20 Mistakes Foreign Buyers Make When Purchasing Real Estate in Greece

Buying an apartment, villa, or plot of land in Greece can be a lucrative investment, but errors during inspection and registration can lead to expenses, delays, and disputes. Below are 20 of the most common risks faced by foreign buyers.

Legal and Technical Risks

1. Choosing based only on photos. A sea view does not confirm the legal status or quality of the property.
2. Paying a deposit before due diligence. You must first verify the owner, title deeds, encumbrances, and land registry records.
3. Refusing an independent lawyer. The seller’s representative does not look out for the buyer’s interests.
4. Buying without an engineer. An engineer identifies illegal extensions, discrepancies with permits, and hidden defects.
5. Confusion between the cadastre and E9. Property details must be correctly reflected in both systems.
6. Unverified plot boundaries. The actual area may differ from what is stated in the documents.
7. Assuming any land can be built upon. There are forest, archaeological, coastal, and urban planning restrictions.
8. Buying a property with unresolved violations. These can complicate registration, renovations, and future sales.
9. Ignoring debts and encumbrances. Before the deal, it is vital to check for mortgages, seizures, easements, and legal disputes.

Financial and Administrative Aspects

10. Incomplete budget calculation. Beyond the property price, consider the property transfer tax, notary fees, legal fees, engineering costs, registration, and bank charges. The transfer tax is usually paid by the buyer before signing the contract.
11. Transferring money without proof of source. Banks have the right to request statements, declarations, and contracts.
12. Late acquisition of an AFM. A Greek tax identification number is required for the transaction and tax procedures.
13. Opening an account at the last minute. Bank verification can take time. AILIT Group helps obtain an AFM, and our lawyer assists with opening an account.
14. Underestimating maintenance costs. Consider the ENFIA tax, utility bills, common expenses, insurance, as well as garden, pool, and management costs.
15. Buying only for the Golden Visa. The property must meet current program requirements and remain a sound investment. Requirements vary by region and property category.
16. Lack of rental regulation checks. Different conditions apply to short-term, long-term, and commercial use.
17. Overestimated expected returns. Consider seasonality, vacancy periods, taxes, repairs, and management costs.
18. Choosing solely based on low price. A cheap property may require expensive repairs or have legal flaws.
19. Verbal agreements. Deadlines, furniture, repairs, inclusions, and payment terms must be documented in writing.
20. Lack of a unified team. The lawyer, engineer, notary, accountant, and bank must work in coordination.

Professional Support

AILIT Group supports foreign buyers from selection to property registration. View AILIT Group projects, explore real estate construction services in Greece, or reach out via AILIT Group contacts.

Remember: due diligence before payment is always cheaper than fixing mistakes after purchase.