Common Mistakes of Foreign Investors When Buying Property in Greece

Buying property in Greece can be a profitable investment, but foreign buyers often make decisions too quickly. Mistakes during the property inspection, contract review, or budget planning stages can lead to additional costs and delays.

1. Choosing a property based only on photos

Beautiful photos do not reveal the condition of the building, the quality of the access road, surrounding developments, or the real view from the windows. Before paying a deposit, it is essential to conduct an in-person or remote video inspection. For an existing house, it is advisable to commission a technical inspection by an engineer.

2. Paying a deposit before legal due diligence

One of the biggest mistakes is transferring a large sum before verifying the title and property documents. A lawyer must establish who owns the property, whether there are mortgages, seizures, debts, or other encumbrances, and verify the property’s registration in the land registry.

3. Failing to check the legality of the construction

The actual layout of the house may differ from the approved documents. An illegal extension, enclosed terrace, or additional room can complicate the transaction. An engineer must compare the property with the building permit and confirm its legal and technical status.

4. Buying a plot without checking building feasibility

Owning land does not guarantee the right to build a villa. It is necessary to check boundaries, area, access to the plot, urban planning regulations, as well as forestry and archaeological restrictions. Only then can you estimate the size of the future house and the project budget.

5. Ignoring additional costs

In addition to the property price, the buyer pays taxes, notary fees, legal fees, engineering fees, registration costs, and other expenses. As a general rule, the property transfer tax is 3% of the taxable value and is paid by the buyer before signing the contract. The transaction budget should be calculated in advance.

6. Signing documents without understanding the terms

Foreign buyers may receive a contract in Greek and rely on verbal translation. Before signing, it is necessary to get a clear explanation of the terms: amounts, deadlines, liability of the parties, procedures for returning the deposit, and property handover.

7. Overly optimistic yield calculations

A high rental price during the tourist season does not guarantee stable annual income. One must consider seasonality, management costs, cleaning, utilities, repairs, taxes, and potential vacancy periods.

8. Buying a Golden Visa property without prior verification

Not every property automatically qualifies for the program. Requirements depend on the region, price, area, and category of the property. In popular regions, the threshold is 800,000 euros, in others 400,000 euros, and for some special categories, the threshold is 250,000 euros. Before transferring funds, a lawyer must confirm that the transaction meets the current Golden Visa requirements.

How to avoid mistakes

A secure purchase begins with legal and technical due diligence, a clear budget, and official confirmation of every payment. AILIT Group helps you find a property, verify the investment concept, and organize the purchase, construction, and management of real estate in Greece.

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