📌 Buying property “off-plan” — before it’s built — can be a great way to lock in pricing and customize a future home. But what legal safeguards exist in Greece, and how can foreign buyers protect their investment?
This guide explains your rights, obligations, and what to watch out for when buying off-plan in Greece.
🧱 What Is Off-Plan Buying?
Off-plan purchases involve buying a property during the planning or early construction phase.
✅ Advantages:
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Lower prices
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Flexible payments
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Custom finishes
⚠️ Risks:
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Project delays
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Developer insolvency
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Disputes over final quality or delivery
📜 Legal Framework & Contracts
1. Preliminary Agreement
Often signed before the main contract. Includes:
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Description of the property
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Estimated delivery date
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Payment terms
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Clauses for breach of contract
✅ This document is legally binding in Greece.
2. Main Purchase Agreement (Notarial Deed)
Once the construction permit is issued and financing secured, a final contract is signed before a notary.
🔏 Must be registered with the Greek Land Registry.
🔍 Legal Protections for Foreign Buyers
🏦 Escrow Accounts
Installments are usually paid through an escrow mechanism, reducing the risk of fraud.
📄 Building Permits & Compliance
Ensure the project has full construction licensing and environmental approvals.
🏗️ Delivery Guarantee
Some developers provide a bank guarantee or insurance to cover undelivered units.
👷 Construction Supervision
You may appoint your own engineer or surveyor to monitor progress and compliance.
🔍 Red Flags to Watch
🚫 No clear land title
🚫 Missing permits
🚫 Unrealistic delivery timelines
🚫 No penalty clause for delays
🚫 Lack of milestone-based payment schedule
🏡 Example Payment Timeline (Typical Structure)
| Milestone | % of Price | Notes |
|---|---|---|
| Contract Signing | 10% | Secures reservation |
| Foundation Completion | 25% | Structural inspection |
| Frame Completion | 30% | Second major payment |
| Internal Works | 20% | Plumbing, walls, wiring |
| Final Handover | 15% | On key delivery |
💡 Tips Before You Buy
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Hire an independent Greek lawyer to review contracts.
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Use a sworn translator if you don’t speak Greek.
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Verify developer reputation and past projects.
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Request project insurance or guarantees.
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Visit the site regularly or hire a local rep.
🗣️ Get Peace of Mind When Buying Off-Plan
🧑⚖️ Buying off-plan can be rewarding — but only if you’re protected. Our legal team helps you verify contracts, permits, and timelines before you commit.
🏛️ At BorderlessLawyers.com, we ensure your investment in Greece is safe, compliant, and well-documented.