Patras, one of the largest cities in Greece, attracts foreign buyers with its mild climate, affordable property prices, and well-developed infrastructure. Buying property in this region can be a profitable investment for personal residence or rental purposes. However, foreigners must consider the legal, financial, and bureaucratic aspects of the process.
📌 Why Buy Property in Patras?
Patras offers numerous advantages for investors and homebuyers:
- Affordable prices compared to Athens and the Greek islands.
- Good transport connections, including ferries, railways, and buses.
- Pleasant climate with warm summers and mild winters.
- Strong rental potential due to the university and tourism sector.
💰 Average Property Prices in Patras
Property prices in Patras vary based on location, property condition, and features. As of 2024, the average prices are:
- Apartments in the city center – €1,500 to €2,500 per m².
- Apartments in suburban areas – €1,200 to €1,800 per m².
- Houses and villas – €2,000 to €3,500 per m², depending on proximity to the sea.
- Land plots – from €50,000 per 100 m² in prime locations.
📝 Steps to Buying Property in Greece
1️⃣ Choosing a Property
Define your budget, purpose of purchase (residence, rental, or investment), and preferred area.
2️⃣ Obtaining a Greek Tax Identification Number (AFM)
All foreign buyers must acquire an AFM (Αριθμός Φορολογικού Μητρώου) – a Greek tax identification number.
3️⃣ Opening a Greek Bank Account
A local bank account is required for transaction payments and tax-related purposes.
4️⃣ Signing a Preliminary Agreement
After selecting a property, a preliminary contract is signed to outline the main terms of the transaction.
5️⃣ Legal Due Diligence
The buyer or their lawyer verifies the legal status of the property, ensuring no outstanding debts or legal issues.
6️⃣ Signing the Final Contract
The purchase agreement is finalized in the presence of a notary and a translator (if needed).
7️⃣ Payment and Property Registration
After signing the contract, the buyer pays the 3% property transfer tax and registers the property in the Land Registry.
🏡 Additional Costs When Buying Property
When purchasing property in Patras, additional costs should be considered:
- Property transfer tax – 3% of the purchase price.
- Notary fees – 1–2% of the transaction value.
- Legal fees – starting from €1,000.
- Real estate agent commission – 2–3%.
- Property registration fee – approximately €300–500.
🌍 Can Foreigners Get Residency by Buying Property?
Purchasing property in Greece worth €250,000 or more grants eligibility for the Golden Visa – a residence permit allowing stay in Greece and free movement within the Schengen Zone.
📊 Conclusion
Buying property in Patras is a profitable investment due to affordable prices, a stable market, and excellent location. However, understanding legal aspects, additional costs, and registration procedures is crucial. A well-planned approach ensures a smooth purchase process and maximizes investment potential. 🏡
