Presale in Greece Without a Sale Law: How to Protect Your Money
Greece has no equivalent of Israel's Sale Law and no mandatory bank guarantee for off-plan buyers. The protection has to be built into the deal. Here is how.
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What is different from Israel
In Israel, the Sale (Apartments) Law requires a developer to secure a buyer's payments, usually with a bank guarantee for every shekel paid. Greece has no equivalent law. There is no state scheme that guarantees an off-plan buyer's money if a developer fails.
That does not make presale in Greece unsafe. It means the protection comes from how the deal is structured and what the contract says, so it is your lawyer's job, not the law's.
Five ways the risk is reduced
- Own something from the first payment. Many Greek presale deals transfer an undivided share of the plot to the buyer at signing, by notarial deed, together with a construction agreement. If construction stalls, you hold a registered share of the land rather than only a claim against a company. Ask your lawyer which structure your deal uses.
- Pay by stages, not by dates. Tie each payment to a construction stage (frame, walls, finishes, handover) and to a certificate from the supervising engineer, so money follows progress.
- Keep the deposit small. Pay the first meaningful amount only after your lawyer has finished due diligence on title, permit and the developer.
- Write the delay into the contract. A delivery date, a daily or monthly penalty for delay, and your right to cancel and get money back after a set period.
- Ask for a bank guarantee anyway. It is not standard in Greece, but some developers will provide a letter of guarantee for part of the payments. If they refuse, that is information too.
Check the developer, not only the apartment
- The company's filings in the Greek business registry (GEMI) and any signs of financial strain.
- Projects the developer has delivered, and whether they were on time.
- That the building permit is valid and matches what is being built.
- That the land is clean of mortgages, seizures and claims in the Land Registry or Cadastre.
Pay the right way
Every payment by bank transfer, from your own account, to the developer's company account named in the contract. Never cash, never to a third party. A clean money trail protects you if there is a dispute, and it is required anyway for a Golden Visa.
On BlueHous
Every project listed on BlueHous is checked against the developer's building permit and current construction status, and re-checked on a regular cycle. That is a first filter, not a replacement for your own lawyer. See Due Diligence Before You Sign for the full checklist.
Common questions
Is there a Sale Law in Greece like in Israel?
No. Greece has no law that requires a developer to give off-plan buyers a bank guarantee. Protection comes from the deal structure, staged payments and contract clauses that your lawyer negotiates.
What happens to my money if a Greek developer goes bankrupt during construction?
It depends on the structure. If you were registered as owner of a share of the plot, you keep that share. If you only paid against a contract, you have a claim against the company. That is why the structure matters more than the price.
Can I get a bank guarantee for a presale purchase in Greece?
Sometimes. It is not required by law, but some developers agree to a bank letter of guarantee for part of the payments. Ask before you sign.
General information, checked against public sources in October 2026. Not legal or tax advice. Rules change and every purchase differs, so have a licensed Greek professional confirm your own position.
