The process of buying a property in Crete, Greece

Everything you need to know about buying property in Crete

Buy a property in Crete

Prices of properties in Crete are in Euro and generally do not include lawyer fees, notary and registration fees, transfer tax and estate agency fees. Calculating the costs, it is easier to budget for an additional 9-12% as a guide for total purchase costs. Our Agency fee is 3% of the final purchase price plus VAT 24%.

Legal advice: It is highly recommended that you use a lawyer to deal with all legal and administrative formalities. Using a lawyer based in Crete is more efficient as he/she can visit and liaise with the various parties involved. We can recommend qualified lawyers who are based in Crete and familiar with the process. You can then sign a Power of Attorney for the lawyer to act on your behalf, issue a Greek Tax Number (AFM), open a Greek bank account, carry out the necessary legal surveys, deal with the various payments required and represent you and sign the final contract.

The Private Agreement is the name of the first document issued during the purchase process. It will be signed by you or your chosen lawyer and the seller and will stipulate the terms of the sale and specifics of the property or plot of land you are purchasing (location, size, price, identity of seller etc…). The 10% deposit is due at this stage. We can assist you with foreign exchange and free currency transfers.

The Final Contract will then be signed a few weeks later in the presence of a local Notary Public by you or your chosen lawyer, who will send you the title deeds and other relevant documents.

Balance or staged payments: If you are purchasing a plot of land or existing property, the balance of the purchase price must be paid at the signing of the final contract. If you are purchasing an off-plan property, the balance is paid in stages according to the various stages of construction.

Your chosen lawyer will advise you of the necessary steps to take and we will remain by your side throughout the process to ensure your purchase is a hassle-free and enjoyable experience.

Frequently Asked Questions

Answers to questions most commonly asked by buyers and sellers of property in Crete.

The Registry of Mortgages is the State authority charged with securing property ownership. All property titles are held, and all encumbrances registered, there. Property is filed under the owner’s name; lawyers/attorneys are entitled to check under the name of any individual or organisation. A thorough property title search here will uncover any/all extra hidden claims, covenants or charges attached to the property; it will also confirm the proper previous transfer of the property. This must always be done as part of the transactional process.

EU citizens
Generally speaking, all EU citizens have the right to purchase property in Greece/Crete.

Non-EU citizens
Generally, Non-EU citizens have the right to purchase property in Greece/Crete. For details of current regulations, contact the Greek consulate or embassy in your home country.

Residence Permits for Non EU citizens
Greece can grant residence permits, for Non-EU citizens and their families with the acquisition of property worth more than €250.000 [Read more]

Not necessarily. You can purchase property in joint name, with spouse and/or other third parties, in the names of children, legal heirs or a company.

Yes. Anyone purchasing a property is required to have a Greek Tax Registration Number. You should apply to the local (Greek) tax office, with your passport/ID and sometimes birth certificate. Your appointed solicitor can make the application on your behalf, if you have granted him/her Power of Attorney.

Yes. Each bank or financial institution may have its own stipulated requirements of the applicant; but generally, with your passport/ID, you will need to provide proof of earnings (P60’s, payslips or tax returns if self employed) for 2-3 years. You should also bear in mind that you must be able to pay all closing costs before the bank will release any funds.

The Notary Public is a lawyer who represents the Greek government in the property purchase transaction. You must appoint a Notary or you will not be able to legally purchase a property. It is his/her responsibility to process and certify the transaction. He/she will draw up all the necessary legal documentation. The contracts must be signed in the presence of the Notary who must be happy that they have been read and understood by all parties.

It is highly recommended to have legal representation throughout the transaction. Your lawyer is also responsible for carrying out the necessary legal surveys and property title search.

A Greek bank account is not required when buying real estate in Greece. You can make all necessary payments related to the purchase from a bank account in your country. However, a bank account in Greece can be useful once you own a house in Greece to pay taxes, utility bills, property management fees etc.

Golden Visa: The requirements for whether it is necessary to open a bank account to obtain a residence permit in Greece (Golden Visa) may vary, so consult your lawyer.

Bank accounts can be opened by proxy or in person by account holder(s).

Most banks require the following information:

  • Greek Tax Number (ΑΦΜ)
  • Copy of proof of identity
  • Proof of your home address e.g. an extract from the registry office or a utility bill (electricity, water, telephone)
  • Employer’s statement or extract from the Chamber of Commerce
  • Tax assessment

Not necessarily. If you wish, your solicitor can sign on your behalf if you have granted him/her Power of Attorney.

Closing costs include all legal expenses, fees and taxes. There is no set figure for this; but it is generally prudent to budget for an additional 9 – 12% as a guide for total purchase costs. You or your appointed representative should clarify this at the earliest opportunity.

The building industry on Crete is subject to EU regulations and standards. In addition there are strict local regulations for earthquake protection. It is therefore prudent to insure your new property in the standard manner against fire, water damage, storm damage, earthquake, theft and third party.

Yes. Anyone owning a property in Greece is legally bound to file annually an E9 form with the Greek tax authorities. This must be filed in conjunction with the basic Income tax E1 form. If you don’t actually have an income in Greece you should enter “0” income in the E1. Your accountant will help with this.

The Tax Objective Value of a property is assessed by the Greek tax authorities for the purpose of levying taxes. It is not the purchase price of the property; generally being significantly lower than that.

Property tax (ENFIA) is calculated based on the location, size, use, age and other factors of the house and/or plot and is imposed on natural and legal persons.

For most (vacation) homes in Crete the annual tax is 3-4EUR/m² built (e.g. a house of about 100m² = 300-400EUR/year).

For land/plots the annual tax is significantly lower, calculated based on similar parameters as described above.

The annual real estate tax assessment (ENFIA) is accessible through the website of the Greek tax authority.

Generally, these can be paid by standing order by your bank. You can, of course, pay in person at the relevant office.

Member of

Prestigious Real Estate Associations

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Useful info

We offer solutions for everything concerning Real Estate in Crete. Use the following links for more information.

Sell your property

Do not hesitate to trust our real estate office. We can advise you and offer you the benefits of our marketing strategies to help you sell your property in the best time.

Buy property

Prices of properties in Crete are in Euro and generally do not include lawyer fees, notary and registration fees, transfer tax and estate agency fees.

Non-EU Citizens

The Greek Government offers residence permits to non-EU citizens who buy real estate in Greece worth more than 250.000 Euros.

Lawyer in Crete

Legal support for the purchase of Real Estate in Crete that will help you complete your property deals quickly, feeling secure and confident.

Useful links

We are regularly out on the web. When we find a useful site we list it here for you. Select a URL from the categorised list of links provided in the useful links page.

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