Buying Property in Greece: The Complete Legal Guide for Israeli Investors

1What is special about Greece as an investment destination, and can foreigners buy real estate there?

Greece has no restriction whatsoever on the purchase of real estate by foreigners, including Israelis. You can buy apartments, houses, plots and commercial properties directly, in a private name or through a company, with no restriction or special permit. The only exception is certain border areas and strategic areas, in which Ministry of Defence approval is required. In practice, this restriction mainly concerns areas close to the border with Turkey.

Greece is one of the most impressive recovery stories in the European real estate market of the past decade. After a price decline of about 44% between 2007 and 2017 following the severe economic crisis, the Greek real estate market has been on a consistent growth path since 2018. Cities such as Athens and Thessaloniki and tourist islands such as Crete, Rhodes, Mykonos and Santorini show consistent demand from both the local market and international investors.

Israelis stand out in particular in the data on foreign investment in Greece: according to 2024 reports, the number of permits issued to Israeli investors rose by 70% compared with the previous year, the largest increase of all countries.

At the same time, Greece is a market with a complex legal framework, traditional bureaucratic institutions and, alongside them, impressive digital reforms introduced in recent years. Anyone who arrives in the Greek market without familiarity with local law, with the property registration system and with the tax mechanisms may find themselves facing surprises that could have been entirely avoided.

2What is the legal framework for buying real estate in Greece?

The normative framework for buying real estate in Greece rests on several pillars:

• The Greek Civil Code - the main law that regulates property rights, sale transactions, contracts, seller liability and more.
• The Hellenic Cadastre laws (Laws 2308/1995 and 2664/1998) - regulate the property registration system.
• Law 3741/1929 - regulates horizontal ownership (apartments).
• Law 4601/2019 - applies to share transactions in companies.

The investor must also be familiar with the numerus clausus system of property rights in Greece. Under Article 973 of the Civil Code, only the types of property rights recognised by law may be created: full ownership, usufruct, pledge and mortgage. This means: any special contractual mechanism not recognised in law is not valid.

3Asset deal or share deal: what is the difference?

In an asset deal, ownership passes only on registration in the cadastre, and the notarial contract alone does not transfer ownership.

4How does registration work in Greece: the cadastre and land registry offices

Greece currently operates two parallel systems for property registration: the Cadastre (Hellenic Cadastre / Ktimatologio), a new computerised central system in the process of nationwide implementation, and the local registry offices, which operate under an older system. After the cadastral mapping in a particular area is completed, the Cadastre replaces the registry office. In practice the situation differs from region to region, and it is important to know exactly in which registry the specific property is registered.

A critical point: under Article 1198 of the Greek Civil Code, registration is a necessary condition for the creation, cancellation and transfer of property rights. In Greece, as in Israel and Romania, registration is constitutive. Ownership is created only on registration and not on signing the contract, and a notarial deed that has not been registered does not transfer ownership.

An important digital innovation: since January 2024 Greece has operated a digital real estate transfer system (myPROPERTY), which consolidates and streamlines property transfer procedures. The notary manages the process digitally, from the collection of documents through to registration in the cadastre. In many cases a full transaction can be completed within a single working day.

5What are the stages of buying in Greece, from the initial agreement to registration?

1. Obtaining a Greek tax number (AFM): every foreign buyer must open a file with the Greek tax authority and receive a tax identification number. Without this number you cannot sign a contract, pay taxes or carry out any legal action in relation to the property.
2. Due diligence: a full check in the property register (cadastre or registry office), including ownership history, encumbrances, attachments, cautionary notes, legal restrictions, building licences and compliance with planning regulations. In addition, forest maps must be checked: Greek legislation prohibits construction on land designated as forest, and the approval documents from the forest registry must be attached to the transfer deed.
3. Electronic property ID (Electronic Property ID): since 2022 every property transfer in Greece requires the issuance of an electronic property ID. The document consolidates all the relevant information: building permits, maps, energy regulations, reports on the legalisation of unauthorised construction and more. The notary is obliged to demand it from the seller before signing the transaction.
4. Signing before a notary: the final agreement is signed before a public notary. The notary verifies identities, examines the terms of the transaction and its compliance with the law and files the application for registration in the cadastre. It is important to understand: the notary is a neutral party, does not represent the buyer and does not protect his interests. Representation by an independent lawyer is essential.
5. Registration in the cadastre: registration is constitutive and ownership is created only with it. From the moment of registration, the property's identification number in the cadastre is locked to prevent a double transfer.

For a more detailed account of the order of the stages, the preliminary agreement and the timetables, see also the article on the real estate purchase process in Greece on the firm's website.

6What is the Golden Visa programme, and what are the threshold amounts today?

One of Greece's biggest draws for Israeli investors is the Golden Visa programme: a five-year (renewable) residence permit granted to the investor and his family. In September 2024 the Greek government updated the threshold amounts:

Important to know: Golden Visa holders may not work in Greece, and no minimum stay is required to renew the permit - maintaining the investment is enough. After seven years of actual residence in Greece (a minimum of 183 days a year) you can apply for citizenship. In addition, the Golden Visa grants free movement in all Schengen countries. The qualifying investment amount must come from the investor's own funds, and the programme's administration does not recognise financing funds.

For details of the recent changes to the programme, see also the article on the Golden Visa in Greece on the firm's website.

7What documents must due diligence in Greece include?

Due diligence in Greece must include, at a minimum:

• An ownership certificate from the cadastre or the registry office - shows the identity of the owners, encumbrances, attachments and legal restrictions. Without this document, do not proceed.
• Electronic property ID (Electronic Property ID) - mandatory for every transfer. Consolidates information on building permits, maps, energy regulations and more.
• A certificate of no tax debts - confirms that the seller has no debts to the tax authority. The notary is obliged to demand it.
• Planning and building approvals - building permits, certificates of compliance with building regulations, and, for special areas, approval from the archaeological authority and/or the environment authority.
• Energy performance certificate (EPC) - mandatory for every property transfer, and for most lease agreements as well. Properties that do not meet the energy requirements may be restricted in transfer and in rental.

A full professional review will also include the full ownership history, a check of forest maps, a check of proximity to the seashore (there are legal restrictions on construction near the coast), physical condition and infrastructure, and where necessary an environmental review.

8What is the seller's liability under Greek law?

The Greek Civil Code regulates two types of seller liability: protection against eviction (if it turns out the seller was not the true owner), and liability for hidden defects that could not have been discovered in a reasonable inspection. In serious commercial transactions, representations and undertakings are added covering the absence of debts, the absence of pending legal proceedings, compliance with all permits and more.

A practical note: in the notarial transfer deed in Greece the seller makes factual declarations about the property. These protections can be broadened or narrowed by contract, but a seller cannot be exempted from liability for a defect that he knew of and did not disclose to the buyer.

9How do financing and security work in Greece?

Greek banks offer financing to foreign investors, although the terms may differ from those offered to Greek citizens. The most common security is a first mortgage on the purchased property. Under Greek law a pre-notation of mortgage may also be used, a temporary mortgage that regulates the creditor's priority before completion of the final mortgage procedure.

Important to know: for the Golden Visa, the qualifying investment amount must come from the investor's own funds, and the programme's administration does not recognise financing funds for the purpose of meeting the investment threshold.

10What are the data and trends of the Greek real estate market?

According to Bank of Greece data, apartment prices rose in 2024 by an annual average of about 8.7%, and in 2025 data continued to rise at rates of 6% to 8% depending on the area. Athens shows an increase of about 6%, Thessaloniki about 9%, and other cities and areas 8% to 9%.

The government has imposed restrictions on short-term rental in certain neighbourhoods of Athens. Despite the impressive increase, prices are still 25% to 30% lower than the 2008 peak, which explains the great interest of international investors seeking long-term value. These data are correct as of the date of publication of the article (May 2026) and should be updated before being relied upon.

11What distinguishes a successful transaction from a failure, and what do you do before signing?

Many Israelis arrive in Greece with capital, determination and a deep affection for the country and its culture, and encounter surprises that could have been avoided. The difference between a profitable deal and an expensive trap often lies in the details: whether the property's electronic ID regularises any unauthorised construction that was carried out, whether planning restrictions near the coast were checked, whether the chosen Golden Visa structure suits the investment threshold relevant to the area, and what the true costs of purchase are, including taxes.

Two failures are especially common:

1. Relying on a notary alone, without an independent lawyer. The notary does not represent either party and does not examine the cleanliness of the ownership history in depth.
2. Failing to check the state of legalisations. In Greece there are countless building additions that were built without a permit over the years. Some have been legalised in various waves of legislation, some have not. An electronic ID that is not properly regularised may expose the buyer to fines, to restrictions on renovation and even endanger the validity of the transaction in the future.

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The information in this guide is general in nature and does not constitute legal or tax advice on any specific transaction. Every transaction is assessed on its own facts.