Buying property in Rethymnon as a foreigner: Complete UK guide

Disclaimer: The information in this article is for reference purposes only. All information on this page should not be considered financial or tax advice. You are also solely responsible for calculating and paying your tax liabilities depending on the applicable law. All tax saving strategies or decisions should be made after thorough research and consultation with a qualified financial advisor.

Buying property in Rethymnon is an increasingly attractive option for UK buyers looking for affordability and long-term value.

Located between Chania and Iraklion (Heraklion), Rethymnon offers a mix of historic charm, beaches, universities and year-round amenities - making it appealing for permanent residents, retirees and investment.

In this helpful guide, we’ll look at everything you need to know about buying property in Rethymnon as a foreigner. This includes mortgage options, taxes, fees, property prices, residency rules and common pitfalls to avoid.

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Can you get a mortgage from a Rethymnon bank as a non-resident?

Yes, UK citizens can apply for a mortgage from a Greek bank when buying property in Rethymnon, but lending conditions are typically stricter for non-residents. Most Greek banks offer mortgages to foreign buyers with:

• 35 to 40% minimum deposit¹
• Proof of overseas income
• Conservative affordability assessments.
• Clean credit history and bank references
• Translated and apostilled documentation.

Interest rates can unfortunately be higher for non-residents and approval times are often slow. Because of this, many UK buyers prefer to use savings or equity released from UK property instead of borrowing locally.

In addition, working with an experienced mortgage broker who understands the Greek system can be beneficial.

Taxes and fees for owning property in Rethymnon

The below costs are purely an estimate and may vary depending on the specifics of the property and the location.²

Fee/tax	Typical amount
Property transfer tax	3%
VAT (new builds only)	24%
Legal fees	1.5%
Notary fees	1.5%
Estate agent fees	Min 2%

There are also ongoing costs and additional charges to cover when moving to Greece, which may include:

• Land registry fees
• ENFIA annual property tax
• Municipal fees
• Building maintenance charges
• Income tax on rental earnings.

📚 Cost of living in Greece

What’s the property market like in Rethymnon?

Just like in the UK, Greece’s property market varies depending on the specific areas. Rethymnon’s property market is typically less expensive compared to Chania and often much cheaper than premium Greek islands like Mykonos. Despite this, the location still offers strong year-round demand.

Rethymnon has a wide range of neighbourhoods, each with their own appeal and price. Understanding the local areas is key to buying a property in Greece as a foreign buyer.

• Rethymnon Old Town: Known for its Venetian architecture, narrow streets and lively atmosphere, the historic centre boasts traditional townhouses and older apartments often in need of renovation. While prices here may be higher than inland areas, demand for both long-term and short-term rentals remains strong. Many properties are protected or subject to preservation rules so it’s important to carry out due diligence checks before purchasing.
• New town and seafront areas: East of the Old Town you’ll find the newer districts where modern apartments sit close to beaches. These areas are popular with year-round residents and often come with better access to parking and newer infrastructure.
• Plantases and Perivolia: Located just outside of the main town, these areas are attractive for buyers seeking proximity to the beach. Prices are often lower than the city centre too.
• Inland villages: Villages can offer excellent value for money. Here, detached houses with land are common making them popular with buyers who want space, privacy and a traditional lifestyle.

As it’s located between Chania and Iraklion (Heraklion), you might also want to explore these areas too.

Can foreigners buy property in Rethymnon?

Yes, UK citizens and other foreigners can buy property in Rethymnon without a special permit. However, you will need a Greek tax number (AFM),³ a Greek bank account and legal representation.

Can you buy property in Rethymnon and get residency?

Buying a property in Greece doesn’t automatically give you the right to live in the country long-term.⁴

Instead, residency and property ownership are treated separately, although some buyers may qualify for residency through investment schemes depending on the value and location of the property.

Typically, you need to purchase a property worth at least €250,000 EUR to qualify for Greece’s Golden Visa programme, and meet additional ongoing requirements.⁵

How much are property prices in Rethymnon?

Property prices vary by neighbourhood but the recent average price asked for residential properties for sale was €2,892 EUR per square meter.⁶

The median price of an apartment for sale in Rethymnon is €322 EUR per square foot. As for houses for sale, the median price is €314 EUR per square foot.⁷

Where is the cheapest place to buy property in Rethymnon?

Again, this depends on the location and property type but inland villages and older neighbourhoods outside the historic centre typically offer the lowest prices in the area.

Buying property in Rethymnon as a foreigner - a step-by-step guide

1. Obtain a Greek tax number (AFM)

This is mandatory for property purchases and tax payments in Greece.³

📚 Greek property tax

2. Open a Greek bank account

You’ll need a local account to pay taxes, utilities and to complete the transaction.

You can apply for your AFM at the local tax office with your passport and a completed application form.

📚 Open bank account in Greece

3. Find a property and make an offer

Once agreed, a reservation deposit is usually paid.

4. Legal checks and due diligence

While it’s not mandatory, it’s strongly recommended to find and appoint a lawyer experienced in Greek property law. You’ll need a solicitor to verify ownership, planning permissions and debts.

They will check over and translate all documents and contracts, as well as carrying out due diligence on the transaction. This includes conducting a thorough title search at the Land Registry or Cadastre.

A personal recommendation is a good way to find a solicitor, but you can also find a list of English-speaking property solicitors on the UK Government website.

5. Sign the preliminary contract

This secures the property while final documents are prepared. If your offer is accepted, due diligence checks are underway and you’re ready to proceed, it’s time to sign the preliminary contract.

It expresses your commitment to buying the property, and sets out the terms of the transaction.

You’ll also need to arrange a transfer to pay the deposit.

📚 Sending large sums abroad

6. Appoint a notary

A notary is a key part in property purchases in Greece. They are a public officer who ensures that the transaction, documents, contracts and processes are carried out in line with the law.

You can learn more about finding a notary through the Hellenic Notary Association website - your solicitor may also be able to point you in the right direction.

Ownership transfers at the notary’s office and the transaction is registered with the land registry.

7. Completion

This is the final crucial step, involving the following actions:

• Signing the deed of sale and the final sales contract
• Transferring money to pay the final balance
• Registering the property title in your name
• Getting the keys to your new home.

All of the main steps will need to be done in person at the notary’s office, and it’s crucial to have your solicitor there as it may be conducted in Greek (including documentation).

📚 Transferring money to buy overseas property

How can you find a property in Rethymnon?

While you don’t have to visit Greece in person to purchase a property, many people find it useful to view properties and it means they can build good relationships with agents and lawyers.

Using a local agent can be particularly useful if you’re moving abroad from the UK and are unfamiliar with the local property market.

📚 Moving abroad from the UK

Property agencies and agents in Rethymnon

• Engel & Völkers Crete
• Elxis - At Home in Greece
• RE/MAX Greece
• Local independent agents

Property websites in Rethymnon

Popular real estate websites in Greece include:

• Spitogatos.gr
• Xe.gr
• Rightmove Overseas
• Idealista

What are some of the pitfalls of buying property in Rethymnon?

While property investment in Rethymnon does come with several benefits, it’s important to understand any potential risks. This includes:

• Properties with illegal extensions
• Incomplete title deeds
• Overestimating short-term rental income
• Underestimating renovation costs
• Buying without independent legal advice

Purchasing property in Rethymnon is generally safe but UK buyers should be aware of some recurring issues that affect foreign purchasers in Greece. Although Greece’s land registry system has improved, some rural properties still have incomplete records. This is why your solicitor should verify boundaries and ownership carefully.

Short-term rentals must also be registered with the Greek tax authority (AADE). Failing to declare rental income can result in fines. What’s more, regulations may change, so it’s important to stay informed.

If you purchase an apartment, you also need to fully understand the costs involved. Apartments may have shared maintenance costs which need to be factored into your ongoing budget. Plus, remember, purchasing a property abroad will often require an international bank account.

Property purchases can involve staged payments over several months, and fluctuations between GBP and EUR can increase overall costs if it’s not planned properly.

How do you choose the right property in Rethymnon?

Rethymnon has various property types, each of which comes with their own appeal and value. Understanding your needs and how you will use the property can help you to find the right one.

Condition of the property

Older properties may need upgrades to electrics and plumbing, so renovation costs should be factored into your budget if this is something you’re considering. Remember, you also need to check what work can legally be carried out.

Type of property

Consider where you want to purchase and what type of property will be best. For example, apartments may suit city living while villas could be better for families and retirees.

You may even be lucky enough to find building plots zoned for development.

📚 Building property in Greece

Moving into your Rethymnon property

Consider proximity to hospitals, shops and transport. You may also need to factor in moving costs to your budget.

Insurance

Building and contents insurance is strongly recommended and often required if you have a mortgage.

Setting up utilities

Utilities typically include:

• Electricity
• Water
• Internet and phone services
• Municipal charges.

Typically, these must be in your name via a Greek bank account.

📚 Moving to Greece

Cost of living in Rethymnon for UK buyers

One of the main attractions of buying property in Rethymnon is the relatively low cost of living. Compared to other areas of Greece, it is 4.3% cheaper.⁸

Electricity and water costs are generally lower, though air conditioning can increase bills. This is why many homes use solar water heaters which can significantly reduce hot water costs.

There’s no council tax equivalent in Greece. Instead, local taxes are usually included in electricity bills and again are relatively modest. Public healthcare is also available to residents.

Food, eating out and local transportation are cheaper than in most UK cities, making Rethymnon an attractive choice for many retirees and remote workers.

Renovating property in Rethymnon

Renovation is common in Rethymnon, especially in the Old Town and surrounding villages where older properties are in abundance. However, before you purchase a renovation project, you should confirm planning permissions.

When it comes to costs, they’re generally lower than in northern Europe. Typical costs range from €500 to €1,500 EUR per square meter and can take 3 to 12 months to complete.⁹ This depends on permit approvals and contractor availability so it’s important to build flexibility into your plans and avoid tight deadlines.

Working alongside an interpreter can help to avoid any delays and misunderstandings during the renovation process. Major renovations also require permits and a licensed engineer.

📚 Renovating property in Greece

Save on currency conversion fees with Wise when buying property in Rethymnon

After reading this guide, you should have all the essential info you need to start your property search in Rethymnon. However, there’s one more thing to consider.

Owning property in Rethymnon involves ongoing euro-denominated costs, including ENFIA property tax, utility bills, insurance and maintenance. Combine this with the actual property purchase and it involves sending multiple large euro payments over time. You’ll need a cost-effective way to manage this.
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Additional FAQs about buying property in Rethymnon

Can a foreigner buy property in Crete?

Yes, foreigners are legally allowed to buy property anywhere in Crete, including Rethymnon.

Do I need a Greek bank account to buy property in Greece?

Yes, a Greek bank account is required for taxes, utilities and purchase completion. You also need a Greek tax number.³

Does buying a house in Greece give you residency?

Yes, buying property can grant you residency - but only if you qualify through schemes such as the Golden Visa.⁴ Even then, you must meet certain requirements as well as ongoing rules.

How much is property tax in Greece for foreigners?

Foreigners pay the same ENFIA property tax as Greek citizens.²

What is the 5 year law in Greece?

The 5-year rule typically refers to residency permit renewal periods under certain visa schemes such as the Greece Golden Visa.⁵

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Sources used:

1. Global Mortgage Group - Greek mortgages for non-residents
2. Housing in Greece - taxes & fees
3. Elxis - property tax in Greece
4. Your Overseas Home - Greek residency
5. Global Residence Index - Greece Golden Visa
6. Indomio - average prices
7. Properstar - average prices
8. My Life Elsewhere - cost of living in Rethymnon
9. Inconde - construction costs

Sources last checked on date: 2 Feb 2026