Buying Off-Plan Property in Greece: A Guide for International Investors

Greece has attracted international property buyers for generations, drawn by its climate, islands, culture, and relative value compared to Western European destinations. In recent years, the market has evolved significantly: Athens has emerged as a destination for urban property investment, the Greek Golden Visa programme brought new capital from non-EU buyers, and a number of new-build and off-plan developments have launched across the islands, coastal areas, and the capital.

For international investors, Greek off-plan can offer the opportunity to enter at a lower price than comparable completed stock, to specify finishes and layouts in new builds, and — at certain price points — to maintain Golden Visa eligibility. However, Greece's construction and planning environment is complex, the regulatory protections for off-plan buyers are less developed than in Spain or the UK, and delays are common. This guide explains what to expect and how to approach the market.

The Greek Property Market Context

Greece's property market experienced one of the most severe contractions of any European country during the 2010–2018 financial crisis, with residential prices falling by 40–45% from peak in some areas. The recovery since 2018 has been substantial. Athens in particular has seen strong price appreciation, driven by renovation activity in formerly depressed neighbourhoods, short-let demand from Airbnb tourism, and Golden Visa investment. Popular island destinations (Mykonos, Santorini, Paros, Crete) have seen prices reach historic highs for premium properties.

New construction activity has increased significantly in Athens and in premium coastal and island locations as of 2024–2026, making the off-plan market more active than it was for much of the previous decade.

What Off-Plan Means in Greece

In Greece, "off-plan" can mean several different things depending on the context:

New-build apartments under construction (polykatoikia). Apartment blocks developed by private contractors (often construction companies rather than large corporate developers) and sold to individual buyers before or during construction.

Luxury villa and boutique development. In Mykonos, Crete, the Peloponnese, and other premium destinations, boutique developers are constructing small complexes of high-specification villas and selling units from plans.

Renovation and refurbishment projects. Some buyers purchase agreements to acquire newly renovated properties in Athens or other cities, where a developer acquires an old building, renovates it, and sells units before completion. These have some off-plan characteristics.

Private construction contracts. Some buyers purchase a plot and separately contract with a Greek construction company to build to their specification. This is a distinct process from off-plan purchasing and involves its own risks.

Typical Payment Structures

Greek off-plan payment structures are less standardised than in Spain, the UK, or Dubai. Common patterns include:

1. Preliminary agreement and deposit (Prokatarktiki Symvasi). A preliminary private contract with a deposit, typically 10–20% of the purchase price.
2. Payment on signing of the private contract (Idiotiko Symvoleografiko). Further payment on signing the main private agreement, typically bringing total paid to 30–40%.
3. Milestone payments. Some developments require payments at construction stages (foundation, structural completion, fit-out).
4. Final payment at notarial completion (Teliko Synallagmatiko Symvoleografiko). The balance on signing the final notarial deed, after the property has received its Energy Performance Certificate and Building Completion Certificate.

The exact structure is negotiated with the developer; there is no statutory requirement for the staged payments to be held in escrow or covered by a bank guarantee, as exists in Spain. This means deposits are at risk if the developer encounters financial difficulties before completion.

Developer Vetting

Greece's development sector is fragmented. Unlike markets with large listed housebuilders (UK) or state-backed developers (Egypt), Greek residential development is dominated by private companies, family businesses, and contractor-developers. This makes vetting buyer-led and particularly important.

Company check. Greek companies are registered at the General Commercial Registry (GEMI, businessportal.gr). Your lawyer can verify the developer's registration, share capital, directors, and any filed accounts. Many Greek development companies have limited share capital relative to the value of projects being developed.

Completed project history. Ask for details of completed projects. In Athens, for example, many renovation-developers have completed numerous apartment refurbishments since 2018; for those, a quality assessment is feasible. For newer companies or first-time developers in a resort location, the risk profile is higher.

Financing arrangements. Confirm how the development is being financed — bank construction loan, private equity, or buyer deposits. A development financed entirely by buyer deposits carries significant completion risk if sales slow.

Contractor quality. In many Greek off-plan developments, the entity selling the property is a promoter or developer who contracts with a separate building company. Investigate the main contractor's track record and financial capacity separately from the developer.

Island-specific risks. In premium island destinations, construction logistics are significantly more complex than on the mainland. Materials must be transported by sea, skilled labour is scarce and seasonal, and local authority permitting can be slower. These factors mean delays are more common on island developments. Factor in extended contingency.

Legal Framework and Buyer Protections

NIE / AFM (Greek tax number). Every foreign buyer must obtain a Greek tax identification number (Arithmos Forologikou Mitroou, AFM) before completing a purchase. This can be obtained from the local tax office with your passport.

Notarial system. Greek property transactions are completed through a notary. The final transfer deed (Symvoleografiko) must be signed before a notary, and the property must be registered in the national land registry (Ktimatologio) or, in areas not yet covered by the Ktimatologio, the local Cadastre. The Ktimatologio is the modern Greek land registry; not all regions are fully covered yet, though coverage has expanded significantly since 2020.

Building permits and completion certificates. Every building in Greece must have valid planning permission (Adeio Oikodomiis) and, on completion, a Building Completion Certificate (Tautopoiisi) and an Energy Performance Certificate (Pistopoiitiko Energeiakis Apodosis, PEA). Without these, the property cannot be legally transferred. Your lawyer must confirm that all permits are in order before you sign any transfer deed.

Preliminary contract protection. Greece's law on preliminary agreements provides some recourse if the developer fails to complete the transaction — you may be entitled to double your deposit (the "earnest money" or arravon mechanism). However, this applies only if the agreement is structured correctly; not all Greek preliminary contracts are structured as aravon agreements. Your lawyer should advise on this at the draft contract stage.

No statutory escrow requirement. There is no Greek equivalent of Spain's mandatory bank guarantee for off-plan deposits. Your contract negotiation — ideally through your independent lawyer — is the primary mechanism for protecting deposits.

The Greek Golden Visa

Greece's Golden Visa programme grants a 5-year residency permit to non-EU/EEA nationals who invest in qualifying Greek real estate. Key points as of 2026:

• In Athens (Attica region), Thessaloniki, and certain islands including Mykonos and Santorini, the minimum investment threshold was raised to €800,000 in prime areas and €400,000 in other qualifying areas, as of amendments introduced in 2024.
• In regions not subject to the higher threshold, the minimum remains €250,000.
• Off-plan purchases can qualify, provided the full investment amount is committed; confirm the current conditions with a lawyer, as rules have evolved.
• The Golden Visa grants residency (not citizenship) and allows visa-free travel within the Schengen zone. It does not provide the right to work in Greece.
• Renewal requires the investment to be maintained.

Given recent threshold increases, buyers should confirm current qualifying areas and amounts with an immigration lawyer before structuring a purchase specifically for Golden Visa purposes.

Completion Risk

Completion risk in Greece includes:

• Permitting delays. Greek planning and permitting processes can be slow, particularly in island or coastal locations where environmental and archaeological sensitivities apply. Unexpected permitting delays are common.
• Contractor financial difficulty. Construction-sector companies in Greece were severely tested during the crisis years; while conditions have improved, some contractors remain financially thin. Verify the main contractor's standing.
• Market cooling. If the market cools between exchange and completion, you may complete on a property worth less than you paid. Given the strong price appreciation of recent years in Athens and premium islands, some caution about valuation is warranted.
• Title irregularities. Greece has a history of properties with missing or irregular permits, especially older buildings that have been extended without authorisation. For new builds, this risk is lower but still requires careful checking.

Resale Potential

Athens has an active secondary market with reasonable liquidity, particularly for well-located apartments in sought-after neighbourhoods (Kolonaki, Exarchia, Koukaki, Glyfada). Short-let demand has driven yields and supported values. Premium island properties — high-specification villas in Mykonos, Santorini, or Paros — have strong secondary demand but at limited volume; transactions are bespoke and can take time.

Short-let rental income from Airbnb-type platforms has been a significant driver of returns for Athens and island investors; however, Greek authorities have introduced and are progressively tightening short-let registration requirements. Confirm the current licensing position for any property you are considering as a short-let investment.

Currency Considerations

Greece is a eurozone member; all transactions are in euros. Currency risk exists for non-euro buyers — the same applies as in Spain (see that guide for context on managing EUR/GBP or EUR/USD exposure over a construction period).

Tax Implications

Transfer tax. New buildings (those constructed under permits issued from January 2006 onwards) have historically been subject to VAT (FPA) at 24% rather than the standard real estate transfer tax of 3.09%. However, a temporary suspension of VAT on new residential buildings was introduced in 2020 and had been extended several times as of 2026; confirm the current position with your adviser, as this affects the total cost of acquisition significantly.

Property Ownership Tax (ENFIA). An annual tax on property ownership, calculated based on the property's assessed value and type. Non-residents pay ENFIA in the same way as Greek residents; amounts vary significantly by property value and location.

Rental income tax. Rental income earned in Greece is subject to Greek income tax at progressive rates (15–45% depending on amount as of 2026). Short-let income from platforms such as Airbnb is subject to special rules; confirm current rates with a Greek tax adviser.

Capital gains tax on resale. Greece re-introduced a capital gains tax on property sales in 2014 and subsequently suspended it on residential property (it was suspended through at least 2024 under legislation that has been repeatedly extended). Confirm the current status with a Greek tax adviser before any sale transaction.

Home country tax. Your home country may tax Greek rental income and capital gains; take advice in both jurisdictions.

How Global Investments Can Help

Global Investments can introduce you to developers and projects in Greece's most active markets — Athens, Crete, Mykonos, and the Peloponnese — that have verifiable track records and are structured to offer appropriate legal protections. We can connect you with independent Greek property lawyers and tax advisers, and help you understand whether a specific purchase qualifies for the Greek Golden Visa under current rules.

We do not receive commissions from developers, and our guidance is provided on the basis of your interests as an investor.

Property values can fall as well as rise. Rules on taxation, residency, and property ownership in Greece are subject to change. This guide is provided for information only and does not constitute legal, tax, or financial advice. Always seek independent professional advice appropriate to your circumstances.