Yes, foreigners can buy property in Greece. However, the process may vary depending on their residency status. EU residents generally face fewer restrictions when purchasing property in Greece.

To register real estate, you’ll need the following documents:

• Valid international passport
• Valid visa allowing entry to Greece

To open a bank account in Greece, you’ll need:

• Valid international passport
• Valid visa allowing entry to Greece
• Document confirming permanent residence (internal passport of the country of residence)
• Letter of employment confirmation
• Copy of the tax return

While it is possible to buy an investment property in Greece on your own, it is strongly recommended to work with a real estate agent, especially if you are new to real estate investing in Greece. An agent will guide you through the process, including Golden Visa procedures, market evaluation, loan pre-approval, finding an attorney, negotiation, and closing the deal.

It is advisable to rent out your property in good condition. Properties that are clean, well-maintained, and have modern features rent faster and at better prices. However, avoid spending excessive money on upgrades; focus on improvements that increase the property’s value without significant costs.

Real estate investing can be profitable, but it usually does not yield overnight riches. Patience and hard work are required, and returns will vary based on your sourcing strategy and market conditions, hence THE ROE’s expertise in creating a portfolio of high yielding assets in highly prized regions. 

To increase the profitability of your investment property, consider the following:

• Set competitive pricing
• Screen tenants to minimize unpaid rent and property damage
• Offer additional services at a fee
• Maintain the property regularly to avoid costly repairs
• Upgrade the property through renovations

On average, the cost of quality construction in Greece starts around 1,000 euros per square meter.  The final price will depend on project features and customer requirements, including landscaping costs. 

It is important to navigate the market’s  intricacies with a suite of experts (lawyers, Tax lawyers, accountants, consultants, contractors, etc.) which are fully vetted and provided by The ROE .

The process involves the following steps:

• Choose a lawyer who will represent and assist you through the purchase, including researching the property at the land Registry.
• Select a notary, as all property transfers must be conducted in their presence.
• Obtain a Tax Identification Number (TIN) if you don’t already have one.
• Pay the transfer tax to the Internal Revenue Service (IRS) before signing the final contract.
• Sign the contract in the presence of a notary, who will transcribe the contract at the Mortgage Registry, maintaining a copy of the contract for the property’s region.