deposit, so double-check everything before signing.
Signing the Deed (Final Contract)
Within a few weeks of the preliminary agreement, the final contract is signed in front of a Greek notary. Both you as the buyer and the seller (who are the current property owners) need to show up for this, each with valid ID and their AFM.
At the signing, you then have to pay the remaining balance of the purchase price plus all the associated costs. For a resale home, that includes the property transfer tax – typically around 3% of the property’s assessed volume – plus a small stamp duty. (New builds incur 24% VAT instead.)
After the Sale
The notary or your lawyer then registers the sale with the local land registry. This part’s exciting since it legally finalises your property ownership. The title deed is put in your name; only after registration can you truly say you own the house. So until this actually happens, the property isn’t officially yours, no matter what the contracts say. After registration, you can transfer utilities into your name, and the local tax office will send any future property tax (ENFIA) bills to you.
Make sure you’re ready for a few extra costs too. Besides the deposit and property purchases, budget roughly 8-12% of the price for closing costs. These include notary and registry fees, any agent or lawyer commissions, and the taxes we mentioned above. We’d recommend that you keep some euros in your Greek bank account so you can cover these when the time comes.
Additional Considerations
As touched on earlier, Greece welcomes Australian buyers under the same terms as its own citizens. Still, you’ll need to coordinate between two countries, which means:
- Setting up international money transfers
- Converting currency
- Timing any travel
One practical tip: Australian banks will ask for paperwork when you transfer large sums overseas. Keep your documents ready and consider locking a good AUD/EUR rate (a specialist transfer service can help).
Tax-wise, expect to pay Greek levies. For instance, Greece charges about 15% capital gains tax on any profit if you sell within five years, and it imposes a modest annual property tax on owners. You’ll also need to report any rental income or profit in Australia, though a tax treaty usually avoids double-taxation.
If you’re thinking about staying there for a bit longer, consider Greece’s Golden Visa. Buying €250,000+ in property (or €500,000 in hot zones) actually earns a residency permit. This isn’t required just for buying – it’s really an extra perk. Greek bureaucracy can feel relaxed: the notary signing is formal, but expect it to take time. Your Greek lawyer should be able to handle many of these steps for you if you can’t be there in person.
So, if you’re thinking about buying a permanent home abroad or even just a pure investment, make sure you take it one step at a time. The process is straightforward once each requirement is met.
How Upscore Can Help
To top it all off, consider a tool like Upscore’s Finance Passport. It helps Aussie buyers by compiling and verifying all your financial documents upfront, completely for free!
