Property Finance for Overseas Investors in Greece

Greece's property market has seen a sustained recovery since 2018, with strong demand from international buyers — particularly from the Middle East, North America, and Western Europe — driving price growth in Athens, Mykonos, Santorini, Crete, and the Ionian Islands. Financing options for overseas buyers have also improved, though the Greek banking sector remains cautious compared to its pre-2010 levels. This guide explains what mortgage finance is available, what to expect from Greek lenders, and alternative approaches to funding your purchase.

Property values can fall as well as rise. Mortgage products and lending criteria are subject to change. The information below reflects conditions as of mid-2026. Seek professional legal and financial advice before proceeding.

The Greek Banking Sector in Context

Greek banks — Eurobank, Alpha Bank, National Bank of Greece (NBG), and Piraeus Bank — emerged from the sovereign debt crisis and subsequent bank recapitalisations with significantly tighter lending criteria. Non-performing loan ratios have fallen substantially from their crisis-era peaks but remain above EU averages, and banks are cautious about new lending, particularly to non-residents.

That said, the improvement in the Greek economy and the property market has led to a gradual reopening of mortgage lending to overseas buyers. Each of the four systemic banks has appetite for non-resident cases, though the terms are more conservative than in Spain or Portugal.

LTV and Loan Criteria for Non-Residents

Maximum LTV for non-resident buyers in Greece is typically 60–70% of the bank's appraised value. In practice, many non-residents are offered 60% LTV, requiring a minimum 40% deposit.

Key criteria:

• The property must be registered (not in the "grey zone" of unlicensed or irregularly permitted buildings — a significant issue in some Greek regions)
• The buyer must have a Greek tax identification number (AFM — Arithmos Forologikou Mitroou) before completing the purchase. Apply at a Greek tax office (Eforia) or through a tax representative.
• Banks conduct their own valuation; if the valuation is below the purchase price, the LTV applies to the valuation figure
• Foreign income is accepted, but subject to lender-specific conversion and sustainability assessment

Interest Rates

Greek mortgage rates for non-residents in mid-2026 were broadly in the 4.0–6.0% range, depending on the product type:

• Fixed rate (typically 3–10 years, reverting to variable): increasingly popular given the fall in Euribor from 2023 peaks
• Variable rate (Euribor + margin): Euribor stood at approximately 2.5% in early 2026, giving variable rates in the 4.5–5.5% range for qualifying borrowers
• ECB rate sensitivity: Greek mortgages are broadly exposed to ECB rate decisions via Euribor

Loan terms run up to 30 years, with the condition that the loan must be repaid by the borrower's 75th birthday (some lenders use 65 or 70 as the maximum age at maturity). Arrangement fees are typically 0.5–1.5% of the loan amount.

Greek Golden Visa Considerations

Greece's Golden Visa programme grants residency to property buyers who invest above a defined threshold — currently €800,000 in the Athens periphery, the Attica region, Thessaloniki, Mykonos, and Santorini; €400,000 elsewhere. A property financed partly by mortgage may still qualify for the Golden Visa, provided the buyer's own equity contribution meets the threshold. Check current rules with a Golden Visa specialist, as thresholds have been raised multiple times and may change again.

If the Golden Visa is a consideration, use a lawyer who specialises in the programme — there are strict requirements on the type of ownership, the property category, and the documentation.

Documentation for Non-Resident Mortgage Applications

Greek banks require (typically in Greek translation by a certified translator):

• Passport and, if applicable, residence permit in your home country
• Greek AFM tax identification number
• Last 2 years of tax returns or equivalent income evidence
• Last 3–6 months of bank statements
• Proof of employment or business ownership
• Statement of assets and liabilities
• For EU documents: apostille is generally not required; for non-EU documents, apostille or legalisation applies

Processing time: allow 6–10 weeks from application to offer. The total process from offer to completion, including notary scheduling, is typically 2–4 months.

Transaction Costs

Before your mortgage covers any of these, you will pay:

• Transfer tax (FMA): 3.09% of the purchase price (for properties not subject to VAT). New-build properties may be subject to 24% VAT instead — verify which applies to the specific property.
• Notary fees: 1–1.5% of the purchase price
• Land registry fee: approximately 0.5%
• Lawyer's fees: typically 1–2% of the purchase price
• Bank arrangement fee: 0.5–1.5% of the loan amount

Total transaction costs for a typical resale property purchase are approximately 6–10% above the purchase price. Budget 40–50% of the purchase price in total accessible funds to cover the minimum 40% deposit plus transaction costs.

Alternative Financing Approaches

Some buyers who find Greek mortgage procedures complex or slow prefer to finance the purchase offshore:

• Equity release from an existing property in the UK, EU, or elsewhere provides a lump sum for cash purchase
• Lombard loans from private banks (particularly accessible through Swiss, UK, and Singaporean private banks) against securities portfolios
• Greek cash purchases can complete faster and may achieve better prices, particularly in competitive markets like Athens centre or the islands

Tax Efficiency and Structure

Greek property held personally is subject to ENFIA (unified property tax, calculated on the property's objective value), income tax on rental income (rates of 15–45% depending on income level for residents; 15% flat rate for non-EU non-residents in many cases — seek advice), and capital gains tax of 15% on profits above the indexation-adjusted cost.

Holding Greek property through a Greek company introduces different considerations — mainly relevant for commercial property. Most residential investment property is held personally.

Key Questions Before Proceeding

1. Does the property have a clean building permit and title? Is there any "regularisation" needed for illegal constructions?
2. Do you have a Greek AFM? If not, appoint a Greek tax representative to obtain one.
3. Is the property in a zone where Golden Visa thresholds apply to you?
4. Have you instructed an independent Greek lawyer to conduct due diligence on the title?
5. Have you budgeted 40–50% of the purchase price in accessible funds to cover deposit and costs?

How Global Investments Can Help

Global Investments works with overseas buyers across the Greek market — from Athens and Thessaloniki to Mykonos, Santorini, Crete, and the Ionian Islands. We can introduce you to Greek mortgage brokers, independent Greek lawyers, and tax advisers who specialise in non-resident property investment. We can also advise on the Golden Visa dimension if residency is part of your planning. Contact our team to discuss your requirements.