Convert the price at three rates, not one
The ECB euro reference rate was 1.0389 dollars at the end of 2024, 1.1750 at the end of 2025 and 1.1206 on 9 October 2026. The same €400,000 apartment therefore cost about $415,600 at the first rate, $470,000 at the second and $448,200 at the third. The apartment did not change; the dollar did.
Set your offer ceiling in euros, because that is what you sign. Then carry a second line in dollars at a weaker rate, say 1.20, where the same price is $480,000. If that second figure breaks your plan, the plan depends on the exchange rate more than on the property.
Size the cash you must bring
Two large Greek banks publish ceilings for borrowers from outside the EU. Eurobank states up to 65% of the commercial value for borrowers who are not Greek or Cypriot citizens. Alpha Bank lists up to 70% for borrowers who live permanently outside the EU, with a term of up to 20 years. These are ceilings, not offers, and they apply to the bank's own valuation, which can come in under your price.
On a €400,000 purchase, a 65% loan leaves €140,000 of your own money in the property. Ordinary buying costs of roughly 4% to 7% (see our guide to the costs of buying in Greece) add €17,600 to €29,200, which takes the cash need to about €157,600 to €169,200, or $176,600 to $189,600 at 1.1206. If the 15% transfer tax announced for non-EU buyers applies to your deed, the tax alone is about €61,800 instead of €12,360, and none of it can be borrowed.
Re-run the payment on the term you will actually get
Eurobank publishes a floating-rate term of up to 15 years for this group, or up to 181 months where the rate is fixed for a period, provided at least one instalment is floating. Both banks require the loan to be repaid before the youngest borrower turns 75. Do not model the Greek loan on a 30-year schedule.
On €260,000 at an illustrative 4%, a 15-year loan costs about €1,923 a month, against about €1,241 on a 30-year schedule at the same rate. That is 55% more per month for the same debt. The 4% is a placeholder, not a quote; the 12-month Euribor that sits under floating loans was reported at roughly 3.2% to 3.3% in late September 2026, so ask each bank for a current figure.
Then put the payment in dollars. At 1.04 it is $2,000 a month, at 1.1206 about $2,155, and at 1.20 about $2,308. Run your income test on the higher number.
Count what the cash costs you in the United States
The cash has a US price that never appears on the Greek paperwork. Selling investments can realize taxable gains; withdrawals from tax-deferred retirement accounts can carry income tax and, before retirement age, penalties; borrowing against a US home puts that home behind the purchase. Decide with a US tax adviser which pot to draw on, because the order matters.
Whichever pot you use, once euros sit in Greek accounts in your name and your foreign accounts together exceed $10,000 at any time in the year, an FBAR is due for that year, even if the money leaves again the same week. Greek real estate held in your own name is not reported on the FBAR or on Form 8938.
Keep a reserve outside the purchase
Greek ownership has costs that nobody collects with your loan payment: ENFIA, the municipal charges on the electricity bill, building charges in an apartment, insurance and a key-holder for the months you are away. Our guide to annual ownership costs sets them out. Hold at least a year of them, plus a repair allowance, as dollars in the United States rather than as part of the deposit. A documented reserve also answers the question a bank asks when it lists proof of deposits or investments among its documents.
Write down the three numbers before you view
Before the first viewing, write down the euro price you would pay, the dollar total you cannot exceed once costs and the reserve are included, and the exchange rate at which the second number becomes the binding one. When an agent presses for a preliminary agreement, those three numbers tell you in one minute whether the offer is still inside the plan.
If a residence permit is part of the reason for buying, check the threshold for the exact area first: €800,000 in Attica, Thessaloniki, Mykonos, Santorini and islands with more than 3,100 residents, €400,000 elsewhere, for a single property of at least 120 square metres that cannot be let short term. A budget built around a lower figure will not qualify.
Practical checklist
- Convert the target price at today's rate and at two weaker-dollar rates.
- Add 4% to 7% for ordinary buying costs, or test the 15.45% tax if it may apply to your deed.
- Ask each bank for its ceiling and term for a borrower living outside the EU, in writing.
- Test the monthly payment on a 15-year or 20-year schedule, one point above the quoted rate.
- Decide with your tax adviser which US funds you will draw on.
- Keep a dollar reserve for annual costs and repairs outside the deposit.
Questions US buyers ask
Continue your Greek property research
What people ask us about borrowing
Across our network, between 27 May and 9 October 2026, 7 of the 285 enquiries that included a written message asked how much the sender could borrow, and 25 mentioned using equity from a home in their own country. Both questions are easier to answer once the budget above is written down.
Who made this guide. Bas Terpstra makes, reviews and approves every guide, using AI tools and public sources as a starting point. Rules and figures change, so treat this as general information and confirm the details for your own situation.
This guide is general information, not personal financial, legal, tax or currency advice. Mortgage availability is subject to credit, income, valuation and lender criteria.