Greece

In Greece, when buying a property, a co-marital agreement is not required for the transaction to be valid. However, it is important to consider legal aspects related to marital status that may affect the management of the property.

If you are planning to buy property in Greece, arranging an AFM should be one of the first steps to ensure that all transactions and legal formalities are carried out in accordance with Greek law.

Step-by-step AFM acquisition:

1. Finding the right tax office
2. Document preparation: To obtain an AFM, you will need a valid passport or other identity document with photographic proof. Non-EU citizens may also need additional documents, such as a visa or proof of legal residence in Greece.
3. Visit to the tax office: When you visit the tax office, you need to fill out an AFM application form.
4. Submission of application: After completing the form, submit it along with the required documents to the tax office.
5. Obtaining an AFM: An AFM number is usually issued on the spot, although sometimes a few days may be needed to process your application. Once you receive your AFM, you will be registered as a taxpayer in Greece.

Alternative methods for obtaining AFM:

• By proxy
• At the consulates of Greece

Step 1: Select a bank

Step 2: Gather the necessary documents

• A valid passport or other identification document.
• Greek tax identification number (AFM), which is required for all financial and tax transactions.
• Proof of address (e.g., utility bill, rental agreement). In the case of foreigners, this can be proof of residence from the country of origin.
• Sometimes banks may require additional documents, such as a bank statement from another country, a certificate of employment or proof of source of income.

Step 3: Visit the branch

Step 4: Verify and open an account

Making a transfer from Poland to Greece is easy and can be done through both traditional banks and modern financial platforms.

Yes, paying for a property in Greece by wire transfer from a Polish bank is possible and relatively simple, but it requires proper preparation and understanding of both the banking process and legal requirements.

Payment for a property in Greece through Revolut is technically possible, but it requires proper preparation and checking of details from both the technical and legal side.

In Greece, if the documents needed for a real estate transaction come from a country that is a signatory to the Hague Convention, such documents must be endorsed with an apostille certificate to be considered legal. In the case of Poland, documents such as marriage certificates, birth certificates, powers of attorney or court documents needed for a real estate transaction in Greece must be certified with an apostille.

Confirmation of the origin of financing is a standard requirement when buying property in Greece and a key part of the process of ensuring the legality and safety of the transaction.

Yes, if you use Polish documents in the process of buying property in Greece, these documents must not only be translated into Greek, but also legalized with an apostille.

Documents drawn up by a Polish notary may be honored by banks in Greece, but must be properly legalized and translated to comply with Greek laws and procedures.

• finding the right office
• submission of the application
• Payment of fees
• Awaiting the release of information

It is advisable to use a lawyer specializing in real estate in Greece in the process of checking the land registry. A lawyer can help interpret the information contained in the land registry, as well as advise on legal issues related to the purchase of real estate.

In some regions of Greece, online services are available to check land registry data remotely. Online systems may require registration and are available on the websites of the relevant cadastral offices.

VAT on new property

1. VAT rate: For new properties in Greece, the buyer usually has to pay VAT, the rate of which is 24% of the property’s value.
2. VAT exemptions: There are some exceptions to this rule, especially in areas with less tourism, where the Greek government is trying to encourage investment through tax reductions. In some cases, such as on some islands with smaller populations, VAT on new properties may be reduced or even eliminated altogether.

Other fees when buying a property

• Deed tax: Traditionally, when buying property in Greece, the buyer had to pay a deed tax, which usually ranges from 3% to 10% of the property’s value. This tax does not apply to the purchase of new properties subject to VAT.
• Notary and legal costs: In addition to VAT, the buyer should also factor in notary costs, which are usually around 1-2% of the property’s value. In addition, there may be additional costs for legal services and translations.
• Registration fees: These are property registration fees, which are usually around 0.5% of the value of the property.

1. VAT rebates

For new properties that are purchased directly from a developer, the standard rate is 24% VAT. However, in some areas of Greece, mainly on smaller islands or in less developed regions, the VAT rate may be reduced or even abolished altogether to encourage investment.

2. Exemptions for the first purchase

Greece sometimes offers tax breaks for first-time property buyers. These concessions can include reduced tax rates or complete exemptions, but they are usually only available to people who meet certain criteria, such as citizenship, permanent residence in Greece or income brackets.

3. Incentives for Energy Efficiency

Greece may offer incentives to those who invest in energy-efficient properties or make improvements that increase the energy efficiency of existing properties. Such investments can be supported by tax credits or grants.

1. basic standards

• Flooring: ceramic or stone tiles are often used, especially in kitchens, bathrooms and balconies, while wooden floors or high-quality laminate are popular in bedrooms and living rooms.
• Bathrooms: Usually equipped with modern fixtures, shower stalls or bathtubs, often with pre-fitted hot water systems.
• Kitchens: In many cases, kitchens come with basic cabinets and a countertop, with no appliances, although some developer projects may offer full appliances.
• Installations: Standard electrical, plumbing and air conditioning installations.

2. premium standards

• Higher quality materials: Use of better finishing materials, such as natural stone, wood or imported tiles.
• Comprehensive kitchen equipment: including modern appliances, high-quality countertops (such as quartz or granite) and custom-made cabinetry.
• Additional amenities: Such as smart home systems, advanced security systems, underfloor heating, air conditioning in every room.
• Green solutions: such as solar panels, water recovery systems, better thermal and acoustic insulation.

• Credit rating
• Property selection
• Submission of an application
• Bank analysis and approval process
• Credit offer
• Signing of the loan agreement
• Payment of funds to the seller of the property.

Additional requirements

During the loan process, there may be additional requirements, such as fire and other insurance for the property, that the bank deems necessary to secure its investment.

While the presence of both spouses when buying property in Greece is not absolutely required, it is important that all contracts and documents are properly prepared and legal. A power of attorney can be a useful tool to enable one spouse to make a purchase on behalf of both, provided it is properly drafted and legalized.

The ability to live immediately in a property purchased from a developer in Greece depends on the legal and construction status of the property and the completion of all required paperwork.

Yes, a bank in Greece can block a transfer from Poland under certain circumstances. If you plan to send large sums of money or conduct international transactions on a regular basis, it is a good idea to inform your bank in advance to avoid potential delays and complications.

Typical Commission Rates

• Commission Rates: Typically, commissions for real estate agents in Greece range from 2% to 5% of the sale value of the property. The rate depends on many factors, including the value of the property, the location and the specifics of the transaction.
• Contracts with Developers: Developers often negotiate commission rates directly with real estate agencies. In cases where a developer offers many properties for sale through a given agency, commissions may be lower as a result of the higher volume of transactions.

1. Property registration

2. Required documents

• Proof of ownership or lease agreement (if you are not the owner),
• Property plan,
• Proof of owner’s identity,
• Property energy certificate,
• Declaration that the property meets all health and safety requirements set by Greek regulations.

3 Tax procedure

4. Consent of the housing community

5. Compliance with local regulations

6 Insurance

7. Keeping a register of visitors

The time to decide whether to buy a property in Greece after viewing it depends on a number of factors, such as preliminary contracts, the property market and arrangements with the developer or seller.

In Greece, there is an older tradition where a 2% commission fee is charged to the buyer based on the property’s value, with a minimum of 1,000 euros for lower-priced properties.

So far, it hasn’t been necessary. While married, each spouse can purchase property without the other spouse’s presence.

Yes. The transfer can be made from a foreign currency account. However, there may be a slight delay as the transfer takes around three days. It’s advisable to transfer funds a few days before the property transfer deed, where the seller will confirm receipt of the total amount. It can also be done during the deed, though this would be a conditional deed. The most prudent approach is an immediate transfer after agreeing on the transfer type with the seller.

Yes. A Revolut transfer is the most efficient and secure option, though it’s essential to inform the seller in advance.

If using the services of our lawyer and granting them power of attorney at a Greek notary office, similar to granting power of attorney within Greece, all documents are created in Greece, in Greek, and do not require certification.

It’s essential to be cautious, as Greek tax laws vary. Generally, the rate is 3.09% (rather than 10% as before January 1, 2014) for properties from investors with building permits issued before January 1, 2006, though it has been 24% for permits issued after this date. For properties purchased from a private owner, the tax remains 3.09%, regardless of the building’s construction date. The 24% tax has been suspended but could return (Article 6, VAT Code, L.2859/2000).

I’m unaware of any exemptions.

One spouse can handle the purchase, and at the notarial deed, our lawyer can act on our behalf, so we do not need to be present.

Typically, it’s 2% of the property’s value, with a minimum of 1,000 or 1,500 euros for lower-value properties.

The broker I work with provides the following details:

Loan rate:

• From 4.5% to 5% annually.

Amount:

• For purchases, the loan amount should not exceed the debt amount specified in the contract. The maximum financing percentage is 60% of the property’s market value.

Duration:

• The maximum loan period is set at 15 years. The borrower must not exceed 65 years of age at loan maturity.

11. What is the total cost when buying property in Greece?

Using an example, the costs associated with property registration in Greece include transfer tax, legal and notarial fees, and services.

If the property value is 100,000 euros and the transfer tax is 3.09%, costs are as follows:

• Lawyer’s fee: 100,000 x 1.5% = 1,500 € (plus VAT 24%) = 1,860 €
• Notary: 100,000 x 1.5% = 1,500 € (plus VAT 24%) = 1,860 €
• Transfer tax: 100,000 x 3.09% = 3,090 €
• Land Registry: 100,000 x 0.5% = 500 €
• Broker: 100,000 x 2% = 2,000 € (plus VAT 24%) = 2,480 €

Total expenses amount to 9,790 euros (this amount cannot be considered as a % of the property’s value).

If the cadastral value exceeds the market value of the property, costs are calculated based on the cadastral value.

I do not recommend purchasing property online in Greece. Even new properties can have prior legal or construction issues. I always recommend control services through a previously mentioned lawyer.

Reservation involves signing a suitable contract and paying a set amount that may be transferred to another property or refunded. It should be noted that this is not a preliminary agreement.

I often emphasize that the most crucial step is choosing your dream property. The rest becomes much simpler:

1. Reserving the property, paying the required reservation amount, and initiating price negotiations.
2. I recommend partnering with a Polish lawyer in Greece with whom I collaborate.
3. Granting power of attorney to the lawyer to assign us a tax ID number (AFIMI), which requires our presence at a Greek Public Service Office or a police station to authenticate our signature before Greek authorities.
4. Granting power of attorney to the lawyer to conduct all transactions related to property purchase via a notarial deed with a notary.

Note: The steps in points 3 and 4 are worth completing even if we haven’t chosen a property yet, but are committed to purchasing any property in Greece. The tax ID will be necessary. Power of attorney is given to a lawyer not for a specific property, but for any property, which can expedite matters in the future. After careful online arrangements, we can prepare all documentation here, and during our stay and viewings, grant the necessary powers of attorney in one day.

It’s uncommon, but I recommend conducting price negotiations in writing by submitting a written offer signed by a lawyer. This approach can allow us to propose a lower price, but represented by a lawyer, and already having an AFIMI, we appear much more credible to the seller than just another foreigner making an offer.

After the offer is accepted, the lawyer prepares a preliminary agreement. A significant point here is to use a deposit rather than an advance as a guarantee of purchase intention. The deposit is non-refundable if the buyer withdraws, but should be returned double if the seller withdraws.

The best method is a fast transfer from their account to the seller’s account.

If the preliminary agreement included it as a deposit, it is forfeited.

A minimum of one trip is required to view properties and grant all necessary powers of attorney. After that, we can return as full-fledged property owners.

Reservations can be made online. You need to sign the appropriate document with an agent and make a transfer from a Polish foreign currency account.

Our agent can handle this for an additional fee.

If the property has no legal issues, it requires only basic checks and the availability of a lawyer. In favorable conditions, this can be completed in one or two months.

Whether buying a new or used property, I recommend the same power of attorney and the same procedures I outlined above.

Ideally, this should be done immediately after the notary act.

No.

Property maintenance costs in Greece include:

• Property tax
• Property insurance
• Utility and public service costs

TAX

Until recently, the main property tax rates in Greece were:

• €2.80/sq m for properties in areas where the average price per square meter is between €751 and €1,500.
• €3.70/sq m for areas where the price per square meter is between €1,501 and €2,500.
• €4.50/sq m for housing tax in areas where the price per square meter is between €2,501 and €3,000.

The tax can be paid in a single payment or in 10 installments. If the market value of the property is less than €150,000, the owner is eligible for a 30% tax discount.

INSURANCE

Insurance premiums: Property insurance is not mandatory in Greece. However, if the purchased property has a mortgage, insurance of the mortgage amount is mandatory. The annual premium for property insurance is about €350.

UTILITIES AND PUBLIC SERVICES

Utility and public service costs are based on meter readings. The average cost of services for a 50 sq m apartment is over €600 (if the apartment is occupied for 12 months a year).

Waste disposal fees are included in the electricity bill.

Stairwell cleaning, elevator service, home repairs, and heating fees (if central heating is installed) vary with neighborhood prestige and complex. For private houses, costs differ. In housing estates, maintenance costs, including cleaning, external lighting, pool cleaning, gardener, and security fees, are around €600 annually or more.

Electricity bills are issued every two months, based on meter readings.

Water bills are issued every three months, also based on meter readings.

Sample utility prices (in EUR) from previous years:

• Electricity per kWh: 0.094
• Water per cubic liter: 0.41-0.65
• Telephone + internet per month: 26
• Natural gas per m³ (11 kWh): 0.792
• Diesel fuel per liter: 1.61

The given amounts are estimates and may vary depending on the property.

It’s safest to purchase an existing building or a part of it and pay the full amount at the time of signing the notary act.

The agent will receive a commission on the transaction, regardless of the property the client chooses.

A lawyer’s power of attorney and procedures that work worldwide will apply.

Yes, unless otherwise specified in the listing.

All transactions checked in advance by a trusted lawyer are safe.

It ranges from 1.5% to 2% of the property’s value.

Not recommended, but possible.

Fixed property maintenance costs in Greece include:

• Property tax
• Property insurance
• Utility and public service costs

TAX

Until recently, the main property tax rates in Greece were:

• €2.80/sq m for properties in areas where the average price per square meter is between €751 and €1,500.
• €3.70/sq m for areas where the price per square meter is between €1,501 and €2,500.
• €4.50/sq m for housing tax in areas where the price per square meter is between €2,501 and €3,000.

The tax can be paid in a single payment or in 10 installments. If the market value of the property is less than €150,000, the owner is eligible for a 30% tax discount.

INSURANCE

Insurance premiums: Property insurance is not mandatory in Greece. However, if the purchased property has a mortgage, insurance of the mortgage amount is mandatory. The annual premium for property insurance is about €350.

UTILITIES AND PUBLIC SERVICES

Utility and public service costs are based on meter readings. The average cost of services for a 50 sq m apartment is over €600 (if the apartment is occupied for 12 months a year).

No.

Yes

Keys are usually handed over at the time of signing the transfer deed, and there are no obstacles to using the property. It is advisable to check that utility payments are settled and to arrange with the previous owner for covering any bills that may arrive in their name before contracts are transferred

Without a reservation, preliminary agreement, or deposit, the property is available until another buyer purchases it.

During demonstration visits, we usually use simple English. For all subsequent stages, we recommend hiring a lawyer who also acts as a translator.

Yes. We recommend this solution at every stage of the property purchase process.

Yes, for an additional fee. It’s also easier to arrange from major airports such as those in Athens or Thessaloniki.

No.

10,000 euros.

As many as our physical stamina allows.

Knowing the Greek mentality, I suspect they anticipate such things. In fact, I dare say that if we arrange a meeting with a Greek, they’ll likely sense three days in advance that we won’t make the flight and simply won’t show up.

At the time of signing the ownership transfer deed.

No.

We can assist with this.

It’s best to do this immediately after the notarial deed.

The best approach is to make a written offer through our representing attorney.

An instant transfer is usually the preferred method here.

I don’t think so. Surprisingly, Greek properties are highly sought after globally these days, and demand is so high that Greeks know that if we don’t buy, someone else will. Waiting for a client isn’t popular here. It’s more of a “If I feel like it, I’ll serve you” attitude.

A non-refundable deposit is generally used here, so they are not entitled to a refund.

This is somewhat a matter of honor. If we cancel for a serious reason, we may request a refund. If we cancel just because we changed our minds, the deposit should remain with the person who set aside their time for us.

Yes. All such services are additional and come at an extra charge.

If they use a lawyer’s services – yes.

For a relaxed pace with some time for leisure – about a week. If we know what we want and are coming to view a few properties and choose one, around 3 days is sufficient.

Yes, provided they are interested in purchasing our properties or are willing to work with a lawyer affiliated with us.

No. Our lawyer can handle this on our behalf.