For detailed information about the background, geography, people, government, economy, communications, transportation, military, and transnational issues of Greece, click here
For the Index of Economic Freedom click here
Financing a Property
The mortgage market in Greece has opened up hugely in recent years with fixed and variable rate mortgages available for and interest rates are competitive with other countries in Europe. Consult a member of HAR for resources related to financing property in Greece.
For information on current property market conditions in Greece, click here
- Industrial Report – Cushman Wakefield
- Office Report – Cushman Wakefield
- Retail Report – Cushman Wakefield
Buying a Property
As a general rule, foreign nationals can purchase property in Greece with the exception of some properties close to the borders. A foreign national who is not from an EU country must obtain prior approval from the local prefecture in certain areas of Greece: some regions of Northern Greece, Rhodes and Crete.
In 2013 Greece enhanced and broadened its “Fast Track” investment law to include provisions beneficial to foreign investors in Greek real estate, including providing residency status. The 2013 law facilitates residency permits for non-EU citizens and their family members who buy property in Greece for which the value exceeds €250,000.
The law provides for both purchase and leasing, and while the investment must total €250,000, multiple properties may be grouped to achieve the minimum investment required. The value of property (or lease) is based on the stated amount in the contract and applies to both residential and commercial properties.
The associated residency permit is valid for five years and extends to family members, e.g., spouses who are over the age of 18, as well as unwed children under the age of 18. Permits are renewable so long as the property remains in possession and ownership of the applicant or relevant leases must be ongoing.
The government has published “A Brief Guide to Residence Permits for Real Estate Owners in Greece.” The guide outlines conditions, restrictions and associated processes for third country citizens (non-EU) to obtain and renew residency permits through investment in Greek real estate. Download the investment guide (in English)>
For additional resources related to buying a property in Greece, click here
Other Industry Sources