Home Buying Tips

Some easy steps in buying your Dream Home

With buying your own home in Greece you have a one time tax obligation payment. (usually the value is etsimated by the local tax authorities depending on the area).

With our expertise and profesional staff we will assist on your behalf to obtain an AFM taxation register number for you.

We could recommend a law firm that will research the land and or property to make sure its clear of obligations like morgages etc.

A Notary will proceed to transfer from the developer or owner to you your home and thereafter send the documents to the National Register of Land and Property (Hypothikofilakio & Ktimatologio) a lawer will be present at the Notary's office together with a translater.

Congratulations in buying your dream home, Welcome Chios at Home in Greece.



Can you walk me through the buying process?

The process is fairly quick and uncomplicated. As a general rule, you must:

  • Select your property.
  • Make sure financing for the purchase is secured.
  • Appoint your solicitor, notary public, and accountant.
  • Apply for your Tax Registry Number (AFM).
  • Open a Greek bank account.
  • Sign the pre-contract detailing terms of sale and payment schedule.
  • Pay a 20% deposit to secure the property by removing it from the market; usual payment methods include cash, bank transfer or credit card.
  • Return to Greece to sign the final contract, after all legal work is completed (6-8 weeks, usually). Alternatively, your solicitor may sign for you if he/she has been granted full Power of Attorney. Upon completion of final contract, all fees and taxes must be paid.

Closing costs, including all fees and taxes, are an estimated 13-15% on top the purchase price.

Yes. The Greek State has mandated that all property ownership in Greece must be declared by filling out a form called E9 and submitting it to the Greek Tax Authorities. This is mandatory for every property owner in Greece, even for those who live abroad and have never filed tax returns in Greece or do not have an income in Greece. As of 2006, the E9 form will be submitted only by those who either: obtain or sell / dispose of any kind of right over immovable property in Greece. If you own immovable property in Greece but your assets next year have not changed from what they were the year before, you do not have to submit the E9 form again.

You can not file an E9 all by itself. E9 is a schedule which must be submitted together with the basic Income tax form E1. If you have no income in Greece, you enter “0” income in the E1 form; still, you must submit the E1 as well.

In order to submit the E1 and E9 returns, you must have a Tax ID Number (AFM). The E1 and E9 can be prepared and submitted by accountants and / or solicitors.

If you fail to declare a property you will not be able to transfer it later. Additionally, failure to file annual tax returns is subject to penalty; therefore, appointing an accountant and a solicitor early on in the buying process is critical.

Do I have to pay Capital Gains tax if I decide to sell my property?

No. Currently, there is no Capital Gains Tax in Greece.

Is it possible to get a mortgage in Greece? If so, what are the requirements?

Yes, it is possible to get a mortgage in Greece. We have excellent business relationships with local branches of large Greek Banks. We will do all the ground work for you. The process is similar to most European countries. To apply for a mortgage you will need your passport and proof of income for the last 2 years (P-60’s, payment stubs, or tax returns if self-employed). Please be aware that if you apply for a Greek mortgage, you must be able to pay all closing costs before any funds from the bank are released.

Can I purchase property in somebody else’s name?

Yes. You may purchase property jointly with your spouse and/or other co-purchasers, in names of children or legal heirs, or in the name of a company.

What type of property insurance is recommended?

Although no market standards exist as to the forms of insurance that can be taken out, it is reasonable to suggest that property be insured against the following risks: fire, earthquake, water damage, breaking glass, storm, theft, and third party.

What happens if the legal searches highlight any problems with the property?

If the searches highlight any problems you will receive your deposit back in full if they are not cleared within a reasonable period of time by the builder or owner. This is why the deposit is paid .

What happens if I change my mind?

If you have signed a contract and paid a deposit for a property, this is considered to be an official intent to purchase. It is important that you are absolutely certain that this is the property you want, and that you feel you are under no pressure to sign a contract and pay a deposit. Should you decide to withdraw from the purchase, you will lose your deposit.

What happens if the vendor changes his / her mind?

If you have signed the pre-contract and made an initial deposit, your deposit will be refunded in double.


Questions not answered above? Feel free to email us.