Buying Property in Greece: 5 Things You Should Know

From seaside villas and island retreats to urban apartments and historic properties, Greece has a lot to offer.

We are here to make sure your new investment remains an exciting and rewarding experience.

Most of the difficulties encountered by buyers arise from avoidable mistakes.

Here are five things that should be on your checklist before proceeding with a purchase:

1. Get Your Own Lawyer

This may be the single most important step when purchasing property in Greece.

The seller's lawyer represents the seller. The broker's lawyer may not represent your interests. Buyers should always appoint their own independent lawyer before proceeding with the transaction.

Buyers should ensure that the lawyer conducting the legal due diligence acts exclusively in their interests.

While sellers, agents, and other professionals may play an important role in the transaction, purchasers should have their own independent legal representation to review the property and advise on any risks before proceeding.

A proper legal review can reveal issues that may not be immediately apparent, including:

• Mortgages and other claims registered against the property
• Ownership disputes
• Rights that may affect how the property can be used
• Pending legal claims
• Problems or discrepancies in the ownership records

A legal due diligence process helps answer fundamental questions:

• Is the seller the lawful owner?
• Are there any legal issues affecting the property?
• Are there any restrictions on the transfer?
• Are there any legal risks that should be addressed before the purchase?

2. Know the Total Cost Before You Commit

The advertised purchase price is not the total cost of acquiring a property in Greece.

Many buyers carefully budget for the purchase price but overlook the additional expenses associated with the transaction.

Additional costs may include:

• Transfer tax
• Notary fees
• Land Registry fees
• Legal fees
• Administrative expenses

Before proceeding, buyers should consider:

• The total acquisition cost
• Any property-specific expenses
• Potential renovation or repair costs
• The cost of any works required to address building or permit issues
• Ongoing ownership costs

A property that appears to fit within your budget will ultimately cost more than the advertised purchase price once transaction costs, renovation expenses, and compliance-related works are taken into account.

Make sure you know the full cost of the purchase before making a commitment.

3. Get Your Own Engineer

Just because you are told that everything is fine does not mean that everything actually is.

Common issues can include:

• Undeclared extensions or enlargements
• Enclosed balconies or converted spaces that were not included in the original permit
• Swimming pools constructed without the necessary approvals
• Other alterations that have not been properly declared or legalized

These issues can result in additional costs, delays, and future complications.

For this reason, buyers should always appoint their own independent engineer rather than relying solely on information provided by the seller or agent.

Where a buyer does not already have an engineer, their lawyer can often recommend a trusted professional to carry out the necessary checks.

An engineer can help verify:

• Building compliance
• Existing permits
• Construction or permit issues
• Whether any works need to be declared or approved

Make sure you have the full picture before making a commitment.

4. Understand What You Are Signing

Never sign a document you do not fully understand, whether because of the language or the legal terms it contains.

Your signature has legal implications and consequences.

Property transactions often involve legal documents and legal terminology that may be difficult to understand, particularly when the documents are not in your native language.

Documents may include:

• Reservation agreements
• Deposit agreements
• Powers of attorney
• Preliminary contracts
• Final purchase agreements

A reservation agreement, deposit agreement, or power of attorney may create important legal obligations even before the final purchase contract is signed.

If you do not understand a document, do not sign it until you do.

5. Do Not Rush

The fear of losing a property should not make you let your guard down.

The seller or broker may encourage you to move quickly, but do not allow urgency to rush your decision.

Buying property is often an emotional decision.

Many buyers discover a property they love and worry that they may lose it if they do not act immediately.

As a result, some buyers feel pressured to:

• Reserve a property quickly
• Pay a deposit before all checks have been completed
• Sign documents prematurely
• Make commitments before obtaining professional advice

Do not pay money, sign documents, or make commitments until you know what you are really getting yourself into.

A good decision is rarely a rushed one.

Final Thoughts

We hope this article has not discouraged you from buying property in Greece.

Quite the opposite.

Our goal is to show you that most of the risks involved in a property purchase can be identified and addressed before they become problems.

With the right team around you, you can move forward with confidence and focus on enjoying your new property in Greece.

One final piece of advice: do not rely on words and handshake agreements when buying property.

---

About the Author

Angelos Papaspyropoulos is a Greek attorney and founder of Nomos Terra. He assists domestic and international clients with property acquisitions, real estate transactions, and property-related legal matters throughout Greece.