What to Check Before Investing in an Under-Construction Property in Greece

Investing in a property that is still under construction can be one of the smartest decisions in the Greek real estate market — if done correctly.
Off-plan or under-construction projects often offer lower entry prices, customization options, and higher returns once completed.
However, these benefits come with one key condition: proper due diligence.

Here’s what every investor should check before signing.

1. Developer Reputation and Track Record

The first and most important step is verifying who is building the project.
A trustworthy developer ensures that your investment is delivered on time and to specification.

🔍 Check for:

• Previous completed projects (quality, delivery time, buyer satisfaction).

• Online presence and company registration.

• Reviews, testimonials, or independent references.

💡 At POLI Real Estate, we collaborate only with vetted boutique developers who prioritize quality and transparency.

2. Building Permit and Legal Documents

Always confirm that the building permit has been officially issued and covers the exact unit you’re buying.
Ask your lawyer or consultant to review:

• The building license number and approved plans.

• Ownership titles of the land.

• Any mortgages, liens, or legal encumbrances on the property.

📑 Never sign a contract for a project that doesn’t yet have a valid building permit.

3. Construction Timeline and Payment Schedule

Legitimate developers provide clear milestones and stage-based payments linked to construction progress.

Typical structure:

1. Initial deposit (around 10%).

2. Payments during key construction phases (foundation, structure, finishes).

3. Final payment upon delivery.

✅ Avoid offers that request large advance payments without transparent progress control.

4. Technical Specifications and Energy Performance

Request a technical description (τεχνική περιγραφή) of the building that outlines:

• Energy class (preferably A+ or AAA+).

• Insulation systems, windows, and materials.

• Heating/cooling method (heat pump, underfloor, or fan coils).

• Common-area features and building amenities.

🏗️ Energy-efficient homes are now among the most profitable and future-proof investments in Greece.

5. Contract and Legal Protection

The pre-contract or main sale agreement should clearly specify:

• Total price and VAT (if applicable).

• Construction timeline and delivery date.

• Payment terms and penalties for delay.

• Warranty period after completion.

📘 Always use an independent lawyer — not the developer’s — to review all contracts.

6. Bank Guarantee or Escrow Option

Some developers provide bank guarantees or escrow accounts to secure buyer payments until each construction phase is completed.
If available, this adds a strong layer of protection.

💰 Ask your real estate advisor if the project uses such mechanisms — especially for higher-value properties.

7. Site Visits and Progress Reports

Even if you are buying from abroad, make sure you receive regular updates — with photos, drone videos, or scheduled visits.
Transparency is a sign of professionalism.

📸 A trustworthy developer or real estate office will keep you informed from foundation to delivery.

✅ Conclusion

Buying under construction can be one of the most profitable ways to invest in Greece, as long as you perform proper checks.
A reliable developer, clear documentation, and professional legal review protect your capital and ensure you enjoy the benefits of a modern, energy-efficient home — with built-in appreciation by completion.

📞 Need Guidance on Safe Under-Construction Investments in Greece?

At POLI Real Estate, we provide full due diligence, developer vetting, and project monitoring for our clients — ensuring every investment is transparent, secure, and profitable.