Below you can find information about Greek mortgages and the initial and ongoing costs of buying and owning property in Greece. This information might not be complete so we always recommend that you seek proper advice from specialists.

Transfers and Payments
When buying a Greek property, the funds used to purchase the property must be declared in the Bank of Greece using what is called a pink slip, this is the official document to import funds. The easiest way to make payments on properties is to open a bank account in Greece. The bank will give you a pink slip for each transfer you make from abroad. Therefore you will have an accurate and complete record of all the payments and transfers you've completed from abroad.

Typically the best way to pay off the balance of your purchase is with a banker's draft, this way the notary can confirm it right away during the closing. It also gives you the freedom to withhold the full payment if there are any last minute troubles. After paying the money and receiving a receipt, you will get your copy of the final purchase contract and will be the proud new owner of your property.

Mortgage Possibilities and Conditions
It is possible to get a mortgage for the purchase of your new property in Greece. Since it is allowed to rent our your property, you will need to show proof of income, as well as your last 3-6 months payslips and bank statements. However, Greek lenders won't consider the possible profit that could come in as income from renting.

Two important factor to keep in mind are that your total monthly spending must not exceed 35% of your total monthly earnings and you must pay all closing costs before any financing from the bank is released.

Normally, based on your purchase price, you can borrow up to 80% of that value. The current rates are around 5.5% with repayment options between 10 – 40 years. The minimum amount you can typically borrow is around 30,000€.

Initial Costs of Buying Property in Greece
As stated before, although the market of foreigners buying properties in Greece is fairly new, it is not extremely cheap. There are many fees that you should make yourself aware of before you jump into purchasing your dream holiday home. These fees, stemming from the assessed tax value, usually add up to about 15% of the purchase price. These fees include: purchase tax, land registry fees, notaries and lawyer’s fees, municipality tax and utility fees.

On the islands, as well as in Athens, the property values have and are rising quite faster than in other regions. Besides Athens, the property market in Greece is stable; the rates rise slowly and at a steady rate. Athens, on the other hand, has seen distinct increase in the past years making it quite expensive to buy property there. Keep in mind, with the high cost of fees associated when purchasing property those wanting to invest in property to get rich quick might be discouraged.

As most of the foreigners buying property in Greece head for the popular islands some properties there tend to be more expensive. But it is possible to find an apartment or smaller, village home from 40,000Eur. More modern properties will vary between 60,000-150,000Eur and of course you can get a luxurious home equipped with land and swimming pool for close to one million Euro. Properties inland versus the coastline tend to be much cheaper also, but sometimes if there are repairs to be made, the renovation costs can add up greatly.