Greece Golden Visa & Real Estate Market Report — 28 October 2026
AVLA REAL ESTATE · MARKET REPORT · 28 OCTOBER 2026
Greece Golden Visa & Real Estate Market Report — 28 October 2026
Summary: A tax bill that Greece's Ministry of Finance put to public consultation on 18 October would raise the transfer tax on home purchases by individuals tax-resident outside the EU and EEA to 15% from 1 July 2027. Consultation closes on 1 November; the text is not yet law. The same package proposes extending the VAT suspension on new builds to 31 December 2027. On the Golden Visa side, the latest official data is still August: 34,759 valid investor permits, a 19.1% Turkish share and 7,686 pending investor applications.
By M. Sami Akbeniz — Founder, Avla Real Estate, Istanbul · Data cut-off: 28 October 2026
What changed this week
The 15% transfer tax is now a bill: The draft went to consultation on opengov.gr on 18 October (closing 1 November, 22:00). The test is tax residence, not passport: individuals tax-resident outside the EU/EEA would pay 15% on final contracts signed from 1 July 2027. The draft has no exemption for Golden Visa purchases.
VAT suspension extension (draft): The same bill would extend the VAT suspension on new builds from 31 December 2026 to 31 December 2027. Until parliament approves it, the date in force remains 31 December 2026.
Golden Visa data unchanged: The ministry's September bulletin had not been published as of 28 October; Golden Visa figures are August data.
Correction: Our 21 October report said no bill had been published or put to consultation and that the citizenship vs tax-residence test was unclear. The bill had in fact gone to consultation on 18 October and uses tax residence. We also now show the draft rate of 15% instead of 15.45% (with municipal surcharge).
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).
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.
+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% draft transfer tax for buyers tax-resident outside the EU/EEA — contracts signed from 1 July 2027; consultation closes 1 November, today 3.09%.
01 Demand
There is no new monthly data this week; the picture is as of end-August. Valid investor permits stand at 34,759, of which 8,069 are renewals. 3,426 initial applications were filed in the first eight months of 2026, a slower inflow than in 2025. The ministry keeps clearing older files: pending investor applications fell from 8,977 in June to 7,686. Turkish investors rank second after China with 5,107 initial permits. If the bill becomes law, demand to sign final contracts before 1 July 2027 can be expected to move forward.
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. Growth is below the double-digit pace of 2023–2024: the market is not cooling, 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
The bill (in consultation): The Ministry of Finance's tax bill on strengthening disposable income, savings and investment is open for comment on opengov.gr from 18 October to 1 November. For individuals tax-resident outside the EU/EEA, transfer tax on home purchases rises from 3% to 15%, applying to final contracts signed on or after 1 July 2027. There is no separate Golden Visa exemption. It is not law until parliament passes it and may change after consultation.
VAT suspension (draft): The same bill proposes extending the VAT suspension on new builds to 31 December 2027. The end date currently in force is 31 December 2026.
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.
Enforcement: Minister Plevris's 15 October line on revoking permits for rebated purchases and short-term sublets stands. The short-term letting ban and €50,000 fine are already in the Migration Code (5038/2023 art. 100).
05 Europe panorama
Portugal has processed only about 13% of roughly 46,000 Golden Visa files (IMI Daily, 8 October). Cyprus is still reviewing around 12,000 permits and has pushed full Schengen entry to 2027 (10 October). Malta's new tax programme, with a €35,000 minimum tax, takes effect in January. Spain closed its programme in April 2025. No new decisions this week in Latvia or Italy. Greece or a closed Spain? → · Greece vs Portugal →
The Avla view
The 15% is no longer an announcement; it is a bill in consultation. What matters is tax residence, not passport, so a Turkish investor tax-resident in Turkey would be covered if it passes. Because the test is the final contract date, relying on signatures close to 1 July 2027 is risky: pre-deed steps (tax number, bank, lawyer, documents) take weeks. Investors planning to decide in the first half of 2027 should start the process now. Golden Visa thresholds are unchanged; the safe route is still to meet the area's legal threshold at the true price on the title deed.
Sources: agentnews.gr, 19.10.2026 (tax bill, VAT suspension) · thehostdaily.com, 21.10.2026 (bill text) · IMI Daily, 23.10.2026 (15% bill) · Greek Ministry of Migration and Asylum August 2026 bulletin (as reported by investmentvisa.com 19.10.2026, agentnews.gr 11.10.2026) · Bank of Greece residential price index Q2 2026 (15.09.2026) · Global Property Guide, May 2026 · IMI Daily 17.10.2026 (Plevris) · IMI Daily 08.10 and 10.10.2026 (Portugal, Cyprus). Data cut-off: 28 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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