Navigating the Greek Property Market: Common Questions Answered
Is buying property in Greece a good idea?
Purchasing property in Greece can be a rewarding choice for those interested in Mediterranean living, investment prospects, or vacation homes. With its stunning landscapes, rich cultural heritage, and potential for property value growth, Greece offers enticing opportunities. However, thorough research and alignment with personal goals are crucial before making a decision.
How long will the process be?
Every situation is different when buying property in another country and can be determined on external factors out of your control (govt, legal, logistical), however generally a property can swap hands anywhere from 8 - 16 weeks.
Do I need to be a citizen to own property in Greece?
No, you do not need to be a Greek citizen to own property in Greece. Foreigners, including non-EU citizens, are allowed to purchase property in most parts of the country. However, certain restrictions may apply in border areas and regions deemed of national security importance, where non-EU citizens may require special permission from the Greek Ministry of Defense.
What is the Golden Visa?
The Golden Visa for Greece is a residency-by-investment program that allows non-EU citizens to obtain a residence permit by investing in real estate or other eligible assets in Greece. The program was introduced in 2013 to attract foreign investment and stimulate the Greek real estate market.
Will I pay double tax?
Every country has its own agreement with Greece and you would need to consult with your accountant to better understand your local government requirements however Australia does not have a double tax agreement with Greece therefore you have to pay taxes in both countries on foreign investments.
How do you know what to do?
Over my years of buying my own investments in Greece, I have acquired my own team who I work with personally and consistently and have figured out the best way to buy property in Greece as a foreigner.
Is property expensive?
Properties vary in price depending on how much you deem is expensive and are also able and willing to spend. However you can expect to get into the property market with as little as AU$80,000.
What is the property market like in Greece currently?
The Greek property market in 2024 is seeing robust growth, driven by economic recovery, rising tourism, and increased foreign investment. Property prices, especially in urban areas like Athens and popular tourist spots, are steadily increasing. This trend is largely fueled by strong demand from both local and international buyers, particularly those using Greece's Golden Visa program.
By mid-2023, real estate transactions had surged, with over 112,000 deals recorded, surpassing the previous year's total. The influx of foreign investors has significantly boosted transaction volumes and property prices in key areas.
How long does the Greek golden visa last?
The Greek Golden Visa is valid for 5 years and can be renewed indefinitely as long as you maintain the property investment. It does not require permanent residency or a minimum stay in Greece.
How much is property tax in Greece for foreigners?
Property tax in Greece applies equally to locals and foreigners. The main tax is the ENFIA tax, which is:
Main property tax: €2–€13 per sqm, depending on location and value.
Supplementary tax: Applies to properties valued over €400,000, at 0.1%–1% of the excess value.
Transfer tax: 3.09% of the purchase price when buying property.
Which Greek island is best for property investment?
For high rental returns, go for Santorini, Mykonos, or Paros. For affordable entry and steady growth, Crete, Rhodes, and Corfu are top choices.
What is the 7 year law in Greece?
The 7-Year Rule allows individuals who have lived in Greece continuously and legally for 7 years to apply for Greek permanent residency or even citizenship, depending on their visa type and residency status.
This is commonly used by long-term residents, including those on work, family, or investor visas. However, applicants must meet specific requirements, such as proof of continuous stay, financial stability, and integration into Greek society.