In Greece, most properties are bought in cash. However, it is possible to secure a mortgage as an overseas buyer. With the right preparation and expert support, you can finance your dream home and take confident steps towards owning that dream home.
While cash is king in the Greek market, international buyers can still secure a mortgage to finance their home, renovation or construction project. The process is slightly more complex than back home, but with the right help and advice, it’s absolutely achievable.
In this guide, we break down what you can borrow, how to apply and the alternatives worth considering if a local mortgage doesn’t suit your needs.
Contents
- Why mortgages are rare in Greece
- How much can you borrow?
- Mortgage rates and terms
- Eligibility and required documents
- The application process
- Finding a Greek mortgage broker
- Alternatives to a Greek mortgage
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Why mortgages are rare in Greece
Mortgages aren’t common in the Greek property market – by some estimates, over 75% of property purchases are made in cash. This applies to both local and international buyers, with many choosing to avoid the lengthy mortgage process.
How much can you borrow?
If you’re a non-resident buyer, most Greek banks will lend up to 65% of the property’s commercial value. For Greek or Cypriot citizens, this can increase to around 70%. Loans for construction or renovation may stretch slightly higher, but will depend on individual circumstances.
| Buyer type | Loan-to-value ratio | Maximum term |
|---|---|---|
| Non-resident | Up to 65% | 15 years |
| Greek/Cypriot citizen | Up to 70% | 30 years |
Mortgage rates and terms
With the right preparation and expert support, you can secure a mortgage in Greece
Loan amounts start from as little as €10,000. Most Greek mortgages offer variable rates that track the market, though it’s possible to combine a fixed-rate term at the start followed by a floating-rate period. For overseas buyers, loans typically run for up to 15 years, and the youngest applicant must be no older than 75 at the mortgage’s end.
Eligibility and required documents
Applicants must be at least 25 years old and able to repay the loan by age 58. You’ll also need a Greek bank account and a local tax number (AFM). Here’s what you should prepare:
- Tax returns for the past two years
- Six months of income proof (e.g. payslips)
- Bank statements for the previous year
- Details of any existing loans
- A certified list of your assets and liabilities
- Copy of your passport
The application process
The mortgage process in Greece follows these steps:
- Consult a broker who understands mortgages for international buyers
- Gather and submit all required documents
- Get pre-approved to understand your budget
- Start your property search
- Arrange a property valuation by the bank
- Submit your final mortgage application
Finding a Greek mortgage broker
Some major Greek banks such as Eurobank, Piraeus Bank and Alpha Bank offer mortgages to overseas buyers. That said, many buyers find it smoother to work with a broker who specialises in non-residents. A good broker will assess your financial situation and match you with the right lender and product. Make sure your broker is accredited, and seek personal recommendations where possible.
Speak to a property consultant
Alternatives to a Greek mortgage
If you’re based in the UK, you might be able to fund your Greek property without using a local mortgage. Options include:
- Pension drawdown: If you have a defined contribution pension, you can withdraw up to 25% tax-free from age 55. This can provide a substantial deposit or cover the full property price.
- Lifetime mortgage: UK homeowners aged 55+ may be able to release equity from their UK home. This tax-free sum can be used for overseas purchases, with repayment deferred until death or long-term care.
Before pursuing these options, seek independent financial advice to ensure long-term affordability and tax compliance in both countries.
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