Buying a home in Greece is straightforward for UK citizens, who can purchase without residency, but the part most buyers underestimate is the currency. You agree a price in euros and pay it over several weeks, while your money sits in pounds, so the exchange rate decides how much the property really costs you in sterling. The way to keep control is to obtain your Greek tax number early, budget for the full euro cost including taxes and fees, and fix your exchange rate with Medlock & Thames rather than converting at your bank on the day completion falls due. This guide covers the currency side; for the full framework across countries, see our guide to buying property abroad.
How does the Greek buying process affect your currency planning?
The Greek timetable sets the rhythm of your payments. Before you can do anything you need an AFM, the Greek tax number, which your lawyer can arrange and which is required to transact. Most buyers spend the first few weeks obtaining the AFM, opening a local bank account and carrying out due diligence. By around week four you sign the preliminary contract and pay a deposit of roughly ten per cent. The final deed is then signed before a notary, usually six to twelve weeks after the preliminary contract, when the balance and the purchase taxes fall due. That gap between deposit and completion is exactly the window in which the exchange rate can move, so it is the period your currency plan needs to cover.
How much can the euro move while you buy?
More than enough to matter. In May 2026 the pound traded at around 1.158 against the euro, according to European Central Bank reference rates, and it is normal for the rate to travel several cents across a few months. On a €300,000 home, that is the difference between roughly £259,100 at 1.158 and about £272,700 if the pound slipped to 1.10, an increase of more than £13,000 for a property whose euro price never changed. You are not trying to predict the market; you are removing that uncertainty from a purchase you have already committed to. A forward contract, which fixes today's rate for a future settlement date, lets you sign your Greek contract knowing the sterling cost in advance.
Which currency tool should you use?
You have three practical choices, and they suit different stages. A spot transfer converts at the rate on the day, which is fine for small sums but leaves a large completion payment exposed. A forward contract fixes today's rate for a settlement date up to twelve months ahead, so you can sign your Greek contract knowing the sterling cost in advance; this is usually the right tool for the deposit and the balance. A regular payment plan handles recurring euro costs, such as utilities or local taxes, once you own the property. For most buyers, a forward contract on the purchase sum and a regular plan for the running costs is the sensible combination. Our pillar guide explains each in more detail.
When should you fix your rate?
As soon as you are committed, which in Greece usually means at the preliminary contract when the deposit falls due. In our experience, UK buyers tend to focus entirely on price and the property search, and only think about the exchange rate once the notary date is set, by which point there is little room to plan. Fixing the rate at the contract stage means the figure you budgeted is the figure you pay. If you are still searching, open an account with a currency specialist in advance so you can act quickly; the groundwork takes a few days and costs nothing.
What will the purchase cost beyond the price?
Greece adds several costs on top of the agreed price, and they are all payable in euros, so your currency plan should cover the full amount and not just the headline figure. Buyers pay a transfer tax of 3.09 per cent (a 3 per cent tax plus a 0.09 per cent municipal surtax), notary fees of around one to two per cent, a registration fee of about 0.5 per cent, and legal fees on top. As a rule of thumb, allow five to seven per cent of the price in taxes and fees. Because every one of these is a euro cost, a weaker pound raises them too, which is a further reason to fix your rate across the whole budget rather than the deposit alone.
Do I need a Greek bank account and an AFM?
The AFM is essential and comes first; you cannot complete without it. A local bank account is useful for ongoing costs such as utilities and municipal taxes once you own the property, though the purchase funds themselves usually move to your lawyer's or the notary's client account. A currency specialist can deliver euros to either, in the amount and on the date the notary requires, which avoids the delays and weak rates that come with sending a large sum through a high street bank at short notice.
What about the Golden Visa?
If your purchase is also a residency plan, the figures are set in euros, so currency matters even more. For 2026 the Greek Golden Visa property thresholds are €800,000 in prime areas such as Athens, Thessaloniki, Mykonos and Santorini, and €400,000 elsewhere. Because the qualifying amount is fixed in euros, a weaker pound raises the sterling sum you need to reach the threshold, and a forward contract can protect the figure you have budgeted. The visa rules are an immigration matter, so take specialist advice; the point here is simply that the threshold is a currency exposure like any other.
Frequently asked questions
Can I fix my exchange rate before I find a Greek property?
You can open an account with a currency specialist in advance and agree a forward contract once you are committed to a specific purchase and know the amount and completion date. Having the account ready means you can act within hours when your offer is accepted.
When is the deposit due in Greece?
Typically at the preliminary contract, around week four of the process, at roughly ten per cent of the price. That is usually the right moment to fix your rate for the balance due at completion.
Will I be taxed on a currency gain?
Possibly, depending on your circumstances, as currency can interact with UK and Greek tax rules. Take advice from a qualified tax adviser; this guide covers the currency and transfer side only.
Do I have to be in Greece to complete?
Not necessarily. Buyers can grant a power of attorney to their lawyer to sign on their behalf, which many UK buyers do. The currency side does not depend on your being present; a specialist can send the funds to the notary or lawyer on the required date whether you are in Athens or at home.
Related articles
This guide is part of our overseas property series. For the full framework, read Buying Property Abroad: A Currency Guide for UK Buyers. See also how a forward contract works and our country guides for France, Spain, Portugal and Hungary.
