You have probably pictured your home in Greece for years: where it is, the meals on the terrace, the summer light. One of the practical questions to settle is what kind of ownership you want. This article explains the main types of property in Greece and the ways a property can be owned.
The Greek Property Market
Greece has drawn growing interest from international buyers, for its history, its landscapes, and the wide choice of property on offer. You can find anything from a city apartment in Athens or Thessaloniki to a village house or a coastal villa, on the mainland or on islands such as Crete, Rhodes, Corfu, and Santorini. Prices vary widely by region and have generally risen since 2020, with the larger cities often above the national average. Property here can offer both rental income and longer-term growth in value, though any return depends on the location, the property, and the market at the time. Crete is consistently the most popular island with foreign buyers, helped by its size and variety. Rhodes is also popular, with its mix of tourism and heritage, and Mykonos and Santorini are sought after for short-term rentals during the season.
Types of Property in Greece
Greece offers a wide range of property. Apartments run from compact studios to larger homes, in both modern blocks and historic buildings, some with sea views. A city apartment suits anyone who wants a base close to shops, transport, and daily life in Athens or Thessaloniki. For a quieter setting, there are countryside homes and villas, often with a garden or a pool. Villas are usually stand-alone properties with their own outdoor space. There are also building plots, and commercial options such as offices and logistics space for businesses expanding into Greece. Sustainable homes are increasingly common, with features such as solar panels and solar water heaters. Greece's sunny climate makes these a sensible way to cut energy costs. For those looking at land, building plots within a town plan can usually be developed straight away, while plots outside the plan are subject to the stricter out-of-plan rules.
Buying Property in Greece as a Foreigner
Buying in Greece as a foreigner is a well-established process, with relatively few restrictions. Both EU and non-EU citizens can buy, though non-EU buyers may need special permission for property in certain border regions. The first step is to get a Greek tax number (AFM), which you need to sign contracts, pay taxes, and set up utilities. It is also worth opening a Greek bank account to handle the transfer of funds and the payment of taxes and fees. Working with a good agent and an experienced lawyer is strongly recommended. Your lawyer carries out the due diligence, checking the title at the Land Registry or Cadastre to confirm there are no debts, liens, or zoning problems.
Ownership transfers when the notarial deed is registered. Alongside the price, budget for the extra costs: the transfer tax, notary fees, legal fees, and the annual property tax. If you are buying for residency, Greece's Golden Visa offers residency through a qualifying property investment. Note that this is residency, not citizenship. Greek citizenship is a separate route through naturalisation, which requires years of residence and other conditions.
Horizontal vs Vertical Ownership
These terms describe how a property or plot is divided among owners.
Horizontal Ownership
With horizontal ownership, you own a specific unit in a shared building, usually an apartment, together with a share of the common areas such as the stairwell, parking, and garden. For our Dutch readers, this is "appartementsrecht". The share of the common areas is not always equal across units. Apartments are typically found in three- to seven-storey buildings, and are in strong demand in the suburbs and central neighbourhoods of the cities. If you want to add something in a common area, such as a pool, a pergola, or a barbecue, you may need the consent of the other co-owners and a "small-scale" permit. Whether you need all owners or a majority to agree depends on the work, and an engineer assesses the conditions.
Vertical Ownership
Vertical ownership is often misunderstood. It is a form of co-ownership: several owners share one plot, but each owns a separate building on it, along with a defined share of the land. It is used, for example, for a group of detached or semi-detached houses standing on the same plot. This is not the same as simply owning a stand-alone house on its own plot, which is just full ownership. Under vertical ownership, the land is shared, even though each building is owned separately.
A Note on Both
Where a plot or building has been divided into horizontal or vertical properties, there is usually a founding regulation, set by the original owner who made the division. It can place limits on certain owners. Before you buy a horizontal or vertical property, have your lawyer check this regulation.
Sole vs Joint Ownership
These terms describe how a single property is split between one or more owners.
Sole Ownership
Sole ownership is the simplest. One person owns the property and can sell, gift, or bequeath it without anyone else's permission.
Joint Ownership
A jointly owned property is held by two or more people, such as a couple, business partners, or family members. The split can be equal, or one party can hold a larger share. Each owner can sell or bequeath their own share without consulting the others. This suits anyone buying with a spouse or relative who may want to sell their share later.
Usufruct and Bare Ownership
Usufruct is the right to use a property and earn income from it, while someone else holds the ownership. Take a parent who owns a rental property and a child who will eventually own it. The parent can give the child the bare ownership while keeping the usufruct. The parent still uses the property and collects the rent, and the child holds the bare ownership. When the usufruct ends, the child becomes the full owner. While the usufruct exists, both the usufruct holder and the bare owner must consent to any sale. Usufruct on property is granted before a notary, who can set a fixed term or, as is most common, make it for life.
Property Management in Greece
If you live abroad, good property management keeps your home in shape and your obligations met. Local managers and agents can handle maintenance, repairs, rent collection, tenant sourcing, and compliance with the rules, including the management of short-term rentals. This is especially useful for owners who only visit seasonally. We have been guiding international buyers to find their ideal home in Greece since 1991, and we are happy to help you choose the right property and the right form of ownership for your plans.
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