How Much Do Holiday Homes Cost in Greece, and How Can You Buy One?

That’s why B92 BIZ is revealing the current prices of holiday homes and explaining how to buy a house or apartment in Greece.

Buying a house, apartment, or holiday home in this Mediterranean country is becoming an increasingly popular option. Serbian citizens, like those from any other country, can purchase property in Greece under the same conditions as Greek and EU citizens.

However, buyers from Serbia must be aware of the specific procedures and potential costs involved before entering the process.

You Can’t Buy Property Just Anywhere

As non-EU citizens, Serbian nationals can freely buy property in most areas of Greece.

However, there are exceptions in so-called "restricted zones", typically military or strategically important areas, where special permission from the Ministry of Defense is required.

Fortunately, in popular tourist regions such as Halkidiki, Crete, the Peloponnese, Attica, and Lefkada, property purchases are allowed without such restrictions.

Holiday Home Prices by the Sea in Greece

According to data from Engel & Völkers, more affordable cottages in Greece start at €2,000 per square meter, while high-end properties can reach up to €12,000 per square meter.

Jorgos Petros, director at Engel & Völkers, notes that demand is highest for villas with pools and sea views. For luxury buyers, proximity to the beach is a top priority.

As a result, property prices in coastal Greece vary significantly depending on the region, distance from the sea, property type, and level of luxury.

Halkidiki (popular among Serbian buyers): €2,000–€10,000/sq.m

Mykonos and Paros: up to €12,000/sq.m (most expensive)

Antiparos: €6,400–€9,800/sq.m

Kythnos: up to €9,000/sq.m

Santorini: €4,500–€7,500/sq.m

Naxos, Syros, Andros, Tinos: starting from €2,300/sq.m

Rhodes (Dodecanese): up to €6,750/sq.m

Symi: up to €6,000/sq.m

Hydra (Attica): €4,000–€7,500/sq.m

In the Peloponnese, the market is also attractive:

Argolis: up to €6,000/sq.m

Messinia: €2,000–€5,500/sq.m

Laconia: €1,200–€3,800/sq.m

Corinthia: €2,000–€3,500/sq.m

Step-by-Step Guide: How to Buy Property in Greece

In the remainder of this article, B92 BIZ presents a step-by-step guide to buying real estate in Greece, whether you're interested in a house, apartment, or holiday home, along with useful tips for making a successful purchase.

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Getting Started: What Is an AFM?

If you want to buy property in Greece, your first step is to obtain an AFM, a Greek tax identification number. This number is a mandatory prerequisite for any further actions related to real estate transactions, including opening a Greek bank account.

You can apply for an AFM at your local tax office (DOY). The required documents include:

• A valid passport
• A completed application form
• A statement of purpose (e.g., purchasing property)

The process is typically quick, and the AFM can often be issued on the same day the application is submitted.

A Greek bank account is also required to manage all payments related to the purchase, such as the deposit, purchase price, taxes, and ongoing utility costs.

Finding a Property and a Real Estate Agent

The right real estate agent can be instrumental in helping you find a suitable property, negotiate the purchase, and navigate the local market.

Most foreign buyers also hire a Greek lawyer, whose responsibilities typically include:

• Performing legal due diligence on the property
• Preparing contracts
• Representing the buyer through the purchase process

While purchasing without a lawyer is possible, it’s considered highly risky. Many Serbian buyers report that it’s helpful if the lawyer or agent speaks Serbian to facilitate communication.

Preliminary Contract and Deposit

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Once you've selected a property, the next step is to sign a preliminary contract and pay a deposit, usually around 10% of the total purchase price. This contract effectively reserves the property until all legal and technical requirements for the final agreement are fulfilled.

It's strongly advised to take this step only after your lawyer has confirmed that the property is free of any encumbrance, such as:

Mortgages

Outstanding debts

Unresolved ownership or legal issues

Final Contract and Total Costs: What Does the Buyer Pay?

The final sales contract is signed before a public notary, and typically in the presence of your lawyer. After signing, the buyer must register the property at the local Cadastre office, a crucial step for full legal protection.

Taxes and fees depend on the type of property:

For older properties, a property transfer tax of about 3% of the market value is applied.

For new buildings (with a building permit issued after 2006), a VAT of 24% may apply instead of the transfer tax.

In addition to taxes, buyers should also budget for additional costs, which typically amount to 5–12% of the property value:

• Notary fees: approx. 1%
• Legal fees: approx. 1–1.5%
• Cadastral registration fee: approx. 0.5%
• Real estate agent commission: 2–3% + VAT
• Post-Purchase Taxes

Once you own property in Greece, you’ll be responsible for annual property tax, known as ENFIA. This tax varies by location and property value, ranging from €2 to €16 per square meter.

If you plan to rent out your property, be aware that rental income is taxable in Greece.

On a positive note, capital gains tax on property sales is currently suspended until the end of 2026, making resale potentially more profitable.

Golden Visa in Greece: Residency Through Real Estate Investment

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Foreign nationals who invest at least €250,000 in Greek real estate can apply for a Golden Visa, which grants:

Permanent residency in Greece

Free movement within the Schengen Area

However, in high-demand regions, such as central Athens, Santorini, and Mykonos, the minimum required investment for a Golden Visa has been increased to €400,000 or more.