A Practical Guide for Irish Buyers Purchasing Property in Greece
Introduction
Greece’s sun‑kissed coastlines, rich history and relatively low property prices have turned the country into a magnet for Irish investors, retirees and holiday‑home seekers. Whether you’re dreaming of a seaside villa on Crete, a stylish apartment in Athens, or a tranquil retreat in the Peloponnese, buying abroad can feel daunting. This guide walks Irish buyers through every stage of the Greek property purchase – from legal eligibility and financing, to taxes, fees and practical tips for a smooth transaction.
1. Why Irish Buyers Are Turning to Greece
| Benefit | What It Means for You |
|---|---|
| Affordability | Average prices are 30‑40 % lower than in Dublin, with many coastal towns offering €150‑200 k for a two‑bedroom apartment. |
| Golden Visa | A €250,000 property investment grants a five‑year residence permit, allowing free travel within the Schengen area. |
| Rental Income | Tourist demand is strong year‑round, especially on islands such as Crete, Corfu and Rhodes, offering attractive yields (5‑7 % gross). |
| Lifestyle | Mild winters, 300+ sunny days a year, excellent healthcare and a welcoming expatriate community. |
2. Legal Eligibility – Who Can Buy?
- EU Citizens (including Irish): No restriction on location or type of property. You enjoy the same rights as Greek nationals.
- Non‑EU Citizens: Allowed to purchase, but properties in border zones or certain islands may need Ministry of Defence approval. The Golden Visa scheme simplifies residency for investors.
- Restrictions: Agricultural land larger than 5 ha and certain military zones may require additional permits.
3. The Step‑by‑Step Buying Process
3.1 Research and Property Selection
- Use reputable portals (e.g., Greek Property Exchange, Spitogatos) and engage a local agent who speaks English.
- Visit the site (or arrange a virtual tour) to verify condition, surroundings and infrastructure.
3.2 Appoint a Greek Lawyer
A qualified solicitor protects your interests, conducts title searches, and prepares contracts. Many Irish buyers use firms that specialise in cross‑border transactions and can act as a Power of Attorney (POA) representative.
3.3 Obtain a Greek Tax Identification Number (AFM)
All buyers must have an AFM. Your lawyer can apply on your behalf at the local tax office, providing a passport copy and proof of address.
3.4 Preliminary Agreement (Pro‑synfono) and Deposit
- Deposit: Typically 10 % of the purchase price, paid into a blocked account.
- Agreement: Outlines price, payment schedule, and conditions (e.g., financing, planning permission).
3.5 Due Diligence
Your solicitor will verify:
- Clear title and ownership history (Land Registry – Ktimatologio)
- Absence of mortgages, liens or unpaid municipal taxes
- Compliance with building regulations (especially for older properties)
3.6 Secure Financing (if required)
- Greek banks: Offer up to 70 % LTV for EU citizens, 50 % for non‑EU. Interest rates range from 3‑5 % (fixed or variable).
- International lenders: Some Irish banks have overseas mortgage products; compare rates and currency risk.
- Developer financing: Occasionally offered for new builds; read the fine print.
3.7 Final Contract (Symboleografiko) and Notary
The notary public drafts the final deed, which both parties sign. The notary then registers the transfer with the Land Registry, making you the legal owner.
3.8 Pay Taxes and Fees
See Section 4 for a detailed breakdown.
3.9 Register Utilities & Obtain Keys
Your solicitor can arrange water, electricity and internet connections. Many properties come with a temporary residence permit (temporary tax card) for the first year.
4. Taxes, Fees and Ongoing Costs
| Tax / Fee | Who Pays | Typical Rate / Amount |
|---|---|---|
| Property Transfer Tax (Φ.Μ.Α.) | Buyer | 3.09 % of the declared sale price (resale properties) |
| VAT | Buyer (new builds) | 24 % (often suspended for residential units – verify with your lawyer) |
| Notary Fees | Buyer | 0.8‑1.2 % of the sale price (minimum €100) |
| Lawyer Fees | Buyer | 0.5‑1.5 % of the purchase price (often a fixed‑fee package for foreign buyers) |
| Land Registry Fee | Buyer | 0.5‑0.7 % of the declared value |
| Real Estate Agent Commission | Usually seller, but sometimes split | 2‑2.5 % of the price (clarify in the contract) |
| Annual Property Tax (ENFIA) | Owner | 0.1‑1 % of the property’s taxable value, calculated on size, location and age |
| Municipal Services & Waste | Owner | €150‑€400 per year, varies by municipality |
| Home Insurance | Owner (optional but advised) | €200‑€500 annually for a typical villa |
Example Calculation – €250,000 resale villa:
- Transfer Tax: €7,725
- Notary (1 %): €2,500
- Lawyer (1 %): €2,500
- Land Registry (0.6 %): €1,500
- Total upfront costs (excluding deposit): ≈ €14,225 (≈ 5.7 % of purchase price)
5. Financing Options for Irish Buyers
| Option | Pros | Cons |
|---|---|---|
| Cash Purchase | Fast, no interest, stronger negotiating position | Requires large capital, ties up funds |
| Greek Mortgage | Local currency, possible lower rates for EU citizens | Complex paperwork, higher LTV for non‑EU, may need Greek bank account |
| Irish/International Mortgage | Familiar lender, can be in euros or GBP | May charge higher rates, currency risk if loan is in GBP while income is in euros |
| Developer Financing | Often 0 % down for new projects | Usually tied to the developer’s terms, limited to new builds |
| Bridge Loans | Short‑term financing while waiting for sale of another property | Higher interest, needs solid repayment plan |
Tip for Irish investors: If you plan to rent the property, a Greek mortgage can be advantageous as rental income is taxable in Greece and can be used to service the loan.
6. Popular Regions for Irish Buyers
| Region | Typical Price (per m²) | Highlights |
|---|---|---|
| Athens Suburbs (Glyfada, Vouliagmeni, Kifissia) | €2,300‑€3,200 | Urban amenities, good schools, strong rental market |
| Crete (Chania, Heraklion, Elounda) | €1,200‑€2,000 | Diverse landscapes, growing tourism, lower cost of living |
| Cyclades (Mykonos, Santorini) | €4,000‑€6,500 | Luxury market, high seasonal yields |
| Ionian Islands (Corfu, Kefalonia) | €1,800‑€2,500 | Green scenery, family‑friendly beaches |
| Peloponnese (Nafplio, Kalamata) | €1,100‑€1,800 | Authentic villages, emerging boutique tourism |
7. Practical Tips for Irish Expats
- Currency Management – Use a reputable FX broker to lock in rates when transferring large sums. Consider a Euro‑denominated mortgage to avoid exchange‑rate surprises.
- Residency Planning – If you intend to stay longer than 90 days, apply for a Greek tax number (AFM) and register your address with the local municipality.
- Rental Regulations – Short‑term rentals (Airbnb) require a tourism licence and registration with the Greek National Tourism Organization.
- Insurance – Earthquake coverage is advisable in seismically active zones such as the Aegean islands.
- Professional Network – Keep a shortlist of trusted contacts: solicitor, accountant (familiar with Irish‑Greek tax treaties), and a bilingual real‑estate agent.
8. Tax Implications for Irish Residents
- Double Taxation Treaty: Ireland and Greece have a treaty preventing double taxation on income and capital gains. Rental income earned in Greece is taxable in Greece; you can claim a credit against Irish tax.
- Capital Gains Tax (CGT): If you sell the Greek property, CGT is payable in Greece at 15 % on the gain. Irish CGT may also apply, offset by the treaty credit.
- Inheritance & Gift Tax: Greek inheritance tax starts at 1 % for close relatives, rising to 10 % for distant relatives and non‑relatives.
Recommendation: Engage a cross‑border tax adviser early to optimise your tax position and ensure compliance in both jurisdictions.
9. Common Pitfalls and How to Avoid Them
| Pitfall | How to Prevent |
|---|---|
| Undeclared or Under‑Declared Sale Price | Always use the market value; under‑declaration is illegal and can lead to fines or criminal charges. |
| Unverified Title | Insist on a full title search and request a “Certificate of No Encumbrance” from the Land Registry. |
| Unauthorized Additions | Verify building permits for any extensions; illegal structures can be ordered demolished. |
| Currency Fluctuation | Hedge large transfers or negotiate a price in euros to match your financing. |
| Unexpected Fees | Request a detailed cost breakdown from your solicitor before signing any agreement. |
10. Closing the Deal – What Happens After Purchase?
- Register the Property – Your solicitor files the deed with the Land Registry; you receive a new title deed in your name.
- Obtain a Residence Permit (if applicable) – Submit the property purchase proof, passport, and AFM to the local immigration office for a Golden Visa or standard residence card.
- Set Up Utilities – Water, electricity, and internet can be transferred to your name. Many municipalities offer a temporary tax card for the first year.
- Consider Property Management – If you plan to rent while abroad, a local management company can handle bookings, maintenance and tax filing.
Conclusion
Buying a home or investment property in Greece offers Irish buyers a compelling mix of lifestyle, affordability and potential financial returns. By understanding the legal framework, budgeting for taxes and fees, and partnering with experienced professionals, you can navigate the process with confidence. Whether it’s a sun‑lit villa on Crete, a sleek apartment in Athens, or a boutique hotel on a Cycladic island, your Greek property dream is within reach – and the steps outlined above will help you turn it into reality.
Frequently Asked Questions
Q1: Can I buy a property in Greece without ever visiting the country?
A: Yes. With a trusted solicitor acting as Power of Attorney, you can sign contracts and complete registration remotely, though a site visit is highly recommended before committing.
Q2: How long does the whole process take?
A: Typically 6‑10 weeks from offer acceptance to registration, provided there are no title issues or financing delays.
Q3: Do I need a Greek bank account?
A: It is advisable for tax payments and utility bills, but a POA can allow your solicitor to manage transfers on your behalf.
Q4: Is the Golden Visa worth it for a modest holiday home?
A: The €250,000 threshold applies; if your purchase meets this amount, the five‑year residency permit can be a valuable addition, especially for frequent travel within the Schengen zone.
Q5: What happens if I want to sell the property later?
A: You can sell at any time; capital gains tax is payable on the profit, but the Irish‑Greek tax treaty allows you to claim a credit on your Irish tax return.