If you want to buy land in Greece, it is important to know that this procedure is available for foreigners. Greece is a member state of the European Union (EU), which means that EU citizens benefit from the same rights as Greek citizens, but each EU state can impose its limitations on this matter.
| Quick Facts | |
|---|---|
| Types of land foreigners can purchase | Agricultural (with some limitations) and residential land, plots that can be used for commercial/industrial purposes |
|
Mandatory legal representation (yes/no) |
No (it is not legally imposed to be represented by a lawyer if you buy land in Greece, but it is highly recommended) |
|
Main legal responsibilities of property lawyers |
-prepare the documentation for the sale, -draft the sale contract, -register the new owner of the land with the Greek authorities, etc. |
| Due diligence services offered | Persons who buy land in Greece will receive due diligence services, which mainly aim at verifying the legal situation of the land plot (owners, debts, etc.) and its class type (residential, agricultural, etc.). |
| Documents necessary for land purchase |
– a valid ID/ passport, – the power of attorney (required for third party legal representation), – a Greek tax identification number, – proof of funds, – the Land Registration certificate, – the property tax certificate (stating that the property does not have any debts), – documents attesting that the property tax has been paid off, – permission for planning/construction. |
| Main land taxes and fees |
– property transfer tax of 3.09% of the property’s sale value (this includes all types of immovable real estate), – the ENFIA (the Unified Tax on the Ownership of Real Estate) paid on a yearly basis, – lawyers’ and notary’s fees, – land registration fee. |
| Parties involved in the sale/purchase of land |
– the buyer and the seller, – the notary public, – the each party’s lawyers (optional), – the competent state authorities |
| Fees charged by notaries/lawyers (if applicable) |
The notary fee is typically charged at a rate of minimum 1% of the value of the property and it can reach 2% (+VAT). The same applies for lawyers’ fees. |
| Law regulating land and land sales in Greece |
The Greek Civil Code |
| Conditions to purchase land for EU nationals | The same as those available for Greek nationals |
| Conditions to purchase land for non-EU nationals |
They have to obtain a Greek tax identification number, a valid visa, a residence permit, and an approval from Greek ministries depending on their nationality. |
| Documents necessary for the purchase of commercial/industrial land |
the company’s documents (registration certificates, statutory documents, a Greek corporate bank account), along with documents showing how the respective land will be used |
| Institutions involved in the registration of new ownership |
The Greek Cadastre (Land Registry) |
| The mandatory provisions of a property sale contract |
– the buyer, – the seller, – the sale price, – the deposit and the deadline to pay the entire sum, – information on the land and its type, – the terms and conditions to be respected by the parties, etc. |
| Types of property contracts | Preliminary contracts, property purchase agreements |
For instance, differences can appear when referring to purchasing a property or buying land, which are 2 different things. Fortunately, one can buy land in Greece as a foreigner, but for this, it is always recommended to address a Greek law firm, as there are numerous procedures to consider.
Table of Contents
Legislation regulating the acquisition of real estate in Greece
As mentioned above, foreigners can buy property in Greece freely, especially in the case of EU nationals, who are not imposed with any restrictions. Limitations can appear for foreign nationals who are citizens of countries outside the EU, who, for specific categories of land, are restricted from the right of buying.
According to the Law 1892/1990, land located in frontier regions can’t be purchased by foreigners. The law defines a foreigner as any entity arriving from third party countries outside the EU and the European Free Trade Association (EFTA), regardless if the entity is a natural person or a corporate structure.
Persons who are interested in buying other type of real estate that is not land are welcomed to purchase apartments or houses. When buying an apartment, there are 2 main rules of law regulating ownership rights, namely the Civil Code (Article 1002 and Article 1117) and Law 3741/1929.
These laws state that a person has full, exclusive ownership rights over the apartment purchased in a building and, at the same time, the new apartment owner has co-ownership rights over the common parts of the building. Our attorneys in Greece can provide further information on other rules of law that might be of interest in this case.
What are the most important matters to consider when buying land in Greece?
The purchase procedure is comprised of numerous matters that should be verified by a person who has a certain level of knowledge in the field. For instance, when buying land in Greece or any other property, it is 100% necessary to complete the due diligence procedures, to see whether the property matches the description presented in the sale-purchase contact.
The acquisition of land must comply with certain legal requirements and various obligations can also appear based on the purpose for which the land will be used. For instance, if you plan to buy land in Greece or buy land in Crete or other Greek regions, you should first verify the main legal conditions that can be imposed at a regional level.
Such conditions are influenced by the purpose of the purchased plot. If you want to buy it for the purpose of building your own property, you will need various building permits, amongst many others.
Our law firm can of course assist you in buying a house in Greece. We invite you to read our infographic, where you can find out how you can receive legal assistance for purchasing Greek properties:
Assistance from our team of Greek lawyers is very much advised, as there are many aspects you must consider, including the fact that you will need approvals from the municipality. Important rules apply based on where the plot is located.
What are the mandatory provisions of a sale contract?
Foreigners who wish to buy land in Greece or another type of real estate must sign a sale agreement. This is the main document through which the transfer of ownership is made and it should contain the following:
- the details of the seller and the buyer;
- a detailed presentation of the property;
- the price at which the property is sold;
- the payment terms agreed upon the parties;
- other provisions, as per the applicable law.
How long does it take to purchase Greek real estate?
There isn’t a fixed timeline for the purchase of real estate, be it an apartment, a house or land, as there are many variables that can apply, concerning the seller and the property (its documentation, the issuance of various certificates that attest its legal situation, etc.).
However, in most cases, once a buyer has decided on a specific property that he or she wants to buy, the purchase procedure can be completed in 1 to 3 months. Our lawyers in Greece will offer the necessary support throughout the entire period and may assist in any other legal obligations the new owner may have after the purchase.
Below, we invite you to watch a short video where you can find out basic information on how to buy Greek land:
What is the price of land plots in Greece?
The price of land varies based on the region where the land plot is and the size of the plot. If you want to buy land in Crete or other Greek regions, our law firm in Greece remains at your service for advice on the paperwork necessary.
Also, if you need a price estimate for a region, our Greek lawyers can help you, and you can also receive assistance on finding the most suitable location for your needs. Currently, if you want to buy land in Greece, you can expect to pay the following prices:
- an average price of EUR 3,200 per square meter for an apartment;
- an average prices of EUR 2,941 per square meter for a house;
- the lowest average price can be found in Central Greece (EUR 1,750 per square meter for apartments and EUR 1,632 per square meter for houses);
- the most expensive price per square meter for an apartment is in Papagou (EUR 4,529, while for a house, is in Argyroupoli (EUR 11,667).
Please mind that for new constructions you will need to pay a fee, charged by the Technical Chamber of Greece, this being among some of the compulsory construction taxes.
If you need further information on buying a land plot, or if you want to receive legal representation in this process, we invite you to contact our Greek law firm.