Greece attracted €3.2 billion in real estate investment in 2023, a 14% increase from 2022 (Bank of Greece). International buyers from the USA, Australia, Germany, and the wider diaspora account for a growing share of that capital. The reasons are structural: EU legal framework, competitive entry prices versus Western Europe, strong rental yields in key locations, and — for qualifying projects — direct capital grants under Law 4887/2022, as amended.
This guide covers what international investors need to know before committing capital to Greek real estate: yield benchmarks, legal structure, the Development Law overlay, and the due diligence standard that protects the investment from day one.
Table of Contents
ToggleRental Yields and Entry Points by Segment
The following yield ranges are illustrative, based on market observations as of Q1 2026. They do not constitute investment advice. Actual yields depend on specific location, asset quality, occupancy rates, and management costs.
- Athens (Kolonaki, Glyfada, Kifisia): Residential yields 3.5–5.0%; short-term rental yields 6–9% in prime tourist zones
- Thessaloniki (city centre, Kalamaria): Residential yields 4.0–5.5%; commercial yields 5–7%
- Mykonos / Santorini: High-end villa rental yields 7–12% (illustrative); entry prices €800,000–€5M+
- Crete (Heraklion, Chania, Rethymno): Residential and tourism yields 5–8%; strong demand from Northern European buyers
Greece’s property market recorded price growth of approximately 10% in 2023–2024 (ELSTAT). Prime tourist island assets have outperformed. Entry prices in Athens and Thessaloniki remain significantly below comparable Western European capitals.
Property Types Available to International Buyers
Non-EU and EU nationals can purchase all major property types in Greece:
- Residential: apartments, villas, single-family homes
- Commercial: offices, retail, warehouses, mixed-use buildings
- Development land: for construction projects, subject to planning permissions
- Hotel and tourism units: including resort complexes and boutique hotels
Foreign ownership restrictions exist in certain border regions (e.g., parts of the Dodecanese, Thrace). Specific approvals are required. Aggelakakis & Associates confirms property eligibility during the initial due diligence phase of every engagement.
The Legal Ownership Framework for Non-EU Nationals
The Greek real estate transaction process follows a defined sequence:
- AADE Tax Number (AFM): Every buyer — individual or entity — must obtain a Greek tax identification number before any transaction.
- Greek bank account: Required for capital transfer documentation and source-of-funds compliance.
- Notary process: All property transfers in Greece are executed before a licensed notary. Both buyer and seller (or their legal representatives) must be present.
- Property Registry (Ktimatologio): Title is registered with the National Cadastre. Full title search — including lien and encumbrance check — is conducted before signing.
- Property transfer tax: 3.09% on the objective (assessed) value of the property. VAT applies in some cases for newly constructed properties.
The Aggelakakis 360° Protocol applies to all real estate acquisitions: the Go/No-Go diagnostic, title and planning compliance verification, AML documentation, and transaction management from search to registration.
How Law 4887/2022, as amended Connects to Real Estate Investment
Law 4887/2022, as amended (Government Gazette A’ 87/02.06.2025) applies to productive investment projects. Tourism and hospitality real estate projects — hotels, resort developments, managed apartment complexes — qualify under specific aid schemes within the law. Key points:
- Tourism and hospitality is the highest-volume sector by application count in the Development Law
- Grants of up to 70% of eligible investment cost are available for qualifying hotel and tourism projects
- A tax exemption — a capped approved amount of aid, usable over up to 15 tax years — is available as an alternative or complement to the cash grant
- New hotel unit construction and significant expansion projects are both eligible
Pure residential property purchases do not qualify for Development Law support. The distinction is between a productive investment project (hotel, managed tourism complex) and a private real estate acquisition.
The Golden Visa: Brief Overview
Greece retains a functioning property-based residency-by-investment programme. Minimum thresholds vary by zone (€250,000–€800,000 depending on location and property type). The Golden Visa grants EU residency — not citizenship — and Schengen travel access. A dedicated article covers the programme in detail, including 2024–2025 legislative changes.
The Aggelakakis 360° Protocol as the Due Diligence Standard
Real estate investment failure in Greece is rarely caused by market conditions. It is caused by inadequate pre-acquisition due diligence: incomplete title searches, planning compliance gaps, AML documentation errors, and incorrect corporate structure.
The 360° Protocol applies five stages before any capital moves: Diagnostic/Go-No-Go, Capital Stack Structuring, Execution Control, International Compliance, and Value Protection & Exit.
Aggelakakis & Associates operates from Athens · Thessaloniki · Munich · New Jersey · Mumbai — with a strategic partnership in Melbourne: 6 hubs · 5 countries. The firm’s founder holds an MBA from Oxford Brookes University and leads all capital structuring engagements. The team provides multilingual support in English, Greek, and German.
Frequently Asked Questions
Can non-EU nationals own property in Greece?
Yes. With limited exceptions in designated border regions, non-EU nationals can purchase and own all property types in Greece. An AFM tax number and Greek bank account are prerequisites for the transaction.
Does the Development Law apply to residential real estate?
No. Law 4887/2022, as amended applies to productive investment projects. Tourism and hospitality developments — hotels, managed complexes, resort projects — qualify. Standard residential purchases do not.
What is the minimum investment for a Greek real estate project?
There is no statutory minimum for a real estate purchase. Development Law applications have minimum eligible investment thresholds that vary by aid scheme and company size. These are confirmed during the eligibility assessment.
How long does a property transaction take in Greece?
From agreement to title registration, a standard transaction takes 6–10 weeks for a straightforward case. Complex properties — with planning irregularities, multiple ownership records, or encumbrances — take longer.
Is a property purchase in Greece sufficient for a Golden Visa?
Qualifying property purchases in approved categories and above the applicable threshold can support a Golden Visa application. The Golden Visa is a separate process from the property transaction itself. Aggelakakis & Associates manages both in parallel for eligible clients.
To request an Investment Readiness Screening, contact our team. Review the Development Law and our renewable energy investment guide for related capital deployment strategies.
