Buying property in Greece can be a very good decision, but the market rewards careful buyers. Asking prices are often set by what a seller hopes to get, not by what the property is worth. Paperwork that looks complete can hide an unpermitted extension, an unclear boundary or a co-owner nobody mentioned. On the islands, and on Mykonos in particular, the gap between asking price and value can be wide, and so can the cost of a mistake.
This guide explains what an independent valuation is, the main due diligence checks before a purchase, and how the two fit together.
Value is not the same as price
Two figures matter when you buy a property:
- Market value: the price a willing buyer and a willing seller would agree on, both properly informed and neither under pressure.
- The asking price: what the seller or agent has put on the listing.
They can be close, or far apart. An independent valuation gives you the first figure, prepared by someone with no interest in the sale going ahead. That is the important part. An agent is paid when the sale completes. A seller’s valuation is written for the seller. A valuation you commission yourself works only for you.
A valuation is useful far beyond negotiation. It supports a mortgage application, the division of an inheritance, a divorce settlement or a dispute between co-owners. It also gives an owner a realistic starting point before they put a property on the market.
Who can value property in Greece
Greece keeps an official Register of Certified Valuers, maintained by the Ministry of National Economy and Finance under Law 4152/2013, and it can be searched at valuers.gov.gr. The Technical Chamber of Greece (TEE) also keeps a register of valuers. When you commission a valuation, ask whether the valuer is on one of these registers and what method they will use.
A good valuation report explains its reasoning. It describes the property as it actually is, not as the listing describes it. It sets out the comparable sales or other evidence used, states its assumptions and notes anything that limits the conclusion, such as areas that could not be inspected.
Due diligence: what to check before you buy
Valuation tells you what a property is worth. Due diligence tells you whether you can buy it safely. In Greece the legal checks are carried out by a lawyer and the technical checks by an engineer, and the two must work together.
Title and the Cadastre
The lawyer checks the seller’s title. That means the chain of ownership, mortgages and other encumbrances, pending claims, and whether every co-owner is selling. The Hellenic Cadastre (Ktimatologio) is gradually replacing the old registry system across the country. The property’s Cadastre record should match the title deeds and the reality on the ground: the same boundaries, the same area and the same owners. Differences are common, especially on the islands, and are much easier to fix before a sale than after.
Permits and unauthorised construction
Under Article 83 of Law 4495/2017, a property transfer requires a declaration by the owner and a certificate by an engineer stating that there is no unauthorised construction or use, or that any has been legalised. The certificate is valid for two months, and since 1 January 2022 it has been issued through the Electronic Building Identity system.
This is where many purchases run into trouble. An extra room, an enclosed balcony, a pool or a guesthouse built without a permit can stop or delay a transfer, or require legalisation at the buyer’s cost. Ask the engineer to compare the building with its permit and plans, and not simply to confirm that a certificate can be issued.
Energy certificate
Under Article 12 of Law 4122/2013, a valid Energy Performance Certificate is required for a sale. The energy class must also appear in every advertisement. If the listing does not show it, ask why.
Tax number and the practical side
Every buyer, Greek or foreign, needs a Greek tax number (AFM). Foreign buyers also need to plan how funds will arrive. They should also decide whether they will sign in person or through a power of attorney, and who will represent them on the day.
Mykonos and the islands
Island property raises the same legal questions as anywhere else in Greece, but they tend to be more pressing:
- Planning rules. Much island property lies outside town plans, where building rules differ and permits need particularly careful reading.
- Extensions and additions. Rooms, terraces and pools added over the years are common. Each one should match the permit or be properly legalised.
- Access and boundaries. Rural plots can have unclear access roads and boundaries that do not match the Cadastre.
- Valuation evidence. Prices on Mykonos vary greatly between locations, views and permits. Comparable sales need careful adjustment, and listing prices are a poor guide.
- Rental claims. If a seller supports the price with rental income, ask how the income is documented and whether the property is properly registered for short-term letting.
None of this means that island purchases are a bad idea. It means that the checks deserve more time, and the valuation more evidence.
When valuation and due diligence work together
The most useful results come when the valuer, the lawyer and the engineer share information. A missing permit affects value. A legalisation cost should come off the price. A boundary problem can change what is actually being bought. When the findings are pulled together before an offer is made, the buyer negotiates from facts rather than hopes. If the facts are bad, the buyer can walk away early.
Mediation when it gets stuck
Some property matters are not purchases at all: inheritances shared between relatives, co-owners who no longer agree, a sale stalled by a disagreement over value. Here an objective valuation and a neutral party to guide the discussion often achieve more than letters between lawyers.
Our service
Our property valuation and mediation service provides an independent view of what a property is genuinely worth in Athens and throughout Greece. We also coordinate the lawyer, the notary and the engineer, so that their checks come before your decision, not after it. For owners who will not live in the property full time, the service pairs with our property management and key-holding service.
If you are considering a purchase, a sale or a family property matter in Greece, contact us or call +30 690 856 0514. Tell us about the property and the decision ahead, and we will tell you what we think should be checked first.
This article is general information, not legal advice. Each purchase needs its own lawyer and engineer. Sources: Law 4152/2013 (Register of Certified Valuers, valuers.gov.gr); Law 4495/2017, Article 83; Law 4122/2013, Article 12; Hellenic Cadastre (ktimatologio.gr).