How to Get a Mortgage in Greece as a Foreigner
Greece offers attractive property financing options for foreign buyers, making it a sought-after destination for real estate investment. Typically, the loan-to-
Financing options in Greece offer competitive interest rates and a variety of mortgage types suitable for both local and international investors. The average loan-to-value (LTV) ratio ranges from 65-70%, with interest rates typically between 3.5% and 5.2%. Popular lenders include major banks such as National Bank of Greece and Alpha Bank, which specialize in offering mortgages to foreign buyers and for vacation properties. The mortgage processing time is generally between 4 to 6 weeks, with an approval rate of around 75%. Investors can choose from fixed, variable, interest-only, and offset mortgage types, each with its own set of advantages and potential drawbacks.
Foreign buyers in Greece typically need a larger deposit compared to residents. Most banks require 25-40% down payment for non-resident mortgages. Plan your financing accordingly.
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Historical view of mortgage interest rates, inflation trends, and economic growth indicators.
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Track property affordability through price-to-income ratios and rental yield percentages over time.
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Inflation Rate
3.0%
Interest Rate
3.65%
• Higher price-to-income ratio (13.6) reflects premium market positioning and strong demand.
Foreign buyers, vacation properties
Contact: international@nbg.gr
Residential and commercial properties
Contact: contact@alphabank.gr
Luxury properties, urban areas
Contact: info@eurobank.gr
Commercial properties, foreign investors
Contact: services@piraeusbank.gr
Residential properties, Greek diaspora
Contact: support@atticabank.gr
Tip 1: Focus on areas with strong tourism demand.
Tip 2: Consider properties near universities for rental yield.
Tip 3: Research local zoning laws before purchasing.
Tip 4: Invest in properties with sea views for higher returns.
Tip 5: Look for undervalued properties in emerging neighborhoods.
Tip 6: Work with local real estate agents for market insights.
Tip 7: Diversify your portfolio across different cities.
Tip 8: Monitor economic indicators for market trends.
Tip 9: Consider properties that qualify for the Golden Visa program.
Tip 10: Ensure clear property titles to avoid legal issues.
| City | Price/m² | Rental Yield | Price Growth | Popular Areas |
|---|---|---|---|---|
| Athens | €4,500 | 4.2% | +5.8% YoY | Kolonaki, Glyfada, Kifisia |
| Thessaloniki | €2,800 | 5.0% | +4.5% YoY | Ladadika, Ano Poli, Kalamaria |
| Heraklion | €2,500 | 4.8% | +3.9% YoY | Center, Knossos, Ammoudara |
| Patras | €1,900 | 5.3% | +3.2% YoY | Psila Alonia, Rio, Agyia |
| Chania | €3,200 | 4.6% | +4.1% YoY | Old Town, Nea Chora, Halepa |
Local banks in Greece are increasingly open to working with foreign buyers, providing a range of mortgage products tailored to international clients. To secure a mortgage, non-residents typically need to present a valid passport, proof of income, recent bank statements, and a tax identification number. Interest rates for foreign buyers can vary but are generally competitive, often ranging from 3% to 5%. Loan terms usually extend up to 20 years, although some banks may offer longer durations. It is essential for prospective buyers to have a clear understanding of the documentation process and to work closely with financial advisors or local experts to navigate the requirements effectively.
Start gathering your documentation 2-3 months before applying. Non-resident mortgage applications typically require notarized translations and apostille stamps for foreign documents, which can take several weeks to process.
Use our interactive mortgage calculator to estimate your monthly payments for a property in Greece.
Financing Tip
Your down payment of 20% or more typically qualifies you for the best available rates.
Property developers in Greece often provide flexible payment plans that can ease the financial burden for foreign buyers. These plans commonly include a reservation fee to secure the property, followed by a series of staged payments aligned with construction milestones. The initial deposit usually ranges from 10% to 30% of the property's value, with subsequent payments scheduled at various phases of development. This method allows buyers to manage their cash flow better while ensuring they meet contractual obligations. Such financing options can be particularly beneficial in newly developed areas or for off-plan properties, offering both convenience and financial flexibility.
Always verify the developer's credentials, track record, and financial stability before committing. Request to see building permits, completion guarantees, and consider using escrow accounts for staged payments.