Buying Process

Holiday Properties is very experienced in taking clients through the purchase process on the property. Below is a summary of what is involved in purchasing a property with us.

  • Viewing Our Properties
  • Buying Guide
  • Method of Payment

Book a tour:

If you are at the island of Crete please don’t hesitate to ask for a tour in order to become more familiar with our projects. Contact us via e-mail or just give us a call and we‘ll make sure that our representative will be available as soon as possible.

If your are planning to visit Crete please let us know the exact dates that you will be available for a tour, and we’ll make sure that a rep will be available for you.


Before the Tour:

Please try to give an idea of what you are looking for depending on your needs. That will make your visit more “tailor-made” based on your requirements, and the process of finding your dream house easier for you!


During the tour:

Our rep will be able to answer all your questions about the properties that you are visiting, as well as help you with more general questions about the process of buying a property in Greece.

Holiday-Properties is looking forward to meet you in person, and it will be our pleasure to fulfill your needs in the best possible way.

Buying a Property in Greece is different than many European countries. Holiday-Properties can assist you with all the paperwork. If you don’t already have a lawyer, you will be introduced to one who will obtain a "Power of Attorney", which means that he or she can sign any papers in your absence. Therefore you don’t need to be present for either the purchasing process, or the signing of the contract.

The lawyer will arrange:

  • An account in a Greek bank
  • Tax number
  • Examines any encumbrances on the property
  • Examines all contracts that are registered on the property
  • Control of technical drawings on the property
  • Payments on behalf of the customer
  • Residency
  • The contract for the Notary Public
  • Signing of the final contract for taking possession your property when the lawyer has prepared the final contract. This will be handed over to a Notary Public, who performs the same investigation and information obligations as an authorized broker / lawyer.

You can estimate about one month to have the contract and deed ready. The sales documents for signing are all in Greek, which can be translated into English.

Greek law requires that the buyers obtain their own lawyer when purchasing a property, which gives you the best guarantee that the process follows the right procedures. Thus you might even claim that buying property in Greece is safer than in other countries! You can, of course, deal with the purchasing process yourself, but the cost will not be less.


Upon the Signing of the Contract

... there is some additional expenses depending on the purchasing price, which includes document fee, registration fee, lawyer, Notary Public, and taxes to the municipality and the Greek government. Bear in mind that you only pay property tax in connection with the purchase in Greece; there is no annual tax.


When Purchasing the Property will need to open an account with a Greek bank, and obtain a tax number. The Greek bank will then send out an official document, which proves that the funds have been transferred for the purchase. This will provide the buyer with entitlement to transfer funds back later, for example for the sale of housing, without the buyer having to pay taxes to Greece. Provided the purchase is being completed with a Power of Attorney, the buyer does not have to be present throughout the process. This document, however, must be signed at the Greek consulate in your country.


The Cost of Owning Property in Greece minimal – there are no annual property taxes unless the value exceeds 411 000 Euro. Water charges are based on meter usage. Installation of Solar panels is standard, providing hot water, at no extra charge, for at least 8 months during the year. In case of oil central heating is used we estimate approximately 200 - 250 Euros in annual heating expenses. The insurance cost is low, approximately 250 Euro annually for housing of about 100 m². This provides insurance for both fire and theft.


Once you find your dream house you will have to make a small deposit in order to keep it off the market. Then, Holiday-Properties will provide to your Lawyer all the documentation needed to make the necessary legal checks on the property, and be prepared for the final contract. Usually this process should take no longer than 30 days. No need to mention that this deposit is FULLY refundable in the case that something goes wrong during this process.

Next, depending on the completion stage of your house, you‘ll have to make deposits according to the following table.


Stage Payment (when buying off-plan)
Total 100%
Reservation Deposit 4%
30 day (after deposit) 16%
Land Clearing & Leveling 20%
Walls Construction 25%
Plastering – Floor – Roof 25%
Delivery 25%


In case your house is already finished (key-ready) the deposit for keeping the house of market is 20%. The rest of the amount is due to the sing of the final contract for taking possession your property.

  • High quality health care facilities
  • Easy flight access throughout the year
  • Low cost air carriers
  • Golf courts
  • Euro currency
  • Low living cost
  • Mediterranean climate
  • More than 300 days of sunshine
  • Clear and warm blue-green seas
  • History, Gods & myths

Until recently, few people from overseas bought property in Crete, especially compared to other destinations such as Spain, France and Italy. This changed when Greece relaxed its regulations for the purchase of property by foreign nationals in Greece. Now that property purchase in Greece has become a simple process, especially for nationals of EEC countries, the house market in Greece and in particular Crete has expanded year after year. The Olympic Games in 2004 put Greece well and truly in the limelight and gave it welcome international coverage. Athens and Sitia in Crete got new airports and Olympic stadiums were developed on the mainland and also in Heraklion in Crete. These facts along with improvements in infrastructure have helped to fuel a growing property market in Greece and especially on the island of Crete. Not surprisingly, Greece consistently tops the destination list in surveys taken from potential second home buyers in Europe. Crete takes a very large portion of this market with house prices increasing at approx 15% year on year in some areas of the island. This gives investment in Crete property fantastic capital appreciation potential and yet property prices are still competitive in comparison with countries such as Spain and Italy.

Undoubtedly the original wave of property buyers in Crete were people who had spent many happy vacations on the island and had long wanted to fulfill their dream of owning a villa of their own to enjoy extended stays in sunny Crete. However, recently there has been an increase in the number of discerning investors who have recognised the relatively untapped potential that exists on the island of Crete. Investors point to the increased ease of access to the island with the expansion of charter flights to the main airports of Heraklion and Chania and of course the development of a beautiful Golf Course in the East of Crete as being signs of increased investment potential. Buy to let investors are increasingly interested in the seasonal vacation rental potential of property bought in Crete as the island remains one of the most popular destinations for holiday makers from all over the world. This potential makes the possibility of mortgage repayment using funds from property rental a reality. The recent developments in high-end tourism and the second home market itself have increased the potential for year-round tourism which have a positive effect on the mainly seasonal tourism market in Crete and will also further increase the value of investments made here.

Apart from Crete's obvious popularity with tourists there are several other factors that enhance its investment potential. As an EEC member state it can offer free health care to fellow EEC member nationals. The relatively low cost of living and property prices ensure that it remains a favorite retirement destination. Strict building laws have ensured that the island's natural beauty remains unspoilt and over development has not blighted the landscape as it has done in some other European destinations. The very low crime rate is also an important factor as well as the fact that Greece is a safe, non volatile country with a rising economy. Bureaucratical obstacles that were blocking Greece's full share of EU funding have been removed and the economy is growing by more than 4% a year. Add to this recipe the fact that tourism enjoyed a record year in 2007 with more than 16 million visitors and unemployment that has fallen to a rate not seen in living memory and Greece, and Crete in particular, is shaping up as a perfect investment opportunity.

Of course any investment carries its share of risk but the majority of Crete's many timeless attractions will not be effected by outside influences. Crete's unique mixture of rich culture, ancient historical heritage and laid back charm, the friendliness and hospitality of the Cretan people, the excellent local cuisine, the superb natural beauty and the endless activities available on the island, not to mention the longest summer in Europe, ensure that Crete will remain one of the most sought after property investment destinations in the world.

So whether it is the case; a holiday home, a place to retire to, an investment to supplement a pension- or even a combination of all three- Holiday-Properties will be happy to fulfill your needs in the best possible way.

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