Getting A Mortgage In Greece As A Foreigner

Foreign residents can apply for financing to purchase property in Greece, but Greek banks will assess both the borrower and the property before approving and completing a mortgage.

The exact documentation depends on the bank and whether the applicant lives in Greece or abroad, but banks generally want evidence of:

• income and recent tax assessments of the last 3 years;
• employment and source of income;
• existing debts and financial obligations;
• credit history;
• available funds for the buyer's own contribution.

Foreign residents are also required to provide a credit report or credit score from their country of residence, as well as a bank reference letter from the bank where they maintain their funds.

For Greek residents, banks can access relevant domestic credit information through systems such as Tiresias.

Since 1 January 2025, Bank of Greece rules set maximum loan-to-value (LTV) limits of 90% for first-time buyers and 80% for other buyers. These are regulatory maximum limits and do not mean that a bank will finance this percentage. The actual financing offered depends on the bank's credit assessment and the borrower's profile.

The same framework also provides debt-service-to-income (DSTI) limits of 50% for first-time buyers and 40% for other borrowers.

Mortgage approval is not only about the borrower. The bank will also review the property and usually requires security over the property.

Insurance requirements may also apply, including property insurance and, depending on the financing structure and bank, life insurance.

A common mistake is to obtain mortgage pre-approval and only then begin a long property search.

Because Greek properties can require time for legal and technical preparation, buyers should understand how long their bank approval remains valid and coordinate the property search accordingly.

Need Help Navigating The Process?

Buying property in Greece as a foreign resident involves more than securing a mortgage. Understanding your tax obligations and coordinating the banking and administrative requirements from the beginning can make the process much smoother.

If you need guidance with the tax and administrative side of purchasing property in Greece, get in touch with TaxWise Greece to discuss your individual circumstances with their team.