Last updated 14 October 2026. By Demetre E. Katsouris, Managing Partner, Katsouris Law Firm.
The short answer: in an antiparochi the landowner transfers part of the plot to the developer, the developer builds an apartment building at its own cost, and the landowner receives a percentage of the finished building as apartments, parking and storage, keeping the land share that goes with them. No cash changes hands for the land. The landowner’s percentage, the specification of what is built, the date it is delivered, and what happens if the developer stops are all matters of contract, and the contract is the only protection the landowner has. With land values in the southern suburbs where they are, and construction costs where they are, the deal is being offered again to families who own old houses on good plots, and most of them have never done one.
The economics
The developer is paying for the land with building. The landowner’s percentage — typically between 35% and 50% of the built area in Attica, higher where land is expensive and building cheap — is the price. The percentage is expressed as a share of the building’s units and of the plot. A landowner with a 500 sq.m. plot in Glyfada on which a developer can build 1,000 sq.m. of apartments might take 40%: 400 sq.m. of finished apartments, say two units plus parking and storage, and 40% of the plot. The developer sells the other 60% to fund the construction and make its profit.
The documents
The preliminary agreement. Notarial, registered against the plot. It fixes the percentage, identifies the units the landowner will receive by reference to the permit plans, sets the specification, the timetable, the penalties, the security, and the terms on which the landowner will transfer plot shares to the developer or its buyers.
The construction contract. The developer’s obligation to build, as a work contract, with the technical specification, the stages, the engineer’s supervision, and the defects liability. The landowner’s units are, legally, built by the developer for the landowner as a contractor; that is what gives the landowner the contractual remedies.
The horizontal-property deed. Signed once the permit is issued, dividing the future building into units with their plot shares, and allocating the landowner’s units to the landowner and the developer’s to the developer. From this point the landowner owns identified apartments-to-be, not an abstract percentage.
The transfer deeds. The landowner transfers the plot shares attached to the developer’s units either to the developer at the start, which is risky, or to the developer’s buyers as each unit is sold, which is safer because the landowner keeps the land until the developer has found a buyer and the building has progressed.
Where landowners get hurt
Transferring too early. A landowner who transfers the developer’s plot shares at the outset has given away the land and holds only a promise. If the developer fails, the landowner is a creditor. Transfers should be staged against progress and sales.
No security. The developer should provide a bank guarantee, a mortgage on its own share, or at minimum the staged-transfer mechanism, so that the landowner’s units are funded before the developer’s are sold off.
Vague specification. “Luxury finishes” means whatever the developer can afford at the end. The annex should specify by brand, grade and standard, and the landowner’s engineer should certify each stage.
No date, no penalty. A delivery date with a daily penalty, and a long-stop date after which the landowner may terminate and keep what has been built, is the minimum.
The permit that does not match the deal. The percentage was agreed on an assumed buildable area. If the permit comes out smaller, the landowner’s units shrink. The agreement should say how a smaller permit is shared.
Unpermitted works on the old house. The existing house must be demolished, which requires its own permit; if it has unlegalised works, those may need to be dealt with first.
Tax
The transfer of plot shares to the developer, or to its buyers, is a transfer for consideration in kind and carries transfer tax at 3.09% on the value of the shares transferred; who pays it is a term of the contract, and is usually the developer. The construction of the landowner’s units is a service supplied by the developer and carries VAT at 24% on the value of the work; the developer’s own sales of new units are under the VAT suspension to 31 December 2026 if elected. The landowner, who acquires finished apartments without buying them, has no transfer tax on their own units but inherits the developer’s VAT position on them if they later sell within the period the law treats them as new. The arithmetic needs an accountant alongside the lawyer before the percentage is agreed, because a percentage that looks generous can be less so after tax.
For families with several owners
An old house in the southern suburbs is often owned by siblings who inherited it. All must sign the antiparochi, and all take units in proportion. The allocation of specific units among siblings — who gets the top floor — is best agreed and written in before the developer is chosen, not after. Any unfinished inheritance must be completed first; see our article on co-owned family property.
Frequently asked questions
Should I take a higher percentage or a cash payment on top? Depends on whether you want apartments or money. A mixed deal — a lower percentage plus a cash sum at the start — gives you something if the project stalls.
Can I keep living in the old house until building starts? Yes, if the agreement says so and fixes the date you vacate.
The developer wants to sell units before the permit is issued. It can presell on the strength of the preliminary agreement, but no plot share should transfer until the horizontal-property deed exists.
What if the developer goes bankrupt halfway? With staged transfers and a registered preliminary agreement, you own the plot shares not yet transferred and the building on them; you can finish with another contractor. Without them, you own a share of a half-built building alongside the developer’s creditors.
This article is general information, not legal advice; it reflects the position on the date above and may change.
If a developer has offered you an antiparochi for your plot, send us the proposal before you sign anything: info@katslaw.eu or +30 210 8982 864.
