POSMAS: A Federation Making a Comeback
The Πανελλήνια Ομοσπονδία Συλλόγων Μεσιτών Αστικών Συμβάσεων, abbreviated as POSMAS, has a unique history. Originally founded in 1963, it was dissolved around thirty years later, leaving the profession without national federal representation for decades. Its recent re-emergence is the result of a rebuilding effort led by six founding local associations: Athens-Attica, Thessaloniki, Chios, Larissa, Paros-Antiparos, and Lesbos. Other regional associations are currently in the process of joining.
This return is significant. It comes at a time when the Greek real estate market is booming and the quality of professional intermediaries has become a key issue. POSMAS aims to represent the profession nationwide, standardize professional practices, and have a voice in legislative and tax-related decisions affecting the sector.
Patrick Tkatschenko, founder of the Mobilia real estate agency and a member of the Board of Directors of the Athens and Attica Real Estate Chamber, has joined the POSMAS Executive Board as Treasurer. This institutional commitment reflects Mobilia’s long-standing involvement in the organization and professionalization of the Greek real estate sector.
The Pillars of the New Code of Ethics
The adoption of this Code by the POSMAS Board of Directors marks a turning point. This is not merely a symbolic document: the commitments it contains are binding on all members, with a disciplinary mechanism that can lead to permanent expulsion and referral to the judicial authorities.
Strict Non-Discrimination
The Code establishes a clear principle: no client may be treated differently on the basis of their origin, religion, gender, disability, or sexual orientation. This applies to the services provided, the listings published, and the recruitment of agency staff. For foreign investors, this provides an explicit guarantee of equal treatment, regardless of nationality.
Transparency and Honesty in the Market
The Code requires honest presentation of properties, an online presence based on verified information, and complete transparency regarding fees. Misleading listings and hidden costs discovered at the last minute should become a thing of the past.
Respect for Exclusive Mandates
It is now expressly prohibited to interfere with exclusive mandates held by another real estate professional. This principle of fair competition also indirectly protects both sellers and buyers by ensuring continuity and consistency throughout each transaction.
Personal Data Protection (GDPR)
The Code requires full compliance with European Regulation 2016/679 (GDPR), from the collection of client data through to its deletion. In practice, this means that the personal and financial information you share as part of a real estate project must be handled with the same safeguards as in France or Belgium.
Mandatory Continuing Education
Maintaining professional certification is now conditional upon active participation in training seminars. This is an important requirement: it means that POSMAS member agents are required to maintain and regularly update their professional skills. For foreign investors, this helps ensure that they are dealing with professionals who understand the latest regulatory, tax, and legal developments affecting the market.
Anti-Money Laundering: A Professional Obligation Now Enshrined in the Code
This is probably one of the most significant aspects of the new Code for the sector. POSMAS explicitly confirms that every real estate broker is subject to Greek Law 4557/2018, which transposes European Directive 2015/849 on the prevention of money laundering into Greek law.
Under this law, real estate agents are classified as “obliged entities”, alongside banks and notaries. This status entails specific obligations:
- Customer identification (KYC): systematic verification of the identity of every person involved in a transaction.
- Verification of the source of funds: the agent must ensure that the funds used for the acquisition come from legitimate sources.
- Reporting suspicious transactions to the relevant authorities.
- Record keeping for a minimum period of 5 years.
The fact that this framework is now incorporated into the professional federation’s Code of Ethics makes it enforceable against all its members. It is no longer merely an abstract legal obligation: it is also a professional standard, and failure to comply can result in internal disciplinary sanctions in addition to the criminal penalties provided for by law.
For foreign investors, this development is good news. It helps ensure that the certified professionals they work with operate within a rigorous ethical and legal framework.
What This Means in Practice for Foreign Buyers
For years, the Greek real estate market has suffered from a well-documented problem: the proliferation of unregistered real estate agents. These illegal intermediaries operate without a professional licence, tax registration, training, or oversight from an official body. For foreign investors who are unfamiliar with local practices, the risks are real: inaccurate advice, unverified property titles, deposits paid without adequate safeguards, and more.
Yet Greek Law 4072 provides for severe penalties for illegally practising the profession: fines of up to €30,000 and up to two years’ imprisonment. However, enforcement remains insufficient.
This is precisely where the new POSMAS Code adds value. By creating a strong internal disciplinary mechanism, ranging from written recommendations to permanent expulsion and referral to the judicial authorities, the federation is giving itself the means to uphold professional standards independently of action taken by public authorities.
How Can You Verify a Real Estate Agent’s Credentials in Greece?
In practical terms, here is what you can do to make sure the person you are dealing with is legitimate:
- Ask to see their plastic professional ID card: every registered agent has one. It displays their registration number in the professional registry (ΓΕΜΗ).
- Check this number on the official publicity.businessportal.gr portal, where the holder’s name and business activity should appear.
- Check that they have physical offices and a verifiable business address. A serious real estate agent should have an established local presence.
- Make sure they belong to a recognized professional association such as POSMAS or a local chamber.
For more information, our guide on how to find a good real estate agency in Greece gives you all the information you need to make a secure and informed choice.
Mobilia: Committed to the Professionalization of the Market
Founded more than 20 years ago by Patrick Tkatschenko, Mobilia is registered with the Professional Chamber Registry and is a member of the Association of Real Estate Agents of Greece (Professional Transaction Card No. 6562). Our agency is based in Pangrati, in the heart of Athens, and assists French-, English-, and Russian-speaking buyers with all types of real estate projects in Greece.
At Mobilia, we work with multilingual business lawyers and notaries to secure every stage of your transaction. Property title verification, land registry checks, tax compliance: nothing is left to chance. Our property management department can also manage your property from A to Z if you wish to generate rental income from your investment remotely.
The adoption of the new POSMAS Code of Ethics sends a strong signal: the Greek real estate market is becoming increasingly professional, and foreign buyers stand to benefit. The key is choosing the right professionals — those who follow these standards not simply because they are required to, but because they genuinely believe in them.
Do you have a real estate project in Greece and would like assistance from a certified, French-speaking agency with strong local expertise? Contact the Mobilia team for a free, no-obligation initial consultation.