Buying property in Greece can be a dream move – but it comes with risks if you’re unprepared. Here’s how to avoid the most common financial, legal and practical pitfalls.
Greece is one of the most sought-after destinations for international buyers, thanks to its sun-drenched coastlines, relaxed lifestyle and relatively affordable housing market. But behind the promise of that lifestyle lies a complex buying process, and the realities of buying in a foreign market can quickly catch out the unprepared.
This guide sets out the common pitfalls of buying property in Greece – and crucially, how to avoid them. With proper planning and independent advice, your Greek property purchase can be safe, secure and entirely stress-free.
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Contents
- Currency risk and budget pitfalls
- Legal risks when buying in Greece
- Choosing the wrong location
- Problems with property quality
- Off-plan risks in Greece
- Final tips for a smooth purchase
- FAQs about buying property in Greece
Currency risk and budget pitfalls
Unless you’re earning in euros, currency fluctuations are one of the most significant – and often overlooked – financial risks when buying property in Greece. Even small shifts in the exchange rate can impact your final purchase cost by thousands.
For example, if your budget is £180,000 and you plan to buy a property worth €210,000, a 4% drop in the pound’s value could push your cost above your budget overnight. With international transfers typically required in multiple stages (deposit, balance, taxes and fees), this instability can lead to a scramble for funds at the worst time.
To avoid this, speak to a currency exchange specialist early in the process. A forward contract lets you lock in an exchange rate for up to 12 months, removing uncertainty and ensuring you stay within budget.
Smart Currency Exchange, a trusted partner of Your Overseas Home, offers these contracts without added fees, giving you clarity and control from offer to completion.
Legal risks when buying in Greece
Navigating the Greek legal system without professional support is risky. Property boundaries may not be clearly documented and titles may be incomplete or contested.
Relying on the seller’s lawyer or an agent’s in-house team leaves you open to conflict of interest. To protect yourself, appoint an independent lawyer before even beginning viewings. They’ll be able to guide you through:
- Title searches and registry checks
- Verification of building permissions and legality
- Inheritance rights and ownership structures (especially for couples or families)
- Recent changes to rental legislation, particularly in tourist-heavy zones
Greece also has restrictions on foreign ownership in some border and island regions – another reason to seek advice early.
Speak to a property consultant
Choosing the wrong location
Greece’s diversity is a double-edged sword: it offers everything from mountain villages to party islands – but the wrong fit can lead to regret.
A home in a remote Cycladic village might sound romantic, but consider whether the ferry service operates year-round, if there’s a local health clinic or if you’ll cope without English-speaking neighbours. Likewise, property near olive groves may offer peace and privacy but pose fire risks in dry seasons.
| Risk | Consideration | Solution |
|---|---|---|
| Isolation | Few off-season services | Visit in winter and speak to locals |
| Natural hazards | Earthquakes or wildfires | Check structural reports and location history |
| Limited amenities | Sparse transport, shops or healthcare | Map local infrastructure and future plans |
Problems with property quality
Greece’s housing stock includes many older homes – and while these may be rich in character, they can come with costly surprises. It’s common to see cosmetic renovation masking outdated plumbing, weak insulation or even structural faults.
To avoid nasty shocks:
- Hire a qualified surveyor, especially for homes over 20 years old
- Check for damp, cracked plaster and unstable terraces
- Ask for receipts and permits if the home claims to have been renovated
Remember that building regulations may differ from what you’re used to, so don’t assume features like double glazing or central heating are standard.
Off-plan risks in Greece
Off-plan properties – where the home is still under construction – are often attractively priced, but they’re not without risk. Delays, poor-quality builds and legal uncertainties can turn a great deal into an expensive frustration.
Common problems include:
- Construction delays caused by bureaucracy or contractor issues
- Part-finished developments where communal areas are left incomplete
- Ongoing noise and disruption even after you move in
- Rising build costs passed on to the buyer
Protect yourself by viewing previous projects from the same developer and only buying where there are clear stage payments with bank guarantees.
Final tips for a smooth purchase
Buying in Greece doesn’t have to be a minefield – not if you plan thoroughly and rely on experienced professionals. Here’s a checklist to keep you on track:
- Fix your budget early, accounting for taxes, legal fees and renovations
- Use a currency specialist to protect your funds from fluctuation
- Appoint an independent, bilingual Greek lawyer
- Visit during low season to assess the location year-round
- Be cautious with off-plan promises – seek proof, not just pictures
Above all, remember that this is a life decision, not just a financial one. By approaching it with eyes open and expert help on hand, you’ll be in the strongest position to find a home that truly works for you – for holidays, retirement or a permanent move.
FAQs about buying property in Greece
What are the pitfalls of buying property in Greece for expats?
Some of the biggest risks include unclear ownership titles, incomplete planning permissions and properties with hidden condition issues. Older homes may conceal damp, poor insulation or unapproved extensions. Seasonal changes can also catch buyers out, with some islands feeling cut off outside the summer months. On top of this, currency fluctuations can throw your budget off course, and off-plan purchases sometimes face delays or incomplete developments. Working with an independent lawyer, commissioning a full survey and planning for year-round living are some of the best ways to avoid these pitfalls.
Is buying property in Greece a good investment?
Buying in Greece can be a worthwhile investment, provided you choose carefully and think long term. Locations with year-round appeal, good transport links and strong rental demand offer the best prospects. Properties that are legally sound, well built and properly maintained tend to hold their value. If you are planning to let your home, it is important to check the local rules on short-term rentals and to factor in management costs. Buyers who approach the market with realistic expectations and a medium-to-long-term view usually see the most secure returns.
What are the rules for buying a house in Greece?
All buyers must obtain a Greek tax number, known as an AFM, before they can proceed. A notary will draft and oversee the sales deed, but you should also appoint your own independent lawyer to carry out legal checks, including verifying ownership, confirming building permits and identifying any outstanding debts. While opening a Greek bank account is not always a legal requirement, it can make paying taxes and bills much easier. Buyers must also budget for property transfer tax or VAT on new builds, plus notary, registry and legal fees. In some sensitive border and island regions, non-EU citizens need additional permits. Finally, you will need to provide proof of identity and funds to comply with anti-money-laundering rules.
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