Plots, Construction Projects & Partially Constructed Properties
Acquiring Property in Greece: Overview of Plots & Construction Projects
A growing segment of real estate investment in Greece involves acquiring undeveloped plots, commissioning new builds, or purchasing partially constructed properties. These transactions offer increased flexibility, customisation, and potential for higher long-term returns – but they also come with heightened legal, regulatory, and construction-related risks. Unlike turnkey purchases, these investments require coordinated due diligence, technical verification, and airtight contractual structuring from the outset.
- ➤ Buildability Risk
- ➤ Title and Boundary Clarity
- ➤ Environmental & Archaeological Constraints
- ➤ Construction Contract Structuring
- ➤ Permit Oversight
Acquiring Property in Greece: A Rising Trend on Property Investment
While many buyers opt for completed homes, a growing number of more proactive investors and individuals seeking to spend significant time in Greece pursue the acquisition of plots for development, new builds, or partially completed properties. These routes offer flexibility, potentially higher Return on Investment (ROI), and long-term capital efficiency – but demand far greater legal precision and robust contractual safeguards from the outset.
At Tsiricos Boutique Law Office, we do not rely on boilerplate templates, nor do we leave delivery details to verbal assurances. Each construction contract is drafted from scratch – calibrated to the specific property, construction stage, and client risk profile. These projects require interdisciplinary handling, so we work closely with surveyors, engineers, and notaries – from initial consultation through final handover – to ensure total legal and technical oversight. These are not "simple real estate deals." We treat them as structured legal projects – because otherwise they become liabilities.
Acquiring Property in Greece: Acquiring a Plot for Development
Purchasing land in Greece – whether urban or rural – demands rigorous legal and planning due diligence. Unlike completed properties, the primary risks here are not physical but legal, regulatory, and technical. This route is preferred by investors seeking strategic land positions or planning custom development projects as, if combined with construction, it typically offers the best ROI compared to other types of investment and absolute control of the property's merits. However, all material risks will be addressed before commitment. First, it should be determined whether the plot is buildable – or at least buildable as intended within the boundaries of law – and whether other restrictions may arise that could impede building on the plot. Such overlays will be flagged during the early review phase.
- ⚫︎ Usual Criteria Affecting Constructability
- ◍ Minimum area and street frontage
- ◍ Zoning designation (whether the plot is within or outside city plans)
- ◍ Permitted building coefficient and legal use
- ◍ Road access via a public or legally recognised private road
- ⚫︎ Other Concerns Affecting Constructability:
- ◍ Environmental designations
- ◍ Proximity to protected archaeological zones
- ◍ Pending planning reforms
- ⚫︎ Verifying the Plot's Legal and Technical Identity
- Assuming the property is not rendered unbuildable due to a legal, technical, or regulatory impediment, a more thorough investigation must be conducted.
A certified topographic diagram must be issued by a licensed surveyor and cross-verified with:
- ◍ The National Cadastre (for inscription and legal boundaries)
- ◍ The competent Urban Planning Authority (for alignment with city planning)
- ◍ Forestry and Archaeological Services (for clearance or any restrictive annotations)
- This triangulation ensures that the plot's physical features and legal status align with the seller's representations. In cases of discrepancy – common during the Cadastre transition, as boundaries were not previously defined using fixed GPS coordinates – rectification or clarification procedures should be initiated before proceeding.
- ⚫︎ Confirming Clean Legal Title
- In parallel, it will be confirmed that:
- ◍ The land is not subject to ambiguous title – especially common in inherited land – such as unresolved succession or multiple ownership claims
- ◍ There are no unauthorised structures or historical violations of the building code, including unpermitted extensions, nonconforming usage, or expired temporary licences
- ◍ The plot is not affected by adverse possession, pending expropriation, or regulatory encumbrances that would undermine its intended use
- If these risks cannot be cleared before purchase, clients should not proceed unless fully informed and contractually protected.
Acquiring Property in Greece: Commissioning a New Build
Where an investor intends to construct a property from the ground up, early legal structuring is essential. Construction risk is cumulative, and safeguards must be embedded contractually, with adaptability, given that requirements and potential threats vary depending on the specific project. All necessary permits should be duly issued and documented before any works commence.
- ⚫︎ Construction Contract Structuring
- At Tsiricos Boutique Law Office, we prepare construction agreements that:
- ◍ Annex architectural and engineering specifications in full
- ◍ Define with precision the materials, construction methods, and finish levels agreed
- ◍ Link each payment tranche to objectively verifiable milestones – not arbitrary dates
- ◍ Define calendar deadlines and include enforceable penalties for delay
- ◍ Specify contractor's warranties and liability for post-delivery defects
- ◍ Impose clear obligations on the developer regarding permits, site management, and utility readiness
- ◍ Include provisions for force majeure, material shortages, and contractor default
- ⚫︎ Permit Oversight
- At minimum, a lawful build requires:
- ◍ Valid issuance of the Building Permit from the Urban Planning Authority
- ◍ Verified compliance with density, zoning, and permitted use
- ◍ Registration of the permit with the tax authorities under Law 4495/2017
The Building Permit must correspond exactly to the approved architectural plans. Any deviation without re-approval exposes the owner to fines, demolition risk, and potential criminal charges.
Where the project is intended for investment migration purposes, the programme's thresholds must be met. We will offer practical structuring advice on the optimum way the property should be obtained, prior to contract execution.
Acquiring Property in Greece: Acquiring an "Under Construction" Building
Acquisitions described as "under construction," "near completion," or "custom finishes" often carry hidden legal and performance risk. While typically less complex than ground-up construction, these are not turnkey transactions and must be treated as multi-phase developments requiring full contractual oversight.
- ⚫︎ Why Early Contractual Control Is Essential
- Before any deposit is paid, we recommend and secure a properly notarised agreement that addresses the following core protections:
- ◍ Detailed Fit-Out and Finish Specifications: Internal and external finishes – including floors, mechanical and electrical systems, bathrooms, facades, terraces, and joinery – should be listed with precision and scope.
- ◍ Calendar-Based Delivery Dates with Penalties: Completion deadlines stated by fixed calendar date, with buyer remedies for delay such as daily penalties, contractual withdrawal, or automatic termination.
- ◍ Milestone-Based Payment Terms: Instalments that correspond to verifiable build stages (e.g., shell completion, service installation, final fit-out) rather than arbitrary timelines.
- ◍ Formal Inspection Rights: We ensure that buyers will have the right to inspect and sign off before release of the final balance.
- ◍ Retention and Defect Guarantees: We include a contractual retention clause or bank guarantee, depending on the conditions, to cover defect remediation after delivery.
- ⚫︎ Common Risks Without These Terms
- ◍ Delays with no enforceable completion mechanism
- ◍ Price escalation or scope reduction without remedy
- ◍ Delivery of incomplete or inferior finishes
- ◍ Legal ownership of a property not functionally usable
- Our office will liaise with professionals of your choice, or suggest experienced professionals for consideration, ensuring comprehensive protection throughout the process.
Acquiring Property in Greece: Property Construction & New Builds FAQ
Can foreigners purchase land or plots in Greece for development
Yes. Foreign nationals can purchase plots in Greece, though certain locations—especially near borders or islands—require advance approval from the Ministry of Defence. Legal and planning due diligence is essential to confirm buildability.
How can I verify if a plot in Greece is buildable
Buildability depends on zoning designation, minimum area and frontage, road access, permitted land use, and absence of legal or environmental restrictions. These elements are verified through a coordinated review of cadastral records, planning regulations, and surveyor-issued diagrams.
What legal risks exist when buying partially constructed properties
Key risks include unauthorised construction, incomplete permits, inaccurate building plans, or uncertain delivery timelines. A properly structured contract must define payment terms, inspection rights, and post-delivery warranties to protect the buyer.
What documents are needed before construction can begin
A valid Building Permit must be issued by the competent planning authority and registered with the tax authorities. The permit must exactly match the approved architectural plans. Deviations without reapproval may lead to fines, revocation, or demolition orders.
Is a formal construction contract necessary
Absolutely. A comprehensive written agreement is vital. It should annex technical specifications, link payments to construction milestones, and include remedies for delay or non-performance. Verbal agreements or vague terms should be strictly avoided.