Last updated 14 October 2026. By Demetre E. Katsouris, Managing Partner, Katsouris Law Firm.
The short answer: a new-build in Greece is bought in two stages. A pre-contract fixes the unit, the price and the payment schedule while the building goes up; the final deed transfers ownership once the building exists as a legal object. Your protection lies in what the pre-contract says and in what you check before you sign it. Below is the list we work through for every unit, from the developer’s side as much as the buyer’s, because a clean file closes faster for everyone.
Before you pay a reservation deposit
The building permit. Ask for the permit number and have it checked on the electronic permit system. Confirm the permit covers the building being marketed: number of floors, units, parking and storage. A project “awaiting permit” is a plot of land, not an apartment.
Who owns the land. The seller in the final deed must be the registered owner of the plot or hold the right to build and sell under a registered agreement with the owner. Many Greek projects are built under an arrangement in which the landowner receives finished units in exchange for the land. Your unit must be one the developer is entitled to sell.
The developer’s standing. Company registration, tax clearance, previous completed projects, and whether the plot is mortgaged to a bank financing the construction. A construction mortgage is normal; what matters is that the bank will release your unit from it at the final deed.
What the pre-contract must say
The pre-contract (προσύμφωνο) is itself a notarial document. It should set out:
- The unit by floor, number and surface area, with the architectural plans attached and initialled.
- The price, and whether it includes parking, storage, tax and utility connection fees.
- The payment schedule tied to construction milestones, not to calendar dates.
- The specification: materials, fittings, energy class, heating and cooling. “Luxury finishes” is not a specification.
- The completion date, with a grace period and a daily penalty for delay beyond it.
- What happens if the developer fails: refund of all sums with interest, and ideally a bank guarantee for the deposits.
- What happens if the buyer withdraws, and in which circumstances the deposit is returned.
- Who pays for legalising any deviation between the plans and the finished building.
- The date by which the horizontal-property deed will be signed.
The horizontal-property deed and the table of ratios
Until the developer signs the deed establishing horizontal property and the accompanying table of ratios, the building is one undivided object and your apartment does not legally exist. The table of ratios allocates to each unit its share of the land, its share of common expenses and its voting share in the building. It is prepared by the engineer and recorded by the notary.
Check your unit’s ratios against its surface area. An apartment with a disproportionate share of common expenses pays for it every year. If the project has already begun selling units, ask whether the deed has been signed and whether any amendment is pending.
The engineer’s documents at delivery
Before the final deed, the developer’s engineer must deliver:
- The certificate that the building matches the permit, or the legalisation of any deviation.
- The energy performance certificate for the unit.
- The electronic building identity.
- The final as-built plans.
- Evidence that the building is connected to electricity, water and sewerage in its own right, not through a construction supply.
A developer who cannot produce these is not ready to transfer, whatever the state of the paint.
Two tax dates every new-build buyer should know
31 December 2026: the VAT suspension. New builds are in principle subject to 24% VAT. That VAT has been suspended, with buyers paying transfer tax instead, and the suspension currently runs to the end of 2026. It has been extended before and may be again, but no buyer should sign a pre-contract that assumes it.
1 July 2027: the 15% transfer tax. For non-EU individuals buying a home, the transfer tax is expected to rise from 3% to 15% from that date. Transfer tax is paid at the final deed, not the pre-contract. A unit whose completion slips from May to August 2027 therefore costs a non-EU buyer an extra 12% of the price unless the pre-contract puts that risk on the developer. For pre-contracts signed from now on, it should say so expressly.
Stage payments and your money
Developers typically take a first instalment at the pre-contract and the balance in instalments against construction stages, with a final payment at the deed. Each instalment should be released against confirmation from your own engineer, or at least a site visit, that the stage has been reached. Money paid to a developer before the final deed is unsecured unless the pre-contract provides a guarantee. Ask for one.
When the developer sells the unit to someone else
A pre-contract gives the buyer a claim against the developer, and a notarial pre-contract can be registered so that third parties are on notice. Registration is inexpensive and we recommend it for any unit with a long completion horizon.
Frequently asked questions
Can I buy a new-build for a Golden Visa? Yes, provided the unit meets the threshold for its area and the final deed can be signed. The application follows the deed, not the pre-contract.
The developer wants cash payments. Is that normal? No. All payments should go through the banking system and be recorded in the deed.
Who chooses the notary? The buyer pays and usually chooses, though many developers prefer the notary who handled the horizontal-property deed because they already hold the building file. Either is acceptable; the buyer’s lawyer reviews the deed regardless.
This article is general information, not legal advice; it reflects the position on the date above and may change.
Katsouris Law Firm acts for developers on the Athens Riviera and for the buyers of their units. If you are about to sign a pre-contract, send it to us first: info@katslaw.eu or +30 210 8982 864.
