Ways to Pay for Property in Greece

When paying for property in Greece, the payment method and deadlines are agreed upon between the buyer and the seller and specified in the purchase contract.

Property purchases in Greece must be paid for using banking payment methods. Buyers can transfer funds directly from their bank account abroad to the seller’s bank account. Opening a Greek bank account is not necessary to purchase property in Greece.

1. Reservation Deposit

After choosing an apartment, house, or villa, the buyer usually pays a reservation deposit of €2,000–€5,000, depending on the property price and the agreement between the parties.

When purchasing through Dionisiou Real Estate, the deposit is transferred to our agency’s bank account, with reservation deposit and the selected property’s reference indicated in the payment details.

Once the deposit is received, the property is taken off the market for the agreed period, and the seller provides the documents required for the legal due diligence.

Our agency holds the deposit until the buyer’s lawyer completes the initial legal checks. We do not transfer the deposit to the seller without the lawyer’s approval.

If the lawyer identifies legal issues that prevent the purchase, the deposit is refunded to the buyer in accordance with the reservation terms.

If the legal checks are successful, the lawyer prepares an agreement, after which the deposit is transferred to the seller in accordance with the agreed procedure.

If the buyer subsequently withdraws from the transaction without grounds provided for in the agreement, they may lose the deposit. If the seller withdraws, an obligation to return double the deposit applies only if this is expressly provided for in a legally valid agreement.

2. Paying for Property in Greece by Bank Transfer

The main method of paying for property in Greece is a bank transfer to the seller’s account.

Banks sending funds from many countries require a signed property purchase contract and an official translation into English.

If the funds are held outside the European Union, particularly in a country subject to banking restrictions or sanctions, buyers should check in advance whether their bank can complete the transfer to Greece.

3. When Is the Main Purchase Price Paid?

In Greece, it is common for the final property purchase contract to be signed before a notary, with the main payment transferred to the seller by bank transfer after signing.

The payment period is usually 7–30 business days, depending on the agreement between the buyer and the seller.

The exact payment deadline, payment method, and procedure for confirming receipt of the funds must be specified in the notarial purchase contract.

In some cases, the parties may agree on a different payment arrangement, provided it complies with applicable law.

4. Can You Pay for Property in Cash?

Payment of the property purchase price in cash is not permitted for transactions subject to the current banking payment requirements in Greece.

Under Greek Law No. 5073/2023, payments under property purchase contracts and related documents must be made using banking payment methods.

5. When Does the Buyer Receive the Keys?

Once the full purchase price has been credited to the seller’s bank account, the parties formally confirm completion of the payment. An additional notarial document is prepared to confirm that the purchase price has been paid in full.

The keys are handed over to the buyer after the seller has received the full agreed purchase price.

The buyer’s lawyer arranges the necessary steps to register the transfer of ownership with the Hellenic Cadastre.

6. What Should You Check Before Making a Payment?

Before purchasing property in Greece, we recommend that you:

• Check in advance whether your bank can make an international transfer to Greece.
• Confirm bank transfer fees and the expected time for the funds to arrive.
• Agree with your lawyer on the payment reference and any documents required by the bank.
• Agree on the payment deadline before signing the notarial purchase contract.
• Budget for the additional costs of purchasing property in Greece.

Buying Property with Dionisiou Real Estate

We help buyers understand the payment process in Greece, agree on the terms of the transaction with the seller, and coordinate communication with lawyers and notaries.

If you are planning to buy an apartment, house, or villa in Halkidiki, contact us. We will help you find a suitable property and explain how payments are arranged at each stage of the purchase process.