Greece has attracted growing interest from international property investors over recent years, driven by competitive entry prices relative to western Europe, the Golden Visa programme, and strong short-term rental demand in key tourist markets. One aspect that surprises many first-time buyers is how cash-driven the Greek property market remains. Non-resident mortgage availability, while it does exist, is genuinely limited, and the process requires careful preparation.
This guide sets out the current position for overseas buyers considering debt financing for a Greek property purchase. As always, market conditions, interest rates, and bank lending criteria change; take independent financial and legal advice before making decisions.
As with all property investment, values can fall as well as rise.
For context on the overall purchase process, see our guide to buying property in Greece.
Why Greece Is Primarily a Cash Market
Unlike markets such as Spain or Portugal, where non-resident mortgage lending is competitive and well-established, Greece has historically been a predominantly cash-based market for international buyers. Several factors contribute to this:
- Bank consolidation: The Greek banking system underwent significant restructuring during the post-2010 economic period. Domestic banks tightened their lending across all segments, and non-resident mortgage products were among the first to be scaled back.
- Property valuation gaps: Formal "objective values" used by Greek tax authorities for transfer tax purposes have historically differed from commercial market prices, creating complexity in mortgage assessments.
- Documentation complexity: Establishing income proof, property clear title, and compliance with planning regulations to a bank's satisfaction can be time-consuming in a market where much of the professional infrastructure differs from northern European norms.
The result is that the majority of international investors budget to buy outright. If you are planning to use mortgage finance, factor in more lead time and a higher likelihood of needing to pivot to an alternative financing structure.
What Greek Banks Currently Offer Non-Residents
As of 2026, a handful of Greek banks — including Alpha Bank and Eurobank — maintain non-resident mortgage products, though terms and active marketing of these products vary. Key parameters to understand:
Loan-to-Value Ratios
Non-resident buyers should generally expect LTV ratios in the range of 50–65% of the bank's assessed value of the property. The bank's valuation may differ from the agreed purchase price, particularly in rapidly appreciating areas or for unusual property types such as listed buildings or island properties. It is the lower of the two figures that drives the LTV calculation.
At 60% LTV, a buyer acquiring a property at €400,000 would need to fund approximately €160,000 as a deposit — before accounting for transaction costs.
Interest Rates
As of early 2026, variable mortgage rates for non-residents in Greece have generally ranged between approximately 4% and 5.5%, with fixed-rate terms available at rates that reflect the prevailing ECB rate environment. Rates fluctuate with European Central Bank base rate movements and individual bank pricing. Always obtain a formal written offer rather than relying on indicative figures.
Loan Terms and Currency
Most Greek mortgage products are denominated in euros. Loan terms available to non-residents have typically ranged from ten to twenty-five years, though the maximum term tends to be reduced by the applicant's age. Greek lenders generally require that the loan is repaid before the borrower reaches 70–75 years of age.
The AFM Tax Identification Number
Before any Greek property purchase can proceed — whether financed or cash — both buyer and, where relevant, their legal representative must hold a Greek tax identification number, the AFM (Arithmos Forologikou Mitroou). This number is required to:
- Sign a purchase contract before a notary
- Open a Greek bank account
- Register a property in your name at the Land Registry
- File Greek tax returns if you generate rental income in Greece
Obtaining an AFM is a straightforward administrative process and can be done through the relevant tax office (Eforia) in person or, in some circumstances, through a lawyer holding a power of attorney on your behalf. Allow adequate time for this step — it should be one of the first tasks you assign to your Greek lawyer once you decide to proceed with a purchase.
Documentation Requirements
Greek banks applying non-resident mortgage criteria typically require the following, though the precise list varies by institution:
- Valid passport (and, if relevant, residency documentation for your country of residence)
- Proof of current residential address (utility bill, bank statement)
- Payslips covering the most recent two to three years, or for self-employed applicants, audited accounts for the same period
- Bank statements for recent months showing regular income and savings
- Evidence of deposit funds — banks will want to verify that the required cash portion exists
- An independent property valuation by a surveyor approved by or acceptable to the bank
- A preliminary sale agreement or equivalent demonstrating the property being purchased
- AFM registration confirmation
Non-EU applicants, including UK nationals since Brexit, may be asked for further documentation. The process is slower and more document-intensive than applying for a mortgage in most western European markets, so begin early.
Opening a Greek Bank Account
Most Greek lenders will require that your mortgage is serviced from a Greek bank account, which means opening an account before or alongside the mortgage application. To open a Greek bank account as a non-resident you will generally need your passport, AFM number, proof of address in your home country, and source-of-funds documentation.
Anti-money-laundering checks are thorough, and bank compliance teams may request additional documentation, particularly for transfers from outside the eurozone. This is routine; allow time for the process.
Total Transaction Costs in Greece
Whether you purchase with a mortgage or cash, the transaction costs below must be funded separately. Greek banks do not typically lend against acquisition costs.
| Cost Item | Approximate Range |
|---|---|
| Property transfer tax | ~3.09% of assessed value |
| Notary fees | 1–2% of purchase price |
| Legal fees (buyer's lawyer) | 1–2% of purchase price |
| Estate agent fee | 2–3% (sometimes split) |
| Land Registry registration | Relatively modest flat fee |
| Total additional costs | Typically 8–12% of purchase price |
For new-build properties (where VAT applies instead of transfer tax), the figures differ — confirm current VAT rates and any transitional exemptions with your lawyer, as these have been subject to legislative change.
Note also that if you are using a mortgage, the bank will charge arrangement and valuation fees on top of the above.
Alternative Financing Routes
Given the limited availability and strict criteria attached to Greek non-resident mortgages, many international buyers fund their Greek purchases through one of the following:
Equity release in the home country: If you hold significant equity in property elsewhere, remortgaging or releasing equity may offer more favourable terms than a Greek bank can provide, while keeping the Greek purchase clean and uncomplicated.
International private banks: Some private banks serving high-net-worth clients can arrange lending against Greek property or against wider portfolio assets, sometimes with greater flexibility than retail Greek bank products.
Combination approaches: Partial cash purchase, using liquid savings or investment proceeds, with a smaller mortgage to preserve capital elsewhere. The interest deductibility of mortgage costs against Greek rental income is a factor to discuss with a Greek tax adviser.
Currency planning: Buyers whose capital is in sterling, US dollars, UAE dirhams, or other non-euro currencies should take specialist currency advice. Exchange rate movements can meaningfully affect the effective cost of a Greek purchase — both in absolute terms and in relation to your mortgage serviceability.
Golden Visa Financing Considerations
If your property purchase is intended to qualify for a Greek Golden Visa, note that the investment must meet the relevant minimum threshold — currently set at €800,000 in the high-demand zones of Greater Athens, Greater Thessaloniki, Mykonos, and Santorini, and at a lower threshold in other areas. The qualifying investment amount must be funded by your own means; it cannot be funded through a Greek bank mortgage in order to count toward the qualifying threshold.
This is a material planning point. Seek legal advice on the current requirements before structuring your financing. For a full overview of the programme, see our Greece Golden Visa guide.
Practical Recommendations
If you are seriously considering mortgage finance for a Greek property purchase, the steps below will improve your prospects:
- Obtain your AFM early — engage a Greek lawyer and get this done before or alongside your property search.
- Approach multiple banks — non-resident mortgage criteria and appetite vary between institutions; do not rely on a single quote.
- Budget conservatively — assume 60% LTV and plan finances accordingly. If you secure 65%, that is a bonus; if the bank's valuation comes in below the purchase price, a lower LTV could be applied.
- Allow adequate time — the mortgage process in Greece, especially for non-residents, is slower than in most northern European markets. Six to twelve weeks from application to approval is not unusual.
- Obtain a formal offer in writing — indicative rates and verbal indications from relationship managers are not commitments. Proceed to detailed due diligence only once you have a written offer with conditions you can verify.
How Global Investments Can Help
Our team has supported international buyers in Greece across a range of financing and investment structures, and we can introduce you to legal and financial professionals with specific experience in non-resident Greek mortgage applications. Whether you are buying in Athens, on the islands, or along the Riviera, we can help align your purchase approach with your broader financial planning. Speak with our advisers or browse current Greece listings to begin.
Frequently asked questions
Can non-residents get a mortgage from a Greek bank?
Yes, some Greek banks do offer mortgage products to non-resident buyers, but availability is more restricted than for residents. Fewer banks actively market these products, eligibility criteria are stricter, and loan-to-value ratios are lower. Many international buyers find the cash route more straightforward.
What LTV can a non-resident expect on a Greek mortgage?
As of 2026, most Greek banks offering non-resident mortgages apply loan-to-value ratios in the range of 50–65% of the property's assessed value. This means a deposit of at least 35–50% of the purchase price, plus funds to cover transaction costs, is typically required.
What is an AFM number and why do I need one?
The AFM (Arithmos Forologikou Mitroou) is a Greek tax identification number. It is required for all property transactions in Greece, including for non-residents. Without an AFM, you cannot sign a purchase contract or open a Greek bank account. Your lawyer can assist with obtaining one.
What documents do Greek banks typically require from non-residents?
Typically: valid passport, proof of address, payslips or audited accounts for the most recent two to three years, bank statements, a tax return or equivalent income evidence, and a property valuation conducted by the bank's approved surveyor. Non-EU buyers may be asked for additional documentation.
Are there alternatives to a Greek bank mortgage for overseas buyers?
Yes. Many buyers release equity from property in their home country, arrange financing through private banks or international lenders familiar with the Greek market, or use a combination of savings and investment portfolio drawdown. A currency specialist can assist with structuring cross-border transfers efficiently.
How do total buying costs in Greece affect financing decisions?
Transaction costs in Greece — covering transfer tax, notary fees, legal fees, and agent fees — typically add a further 8–12% to the purchase price. Banks do not lend against these costs, so they must be funded from your own resources regardless of whether a mortgage is in place.
This guide is for general information only and does not constitute financial, legal or tax advice. Programme rules, prices and tax rates change; verify current requirements with a qualified adviser before acting.