Greece Golden Visa & Real Estate Market Report — 21 October 2026
AVLA REAL ESTATE · MARKET REPORT · 21 OCTOBER 2026
Greece Golden Visa & Real Estate Market Report — 21 October 2026
Summary: According to the Ministry of Migration and Asylum's August 2026 data, Greece has 34,759 valid investor permits; Turkish nationals hold 19.1% of initial permits, second only to China. New applications have slowed, while pending investor applications fell from 8,977 in June to 7,686. On 15 October, Minister Plevris said rebated purchases that push the real price below €250,000 and short-term sublets will cost investors their permits.
By M. Sami Akbeniz — Founder, Avla Real Estate, Istanbul · Data cut-off: 21 October 2026
What changed this week
New monthly data: The ministry's August 2026 bulletin (published 23 September) is now included. Active investor permits rose from 34,278 (July) to 34,759.
Turkish share up: Turkish nationals' share of initial permits rose from 18.2% (June) to 19.1%, or 5,107 initial permits.
Enforcement signal: On 15 October Minister Plevris warned that rebated purchases (effectively below €250,000) and short-term sublets will lead to revocation. No new legislation was announced.
Correction: Our previous report's pending figure of 29,273 counted investor and family-member files together. This report shows investor applications separately (7,686); including family members the total is 28,681.
The market in six numbers
34,759 valid investor permits — 26,690 initial + 8,069 renewals; 100,784 people including family (Ministry August 2026 bulletin, 23.09.2026).
19.1% Turkish investor share — 5,107 initial permits, second to China (12,664 · 47.4%) (August 2026).
7,686 pending investor applications (June: 8,977); 3,426 initial applications in January–August 2026, down 44% year on year in the first half.
+5.5% annual apartment price growth (Q2 2026); Athens 5.0% · Thessaloniki 4.7% (Bank of Greece, 15.09.2026).
5.52% average gross rental yield in Athens; national average 4.38% (Global Property Guide, May 2026 update).
15.45% announced transfer tax for non-EU home buyers (with municipal surcharge) — announced start 1 July 2027; no bill published yet, today 3.09%.
01 Demand
The programme is still growing, but new inflows have slowed. At the end of August there were 34,759 valid investor permits, 8,069 of them renewals. In the first half of 2026, 2,551 initial applications were filed, down 44% from 4,553 in the same period of 2025. The January–August total was 3,426, with 311 in August alone. Meanwhile the ministry is clearing older files: pending investor applications fell from 8,977 to 7,686 in two months, 5,571 of them in Attica. An investor applying today joins a shorter queue than a few months ago.
Turkish investors carry more weight: with 5,107 initial permits their share rose to 19.1%. Together, China and Turkey account for roughly two-thirds of active initial permits.
02 Prices
According to the Bank of Greece's latest index, apartment prices rose 5.5% year on year in Q2 2026; 5.0% in Athens and 4.7% in Thessaloniki. The Q3 index is expected in mid-December; there is no new quarterly data this week. Growth is below the double-digit pace of 2023–2024: the market is not cooling, but it is calming.
03 Rental yields
In Global Property Guide's May 2026 update, the average gross yield in Athens is 5.52% and the national average 4.38%. The next update is due in November. Short-term letting is banned for Golden Visa properties, so returns should be modelled on long-term rents. City-by-city yield analysis →
04 Tax and regulation
Thresholds (unchanged): Law 5100/2024: €800,000 in Attica, Thessaloniki, Mykonos, Santorini and islands of more than 3,100 inhabitants; €400,000 elsewhere; €250,000 for commercial-to-residential conversions and listed buildings under restoration.
15 October warning: Minister Plevris said permits will be revoked where part of the price is secretly refunded and where the property is sublet short-term. The short-term letting ban and a €50,000 fine are already in law (Migration Code 5038/2023 art. 100, as amended by 5100/2024); the rebate rule rests on a ministry circular. No new law was announced.
15% transfer tax: Under the government's announced plan, transfer tax for non-EU home buyers would rise from 3% to 15% from 1 July 2027 (15.45% with the municipal surcharge). As of 21 October no bill has been published or put to consultation, and it is unclear whether it will target citizenship or tax residence.
VAT suspension: The suspension of 24% VAT on new builds runs to 31 December 2026. An extension has been announced but not yet legislated.
Opposition motion: A 7 October motion by the main opposition party to abolish the real estate Golden Visa was rejected by the government; it is not a programme decision.
05 Europe panorama
In Portugal only about 6,000 of roughly 46,000 Golden Visa files (13%) have been processed (parliamentary committee, 7 October). Cyprus is still reviewing around 12,000 permits. Spain closed its programme in April 2025. No new decisions this week in Latvia, Malta or Italy. As fast, predictable property-based residence options narrow across Europe, Greece's queue is getting shorter. Greece or a closed Spain? → · Greece vs Portugal →
The Avla view
This week's real message is enforcement. Structures marketed as "a Golden Visa for under €250,000", with rebates or short-term rental promises, now carry a direct revocation risk. The safe route has not changed: meet the area's legal threshold at the true price on the title deed, look at €250,000 only for documented conversion or listed-building projects, and model returns on long-term rent. A rising Turkish share and a shrinking backlog are good news for application timing. The 15% transfer tax is not yet law, but with an announced start of 1 July 2027 it makes sense not to leave the decision to the first half of 2027.
Sources: Greek Ministry of Migration and Asylum August 2026 bulletin (23.09.2026; as reported by investmentvisa.com 19.10.2026, agentnews.gr 11.10.2026, greekprops.com) · IMI Daily, 17.10.2026 (Plevris, citing ERT) · Bank of Greece residential price index Q2 2026 (15.09.2026) · Global Property Guide, May 2026 · agentnews.gr 08.10.2026 and zagdim.com 14.10.2026 (15% tax) · katslaw.eu 14.10.2026 (VAT suspension) · IMI Daily 08.10.2026 (Portugal) · IMI Daily 07.10.2026 (opposition motion). Data cut-off: 21 October 2026. This report is for information only; seek professional advice before any investment decision.
Talk to Avla Real Estate's specialists about the Golden Visa and choosing the right area in Greece → avlarealestate.com
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