Greece
As an EU member state, Greece provides its residents and citizens with numerous benefits, such as high safety standards, excellent education, robust healthcare, and a reliable legal system.
Greece Real Estate
Everything you need to know about acquiring premium real estate in Greece and its link to the Greece Golden Visa Program.
Real Estate Holding Period: Required to maintain and renew the residence permit.
Minimum Investment: EUR 250,000
Types of Ownership: Sole or shared ownership.
Rental Income Opportunity:
2.5–4.5% on residential property.
5–7% on commercial property.
Greece Real Estate Market Overview.
The Greek real estate market has recovered after the global financial crisis, which caused a significant decline in property prices. In 2017, Athens real estate was 44% below its 2008 peak. However, the market has gradually recovered, with house prices showing small increases in 2018. The recovery is mainly due to a booming tourism industry, which has driven up demand for holiday homes, particularly on the popular Greek islands.
Restrictions on Foreign Buyers:
Foreign buyers are subject to restrictions in border areas such as the eastern Aegean, Dodecanese, Thrace, and northern Greece. These restrictions can be lifted with a special request, provided the intended use of the property is disclosed. The Ministry of National Defence grants permission following a request to the relevant regional committee.
How to Acquire Real Estate in Greece:
Obtain a tax identification number and open a bank account.
Conduct a land registry search to ensure the property is clear of encumbrances.
Pay the transfer tax.
Sign the contract before a notary and register it at the local land registry.
The property must be registered with the tax authorities within three months. This process can be managed through proxies.
Bank Account Requirement:
A bank account is not mandatory for property purchase but is recommended for facilitating the transaction and tax processes. The applicant needs to provide required documents such as proof of tax residence and source of funds.
Additional Expenses in Real Estate Transactions.
Notary Fees: 1.2–1.5% of the property value.
Land Registry Fees: 0.5–0.7% of the property value.
Transfer Tax: 3.09% of the property value.
Real Estate Agency Fees: 2% of the purchase price.
Expected Returns from Property Investment.
Property in Greece is relatively easy to rent out. Expected annual rental returns are approximately 4–5% after expenses and taxes. In central Athens, the gross rental yield is around 4.49%, while outside the city center, it is about 4.05%.
Rental Income Taxation
Rental income is taxed progressively:
15% on income up to EUR 12,000.
35% on income between EUR 12,000 and EUR 35,000.
45% on income over EUR 35,000.
Other Taxes and Charges.
Property owners in Greece are also liable for taxes related to their immovable property. The Uniform Real Estate Property Tax (ENFIA) is based on factors such as location, price zone, surface area, and year built. The tax is approximately EUR 5–10 per square meter annually (roughly 0.2% of the property’s taxable value).
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