Can I Buy a House in Greece as an American or Canadian?
Yes, Americans and Canadians can purchase property in Greece. In this article, we’ll take you through the most common questions Americans and Canadians have when buying a home in Greece, as well as some practical considerations for how to start your search for a home in Greece.
What If I’m not American or Canadian?
Are you Dutch, German, Belgian, French, or any other nationality? This guide is for you.
Bank Accounts and Taxes
Do I Need a Greek Bank Account?
No, you don’t need a Greek bank account to purchase property in Greece.
Do I Need a Greek Tax Number?
Yes. To buy a property in Greece, you will need a local tax number — known as an AFM. This will give you access to the Greek TAXIS system online, where you will report and pay property taxes.
Tips on Paying Greek Taxes as an American or Canadian
Greece and the US (and Greece and Canada) have a double taxation treaty. This means that as a US or Canadian citizen, you will not pay tax twice. For more information on property taxes in Greece, see our full article here. For any other inquiries about the impact of moving to Greece on your taxes, we recommend getting professional advice from an experienced tax accountant.
Residency & Visas
How Long Can I Stay in Greece?
Americans and Canadians can stay in Greece for up to 90 days in a 180-day period as a tourist. There’s no need to apply for a visa in this case — just make sure your passport is valid for six months from the date you travel. If you are planning to stay in Greece for over 90 days, Greece offers several options for visas and residency.
Do I Need to be a Greek Resident to Buy Property in Greece?
No, as an American or Canadian buying property in Greece, you don’t need to be a Greek resident. If you are interested in Greek residency, the Golden Visa program in Greece is a residency-by-investment program.
Golden Visa
By purchasing real estate above a certain price in Greece, you are eligible to apply for the Golden Visa, which grants residency, visa-free travel in the Schengen Zone (for 90 days every 6 months), and family inclusion.
The minimum investment required for a Golden Visa depends on the area of Greece where you buy a home. Find the most recent changes here.
Greek Economy
What’s the Greek Economy Like?
Today Greece is one of the most quickly growing economies in the European Union. The economy is growing two times as fast as the average in the Eurozone. This summer, over 10 million tourists came to Greece. The revenues from tourists this year were over 20 billion euros. At the same time, Greece just gained an investment-grade rating among credit rating agencies. Multinational companies like Pfizer and Microsoft are investing in Greece, and private investors are investing in the Greek market.
What is the Greek Real Estate Market Like for Americans?
The number of U.S.-based visitors to Elxis – At Home in Greece’s website increased tenfold in the two weeks following the elections compared to the same period in 2023. Compared to October, the number quadrupled, and viewing inquiries from prospective buyers also rose at a similar rate. Another indicator is that in November, Americans surpassed visitors from any other country on Elxis’s social media platforms.
Mr George Gavriilidis explained, “Interest from U.S. buyers was already significantly higher in 2024 compared to 2023. Depending on the period, we had three to six times more American visitors to our website this year compared to 2023. What has changed after the recent elections is the rapid acceleration of this trend.”
According to Mr Gavriilidis, “In 2024, one in eight of our clients (12.3%) came from the U.S., and we predict that in 2025, the U.S. will rank third after Germany and the Netherlands.” This development is particularly noteworthy because U.S. buyers tend to have larger budgets. In 2024, the average sale price of vacation homes through Elxis was €378,500 for all buyers, but U.S. buyers invested an average of €514,000.
Prices in Greece Compared to the Rest of Europe
According to data from Global Property Guide regarding residential prices for the second quarter of 2024 across Europe, the average selling price in Attica (Athens) is 2,120 euros/sq.m. This places Greece as the fourth cheapest market, after Romania’s Bucharest (1,632 euros/sq.m.), Bulgaria’s Sofia (1,650 euros/sq.m.) and Montenegro’s Podgorica (1,763 euros/sq.m.).
Meanwhile, prices in other European countries are skyrocketing. In Amsterdam, the average cost for a typical apartment at the centre of the city rose to 8,385 euros/sq.m., almost 4 times higher than in Athens. In Madrid, the average cost is 4,700 euros/sq.m. and in Berlin, it’s around 5,000 euros/sq.m. In Paris and London, the average purchase price stands at 9,430 and 9,540 euros/sq.m. respectively. The most expensive city in Europe is Switzerland’s Zurich, with an average price of 17,285 euros/sq.m., followed by Luxembourg at 11,332 euros/sq.m.
Property Search
How Do I Search for a Home in Greece?
The first step as an American or Canadian searching for a home in Greece is to identify a property you want to purchase. Draw up a shortlist with your top requirements and dream locations. In your search process, it’s best to have an ally in the process – somebody who ideally lives in Greece and understands the buying process. This is where a real estate agent is helpful. They can help you find legal advice, local contacts, and contractors, and can help prepare you for other processes after the sale. You’re always welcome to speak with us for a non-committal consultation.
Types of Properties in Greece
As an American or Canadian, you can choose what kind of property you want in Greece. Assuming we leave out apartments in Greece’s main cities, there are three main types of properties in Greece you will find when searching.
Villas
This category covers most of the properties that you will find on our website. These newly built villas are built with modern infrastructure, tiled floors, and sometimes a private pool.
Apartments
In Greece’s main cities like Athens and Thessaloniki, you will find apartment blocks that are known as “Polikatoikies.” This is a common choice for Greek families and are cost-effective. Almost all apartments in the city in Greece have a balcony, so you can always enjoy your morning coffee in the fresh air.
Village Homes
Finally, we have traditional houses in Greece, known for their colored doors, squat ceilings, and often a beautiful view of the sea or the mountains. These homes will likely have a lower price and may be older houses.
Special Permits for Border Areas
Certain areas in Greece require special permits for Americans and third country buyers. In Greek, this special permit is called “Άδεια δικαιοπραξίας” and applies to areas of military interest that are close to Greek military areas or close to the Greek borders. To receive the permit, you will submit a few basic personal documents and a description of the property. This is a routine procedure for the Elxis Team and we will guide you through the permit process.
What’s Next?
Now that you know about what homes are available in Greece, tax implications for Americans and Canadians moving to Greece, and residency in Greece options, you might be wondering what is the next step. You’re always welcome to speak with us for a non-committal consultation.
