Mortgage process and requirements to buy a house in Greece.Terms and Interest Rates.

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Mortgage process and requirements to buy a house in Greece.Terms and Interest Rates.

If you intend to purchase a home in Greece, you have undoubtedly given some thought to how you would pay for it. A mortgage could be a common option, depending on your country of origin. It’s not a simple task for a non-resident to obtain a mortgage in Greece, but it’s helpful to know how the procedure operates.We shall outline the overall procedure for obtaining a mortgage in Greece; however, each bank’s procedure may vary and be subject to annual changes. Mortgage rates in Greece typically range from 3.0% to 6.5%, depending on the bank (December 2023), and the terms of your mortgage will fluctuate significantly depending on which bank you visit. To apply for a mortgage, you do not have to be a resident of Greece; nonetheless, most Greek banks have more stringent requirements for foreign residents. To qualify for a loan from some Greek banks (but not all of them), you must be a Greek taxpayer, which means that you must reside in Greece for tax purposes.

Greece’s Mortgage Requirements

When your loan expires, you have to be under a specific age, which is typically between 70 and 75 years old. Additionally, this age restriction will vary based on the bank.

The income of your family must be sufficient in relation to the monthly payment and the amount you wish to borrow.

A Greek bank account and tax number (AFM) are also required. Greece’s Mortgage Requirements

In order to obtain a mortgage in Greece, the majority of banks require:

* A copy of your passport or ID

*Your Greek tax number

*An employment letter or other evidence of income. This can be copies of employee paychecks or, in the case of independent contractors, an evidence of business.

* Your most recent tax returns from the nation in which you filed your taxes, typically spanning two to three years, depending on the bank.

* A bill with your residential address on it

*Verification that the phone number is registered

The documents usually have an Apostille stamp on them and need to be translated. Depending on where you are from, some banks may need extra documentation.

Does Obtaining a Mortgage in Greece Require Being a Greek Resident?

No, you can apply for a mortgage without having to live in Greece.

I’m trying to get a mortgage in Greece. Do I need a Greek bank account?

Indeed, in order to obtain a mortgage in Greece, you will require a Greek bank account and AFM (tax number). It is not necessary to go through a separate process in order to obtain a tax number when purchasing real estate in Greece.

How Would You Describe the Greek Real Estate Market?

Since 2020, property values have been rising gradually but steadily. Data from the Bank of Greece from the first quarter of 2023 show that Greece’s house price growth rate is hitting all-time highs. More precisely, prices increased 14.5% year over year in Greece overall. In Greece’s two biggest cities, Attica (which includes Athens) and Thessaloniki, there were even more notable increases, with prices rising 16.5% and 16.1%, respectively, year over year.

How Much Can I Borrow in Greece to Invest in a Property?

Generally speaking, depending on the bank, the maximum mortgage amount for non-residents cannot exceed 50% of the property’s assessed value. Your mortgage amount is determined by a number of factors.

Prior to approving a loan, the bank typically runs a background check on your personal information, including your income, tax returns, credit history, and the worth of the collateral you will be using as security.

Second, the bank performs a “technical check” on various property-related documents, including building permits, topographic maps, title deeds, and more.

How much time will it take me to repay my mortgage?

The length of time you decide to repay your loan will determine the total mortgage repayment period. A longer term typically translates into a lower monthly payment but a higher total interest rate. A shorter term typically has a higher monthly payment but a lower total interest amount.

Greek Bank Interest Rates


The prices shown below are subject to change and were last updated in December 2023.


You are able to borrow up to 50% of the property’s value if you are not a Greek or Cypriot citizen:

* There are five different fixed interest rate periods: three years at 3.00%**, five years at 3.60%**, seven years at 3.80%**, ten years at 4.30%**, and fifteen years at 4.60%**.

Greece’s National Bank

Please be aware that in order to apply for a loan at National Bank of Greece, you must be a resident of Greece for tax purposes. The same rates apply if you are a Greek tax resident. 

At a minimum of 10,000 euros, you can borrow up to 55% of the property value through a mortgage loan. The terms of the loan are as follows: * 3 years at a fixed interest rate of 3.00%**; * 5 years at a fixed interest rate of 3.50%**; * 10 years at a fixed interest rate of 4.00%**; * 15 years at a fixed interest rate of 4.30%**; * 20 years at a fixed interest rate of 4.50%**; * 30 years at a fixed interest rate of 4.60%**. 

Bank of Piraeus

A mortgage loan with a minimum amount of 20,000 euros may be obtained for the following terms: * 5 years at a fixed interest rate of 2.95%**; * 30 years at a fixed interest rate of 5.10%**.

You must schedule an appointment with a specialist at a Pireaus Bank branch in order to determine your precise interest rate.You can apply for a loan at Piraeus Bank without having to be a resident of Greece for tax purposes.

Alpha Bank

You will have to fill out an online application with information about the house’s price and energy class in order to get a quote from AlphaBank. After that, you receive pre-approval to talk with a representative and learn what rates you are eligible for.

Options for Financing Your Greek Home

If you decide against getting a mortgage in Greece, you have a few other choices. For instance, you can: * Use your current home’s equity to purchase a property in Greece; or * Use your available funds to make the payment (this is the most popular option).

* Obtain a foreign mortgage loan

* Get a mortgage loan overseas;

*Remortgage your current home in your country of origin to purchase a property in Greece.

The Greek housing market is expected to receive 8 billion euros in investments by 2022, indicating an increasing trend in both demand and prices. Given that banks were unlikely to finance 100% of the property’s value in 2022, it is surprising that such a large sum was spent on homes in Greece last year. In Greece, bank lending accounts for only 20% of real estate purchases and sales.

In contrast to Greece in 2005

The Bank of Greece released statistics showing that a total of €1.1 billion in home loans were disbursed in 2022. Even though this amount is 42% more than in 2021, it is still only 10% of what was donated during Greece’s real estate bubble in the early 2000s. More precisely, between 2005 and 2007, an average of €12 billion was distributed yearly. Greece’s Bank Lending

According to estimates, banks would finance 65% of the purchase price of the real estate in 2022. This indicates that a bank loan was used to purchase properties totaling €1.45 billion. Using the figures from the first paragraph, if this sum represents 20% of the total, it means that the total value of investments made in the real estate market totaled €8.4 billion. During this time, foreign investors contributed €2 billion to the purchase of Greek real estate.Rates of Financing

Generally speaking, bank-financed properties are not very valuable. According to Bank of Greece data, total home loan disbursements for the fourth quarter of 2022 were €337 million, a 31.4% (year-over-year) increase. There were 4,069 loans made, with an average amount of €82,700. Sixty-one percent of the home’s value was financed.

This indicates that in Q4 of 2022, the average property value when purchased with a loan was €115,000.

If we include purchases that were solely financed with equity capital, the total investments made during Q4 of 2022 exceeded €2.15 billion.

Consultation for Your mortgage Goals: Ready to embark on your investment journey? Contact the Best real estate property investment Lawyers in Greece of Economou & Economou law office in Athens for a consultation tailored to your specific needs. Let’s chart a course for your success in making Greece your new r investment paradise!

Contact Economou & Economou law office and the best mortgage lawyers in Greece will support you find the best solution for your case. Call us at (+30) 210 3603824 or send us an email at

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