Quick answer: Resale accounts for roughly 78% of foreign property purchases in Greece; new build (off-plan and recently completed) accounts for around 20%. The split reflects real differences in tax treatment, risk profile, and deal complexity, not simply buyer preference. This guide compares both routes across every dimension that affects a foreign buyer’s decision.
What the Market Actually Shows
Supply distribution. Greece has a large stock of existing residential property, particularly in the islands, coastal regions, and central Athens. New developer projects are concentrated in a narrower set of locations, primarily Athens city neighbourhoods undergoing regeneration, coastal Attica, and a handful of resort developments on Mykonos, Santorini, Crete, and Rhodes.
Golden Visa geometry. The bulk of Golden Visa-driven transactions at the €400,000 and €800,000 thresholds have been executed on resale stock in qualifying zones, partly because completed properties allow faster permit verification and quicker notarial completion. Off-plan projects can qualify, but the visa application timeline becomes entangled with the construction schedule.
Tax arithmetic. During periods when the VAT suspension on new residential builds is in force, off-plan economics improve substantially. Outside that window, the 24% VAT on a developer sale versus 3.09% transfer tax on resale is a material cost difference that shapes buyer decisions.
How Are Off-Plan and Resale Taxed Differently?
This one line decides most of the cost comparison. A resale attracts 3.09% transfer tax on the higher of contract price or objective value, roughly €15,450 on a €500,000 purchase, with total acquisition costs landing at 7% to 10%. A new-build first sale falls inside the VAT system at 24%, which would be €120,000 on the same price, and is only cheaper than resale while the VAT suspension holds. Understanding the tax treatment of each route is not optional detail, it is the foundation of the cost comparison.
Resale: 3.09% Transfer Tax
When you buy a property that has already been sold at least once, you pay the property transfer tax (FMA) at a flat rate of 3.09% on the higher of the contract price or the objective value assessed by the Greek tax authority (AADE). The buyer pays this directly to AADE before the notary can execute the final deed.
On a €500,000 resale purchase, the transfer tax is approximately €15,450. Combined with notary fees (roughly 1 to 1.5%), lawyer fees (1 to 2%), and land registry costs (around 0.475%), total acquisition costs on a resale typically run 7 to 10% of purchase price. See the detailed breakdown in our guide to the cost of buying property in Greece.
New-Build and Off-Plan: 24% VAT (Suspended Until End-2026)
Properties sold for the first time by a developer, including off-plan units under construction, are in principle subject to 24% VAT rather than transfer tax. The logic is that a new developer sale is a commercial transaction, not a private property transfer.
Greece has repeatedly suspended the application of this VAT for primary residential purchases. The current suspension runs to the end of 2026. During the suspension, qualifying new residential purchases revert to paying transfer tax at 3.09% rather than VAT, which dramatically changes the cost equation in favour of new builds.
What this means practically:
- Buyers completing after the suspension expires (if it is not renewed) pay 24% VAT, a very significant additional cost
- The suspension has historically been renewed, but it cannot be assumed to continue indefinitely
Any off-plan buyer relying on suspension economics needs the delivery timeline confirmed in writing and should factor a contingency into their budget in case the completion date slips beyond the suspension window.
Due Diligence: Different Risks, Different Checks
Both routes need the same legal scaffolding; the risks they carry point in opposite directions. Resale risk is historical: a twenty-year title chain, inherited fractional shares under Greek succession law, ENFIA arrears and permit violations inherited from prior owners. Off-plan risk is prospective: developer solvency, delivery date, specification drift and whether a bank guarantee actually covers your staged payments. One is archaeology, the other is underwriting a counterparty. Both routes require the same core legal framework, AFM tax number, Greek bank account, lawyer, notary, and cadastre verification. The content of due diligence differs substantially.
Resale and off-plan diligence face in opposite directions and cost about the same. A resale file looks backwards: a twenty-year title search at €200 to €500 in lawyer time, a cadastral extract at €50 to €150, ENFIA clearance for the last five years, and an engineer survey at €300 to €800 for an apartment or €500 to €1,500 for a villa, which is where unpermitted works and their regularisation fines of €2,000 to €4,000 surface. An off-plan file looks forwards: the building permit and its date, the developer’s corporate solvency and filed accounts, a bank guarantee over each stage payment, and a contractual delivery date with penalties. Greece mandates no developer escrow, so on an €800,000 unit the €440,000 to €680,000 paid before the deed is an unsecured contractual claim unless a guarantee is negotiated.
Resale Due Diligence
Resale properties carry accumulated history: ownership changes, potential inheritance complications, mortgages, ENFIA arrears, and building permit violations from prior owners. A thorough resale due diligence process covers:
Title search, 20-year minimum. Your lawyer traces ownership through the public registers back at least two decades, identifying any break in the chain, disputed transfers, or inherited fractional shares. Greek succession law creates complex co-ownership situations; a single resale can involve multiple heirs with unequal shares, some of whom may be abroad or difficult to locate.
Cadastre (Ktimatologio) verification. The Hellenic National Cadastre records ownership and boundaries. Older properties, particularly in rural and island areas, may still be in the transition phase with incomplete or disputed registrations. Any discrepancy between the cadastre entry and the seller’s title documents must be resolved before completion.
ENFIA tax clearance. Greece’s annual property ownership tax attaches to the title, not the individual. Unpaid ENFIA arrears from prior years become the buyer’s liability on completion. Your lawyer obtains a clearance certificate from AADE confirming zero outstanding obligation.
Engineer survey of existing structure. An independent engineer verifies that the property physically matches its building permit, checks for unauthorised construction (enclosed balconies, added rooms, basement conversions), and issues the Electronic Building Identity certificate. Unauthorised construction is common in older Greek properties and must be disclosed and regularised. Read more about what the engineer certificate covers.
Off-Plan Due Diligence
Off-plan due diligence shifts focus from historical title to forward-looking contractual and regulatory risk:
Building permit verification. Greek law requires developers to hold a valid building permit issued by the competent planning authority before accepting any deposit. Your lawyer verifies the permit number, the scope of works, and that the permit has not been suspended or revoked. Do not pay any money before permit verification is complete.
Developer financial standing. Insolvency risk is real. Your lawyer should review the developer’s corporate structure, check for any pending insolvency proceedings, and confirm the entity holding title to the land is the same entity signing your contract. If the land is held by a separate SPV, confirm the chain of control.
Bank guarantee on deposit. Preliminary agreements for off-plan property should include a bank guarantee securing your deposit in the event the developer fails to complete. Negotiate this explicitly; not all developers offer it as standard.
Specification review with engineer. Before signing, an independent engineer should review the architectural plans, confirm the usable area calculation (critical for Golden Visa qualification), and document the agreed specification in detail. This creates a baseline against which the completed property can be checked on delivery.
Delivery timeline and VAT suspension alignment. As discussed above, if you are buying off-plan during the VAT suspension period, confirm in the preliminary contract that the developer commits to a completion date before the suspension expires, with financial consequences for delay.
Which Returns More, Off-Plan or Resale?
Off-Plan: The Upside Case
Off-plan buyers typically acquire at 10 to 20% below the projected market value of the completed unit. If the development delivers on time and to specification, and if the local market holds or appreciates during the construction period, the buyer can realise a capital gain before the property is even ready to rent or occupy.
This capital appreciation potential is the core off-plan argument. It is real but conditional on:
- The developer delivering to specification and on time
- The local market not deteriorating during construction (18 to 36 months is a long window)
- The VAT treatment not shifting against you mid-construction
Resale: The Income Case
Resale properties can generate rental income from day one. In established tourist markets, Mykonos, Santorini, Crete, Rhodes, Corfu, a well-located resale property can achieve gross short-term rental yields of 5 to 9% annually, depending on management, occupancy, and seasonal mix.
For buyers who need yield to service any associated costs, or who want cash flow visibility before committing fully to a market, resale offers immediate monetisation. The trade-off is that the entry price already reflects completed value; there is no construction-discount arbitrage.
Net Comparison
| Factor | Resale | Off-Plan |
|---|---|---|
| Transfer tax / VAT | 3.09% FMA | 3.09% (suspension) / 24% (standard) |
| Income from day one | Yes | No (construction period) |
| Capital appreciation upside | Market appreciation only | Construction discount + market |
| Title complexity | High (historical search) | Lower (new title) |
| Developer risk | None | Yes (insolvency, delay, spec) |
| Engineer role | Survey existing structure | Review plans + delivery sign-off |
| Typical completion timeline | 2 to 4 months from offer | 18 to 36 months from signing |
Does Off-Plan Work for a Golden Visa?
Both resale and off-plan properties can qualify for the Greek Golden Visa, subject to meeting the applicable investment threshold (€400,000 in most areas, €800,000 in greater Athens and Thessaloniki, and selected island municipalities).
For resale transactions the investor can apply for the visa shortly after completion, since the property exists and can be immediately certified. For off-plan transactions, the investor typically pays the full purchase price in stages during construction; the visa application process can begin based on the executed contract and proof of payment, but residency rights are generally granted once the property is legally transferred into the investor’s name.
The 120m² minimum usable area rule, where it applies to the relevant Golden Visa tier, must be verified by the engineer’s certificate, a requirement that is equally mandatory whether the property is resale or new build.
Which Route Is Right for Your Situation?
The decision usually turns on timeline rather than on preference. Resale suits buyers who need rental income immediately, want to inspect what they are buying, have low construction-risk appetite, or are working to a visa deadline. Off-plan suits buyers comfortable with an 18 to 36 month horizon, who want new-build specification unavailable in the resale stock, and whose delivery date sits safely inside the VAT suspension window. There is no single correct answer. The decision turns on your investment horizon, income requirements, risk tolerance, and whether your purchase is Golden Visa-driven.
Choose resale if:
- You need rental income immediately
- You want a property you can inspect before committing
- You are buying in a mature market with complex title history that you want resolved before completion
- Your construction risk appetite is low
- You are on a tight visa application timeline
Consider off-plan if:
- You are comfortable with an 18 to 36 month horizon before the property becomes usable
- You want access to a new-build specification (energy efficiency, modern layout, new systems) that is not available in the resale stock
- You are buying during the VAT suspension and your developer’s delivery date is well within the suspension window
- You want the capital appreciation angle that comes with a construction discount
In either case, the legal process is identical: AFM, bank account, lawyer, notary, cadastre check. The due diligence emphasis shifts, historical title on resale, developer and permit verification on off-plan, but the cost of proper legal and engineer work is comparable in both cases.
Practical Checklist Before Signing Either Type
Four items on this list apply whichever route you take, AFM, Greek bank account, an engaged lawyer and a power of attorney if you will not attend. The rest splits by type: resale diligence looks backwards at title, ENFIA and cadastre history, while off-plan diligence looks forwards at the permit, the developer’s solvency and the bank guarantee. Regardless of which route you take, confirm the following before any money changes hands:
- AFM tax number obtained or in process
- Greek bank account open
- Lawyer retained with a written engagement letter
- Power of Attorney executed (if not attending in person)
- For resale: title search commissioned, ENFIA clearance confirmed, cadastre status verified
- For off-plan: building permit verified, developer’s corporate status checked, bank guarantee confirmed, delivery timeline locked in contract
- Engineer engaged: for resale to survey existing structure; for off-plan to review plans and agree inspection at delivery
- For non-EU buyers: border zone status of the property checked with lawyer
- Full cost budget prepared including transfer tax (or VAT), notary, lawyer, registry, and agent fees
Buyer scenarios
The buyer on a visa timeline. Resale, without much debate. Off-plan delivery of 18 to 36 months sits before the Golden Visa clock even starts, since the permit follows the deed. If residency is time-sensitive, construction risk is a schedule risk rather than a quality one.
The buyer who wants income from day one. Resale again. An off-plan unit produces nothing until handover, and the holding cost during construction is real capital sitting idle.
The buyer optimising total cost during the VAT suspension. Off-plan becomes competitive here, provided the deed completes inside the suspension window. Confirm the permit date, verify first-sale status, and put the VAT allocation in writing in the preliminary agreement if completion could slip past December 2026.
Off-Plan Purchase in Ellinikon vs Resale in Glyfada
| Investment Metric | Option A: Off-Plan (Ellinikon Park) | Option B: Resale (Glyfada Center) |
|---|---|---|
| Deed value | €800,000 | €800,000 |
| Capital needed before the first tenant | None; delivered finished | €50,000 to reach Energy Class B |
| All-in capital | €800,000 | €850,000 |
| Acquisition tax | 3.09% FMA (€24,720) while the VAT suspension holds | 3.09% FMA (€24,720) |
| Payment profile | Staged across roughly 24 months of construction | Full price at the deed |
| Time to first rental euro | About 24 months from signing | 3 to 4 months (works, then letting) |
| Indicative gross yield once let | 4.5 to 5.0% | 4.5 to 5.5% on deed value; 4.2 to 5.2% on all-in capital |
| Golden Visa qualification | Yes, on the deed value at completion | Yes, on the deed value; the €50,000 of works does not count toward the threshold |
| Principal risk | Construction delay, developer insolvency, specification drift | Hidden condition, permit mismatch, renovation overrun |
| Exit liquidity | Untested until the district matures | Established Glyfada resale market |
In this comparison, Option A (Off-Plan) offers a premium brand-new asset in the prestigious Ellinikon development with higher projected rental yields and capital growth. However, the investor faces a 24-month delay before generating any cash flow, and must accept the risk of construction delays or developer insolvency.
Option B (Resale) delivers immediate rental income and carries zero construction risk, but requires a €50,000 renovation budget to match modern energy-efficiency standards and command premium rents. Resale properties also require extensive legal and technical due diligence to ensure the physical structure matches the historical building permit and has no outstanding tax liens.
Off-Plan vs Resale Selection Checklist
- Developer Track Record and Guarantees: For off-plan purchases, verify the developer’s financial stability and request a bank-backed completion guarantee (εγγυητική επιστολή) to secure your stage payments against construction suspension.
- Renovation Costs and Energy Ratings: For resale properties, hire an independent engineer to inspect the electrical and plumbing systems and calculate the cost of upgrading the property to Energy Class B or higher, which is required to command premium rents.
- Golden Visa Application Timing: If your primary goal is residency, note that off-plan purchases allow you to apply for the Golden Visa immediately after signing the final deed and paying the threshold amount, even if the property is still under construction.
Frequently Asked Questions
Off-plan property in Greece is typically priced 10 to 20% below its projected completed value, which is where the headline attraction lies. However, total acquisition costs are higher than they appear on resale transactions during the VAT suspension period: new-build properties sold for the first time by a developer are subject to 24% VAT, whereas resale buyers pay only 3.09% transfer tax. The VAT suspension on residential new builds has been extended to the end of 2026, so buyers who complete before that deadline avoid the 24% charge, but this window is time-limited and subject to change.
The primary risks of off-plan property in Greece are developer insolvency, construction delays, and delivery shortfalls between the marketed specification and what is actually built. Greek law requires developers to hold building permits before accepting deposits, and buyers should always verify the permit number through the local planning authority. A lawyer must review the preliminary contract (promissory agreement) and confirm that any deposit is secured by a bank guarantee. Engineer review of plans before signing protects against area and specification discrepancies.
Yes. An independent engineer should review the building permit, approved architectural plans, and usable area calculation before you sign the preliminary agreement. After completion, the same engineer issues the Electronic Building Identity (tautopoiisi) certificate confirming the delivered property matches the permit. For Golden Visa applications the certified usable area must meet the minimum threshold (120m² in most zones), so engineer sign-off is required before you commit.
Resale property in Greece is subject to a property transfer tax (FMA) of 3.09% calculated on whichever is higher: the agreed sale price or the officially assessed objective value set by the tax authorities. The buyer pays this tax to AADE before the notary can complete the deed. There is no VAT on resale transactions.
Yes. Both EU and non-EU nationals can purchase off-plan property in Greece subject to the same rules that apply to resale: AFM tax number, Greek bank account, lawyer, and, for non-EU buyers, checking whether the property falls in a border zone requiring Ministry of Defence approval. Golden Visa eligibility applies to off-plan purchases provided the investor commits at least the minimum qualifying investment and the property is delivered within the timeframe required by the applicable visa tier.
Resale properties generate rental income from day one, which matters if the purchase is partly financed by yield. Off-plan properties produce zero income during the construction period, typically 18 to 36 months, meaning the investor carries full holding costs without offsetting revenue. Once delivered, a well-specified new-build can command a premium daily rate in short-term rental markets. The net comparison depends on location, property type, and the length of the construction period.
Next steps: the Golden Visa hub.
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