GREECE Law and Practice Contributed by: Nikolaos Koulocheris, Ioannis Charalampopoulos, Rozita Karasso and Dimitra Kotsovelou, Machas & Partners
ing legal risks in real estate documentation, advising clients on relevant laws and regulations, and drafting and negotiating various real estate transactions.
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1. General 1.1 Main Sources of Law
pricing and bankability. Rising inflation and interest rates have slowed property sales, increased borrow - ing costs and reduced affordability. Nevertheless, the Greek real estate market in 2025 recorded transac - tion values of about EUR19 billion, confirming a very strong market characterised by continued growth, strong demand, and rising prices. Real estate stakeholders are embracing repurposing offices for residential use, exploring alternative financ - ing, navigating foreclosures, and adapting to shifting interest rates and central bank policies. A more aggre - gate, front-loaded due diligence approach is increas - ingly common, with emphasis on early tax review, rectification of legacy irregularities and structuring around execution risk. 1.3 Proposals for Reform Proposals for reform that would make the Greek real estate market more efficient, transparent and attrac - tive to investors could be: • A clear legal framework for escrow arrangements with segregated client accounts could streamline asset and share deal transactions, providing secu - rity and transparency for investors. • Establishment of alternative investment funds (AIFs) with less strict limitations in real estate eli - gibility criteria would attract domestic and inter -
The right to ownership in Greece is protected by the Constitution (Article 17), which ensures property rights, subject to compliance with laws, especially those relating to public interest and environmental protection. The Civil Code, particularly Articles 1002 and 1117, forms the foundation of real estate property law, including the division of plots as well as hori - zontal and vertical ownership. Laws 3741/1929 and 1024/1971 govern the establishment of horizontal and vertical property. Additional regulations are found in the Code of Civil Procedure and Laws 2308/1995 and 2664/1998, which oversee procedures at the Cadas - tre Offices. Law 1337/1983 introduced measures for regulating construction outside urban planning areas, focusing on environmental protection. Established case law from the Supreme Court and civil courts also plays a key role in shaping property law in Greece. 1.2 Main Market Trends and Deals The key trends in the real estate segment over the past 12 months reflect a more selective but still active market, with continued focus on prime assets and a more differentiated environment in terms of prices, reflecting a concentration in well-located real estate and properties complying with sustainability and energy efficiency standards – elements which have become transaction-critical in investment decisions,
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