Greece Raises Property Transfer Tax to 15% for Non-EU Buyers: What Changes on 1 January 2027
POLICY · GREEK PROPERTY MARKET · 6 SEPTEMBER 2026
Quick answer: Speaking at the 90th Thessaloniki International Fair (TIF), Greek Prime Minister Kyriakos Mitsotakis announced that the property transfer tax on homes bought by third-country nationals — citizens of countries outside the EU — will rise from 3% to 15%, with a stated effective date of 1 January 2027. The tax multiplies roughly fivefold: on a €400,000 apartment, transfer tax goes from about €12,360 to €60,000. But the bill has not yet been published, and several questions remain open, including whether existing residence-permit holders are in scope, how company purchases are treated, and whether transactions already under way are protected. Under the announced timetable, transfers completed by 31 December 2026 stay at the current rate.
What was announced
On 6 September 2026, in the traditional economic address at the 90th Thessaloniki International Fair, Prime Minister Mitsotakis unveiled a broad housing package. Its most direct measure for the property market is a 15% transfer tax on purchases by third-country nationals. The Greek press has labelled it the "Canadian model", after countries that apply differentiated taxation to foreign buyers.
The stated rationale is the housing crisis: the government frames the measure as a brake on bulk residential purchases by third-country nationals and on speculative pressure on prices. The same speech announced "Spiti mou 3" (My Home 3), a €2 billion first-home programme — Mitsotakis presented it as "investing €2 billion in a first home for 40,000 young couples". The tax is therefore one half of a package intended to redistribute demand, not a standalone revenue measure.
Important: this is an announcement, not yet law in force
The distinction matters for decisions. What exists today is a government commitment and a timetable; the legislative text had not been published when this guide went live. The detail — exemptions, transitional provisions, the precise definition of scope — will only be settled when the bill reaches Parliament. That is why the "open questions" section below is the most important part of this guide.
What changes, in numbers
Greece's current transfer tax is 3%; with the municipal surcharge the effective rate is 3.09%. The tax is calculated on the higher of the sale price and the administrative "objective value". The table applies the announced 15% to the same base.
Taxable base | Today (3.09%) | 2027 (15%) | Difference |
€100,000 | €3,090 | €15,000 | +€11,910 |
€250,000 | €7,725 | €37,500 | +€29,775 |
€400,000 | €12,360 | €60,000 | +€47,640 |
€500,000 | €15,450 | €75,000 | +€59,550 |
€800,000 | €24,720 | €120,000 | +€95,280 |
€1,000,000 | €30,900 | €150,000 | +€119,100 |
The 3.09% column includes the municipal surcharge; the 15% column uses the headline rate as announced — whether the surcharge is added on top of the new rate will only be clear from the legislative text. Read the difference column as a minimum.
Who is in scope
The announced scope is "third-country nationals" — citizens of non-EU countries. Greek coverage has named Turkey, China and Israel as examples. Buyers from these and other non-EU countries sit squarely inside the measure.
Questions with no answer yet
These are not speculation. They are the points that Greek financial press and industry sources have themselves flagged as open until the bill is published:
Existing residence-permit holders: is a third-country national who already holds a valid Greek permit (including a Golden Visa) in scope, or is citizenship the sole test? Not settled.
Company purchases: how acquisitions through a Greek or EU-incorporated entity will be treated is unclear — will the test be the company's seat, or the ultimate beneficial owner's nationality?
Dual nationality: the position of someone holding both a third-country and an EU passport is openly discussed but unanswered.
Transitional protection: will deals with a signed preliminary contract and a paid deposit, completing in 2027, be grandfathered? This is the provision with the greatest potential for hardship.
A Golden Visa carve-out: whether the programme gets an exemption is unknown. As of today none has been announced — do not plan as though one exists.
Primary residence: no separate regime has been announced for third-country nationals who genuinely live in Greece and make the property their main home.
What it means for the Golden Visa
Transfer tax sits on top of the Golden Visa investment threshold — it does not change the threshold, it changes the total cost. Current thresholds:
Threshold | Where it applies | Transfer tax today | Transfer tax 2027 |
€800,000 | Attica (Athens), Thessaloniki, Mykonos, Santorini and islands with over 3,100 residents | €24,720 | €120,000 |
€400,000 | Regions outside the above | €12,360 | €60,000 |
€250,000 | Special cases such as change of use or restoration | €7,725 | €37,500 |
On an €800,000 Athens investment, the transfer-tax line alone rises by roughly €95,000 — before notary, land registry, legal fees and annual property tax. That feeds straight into the return calculation.
For context: Golden Visa applications fell 44% year on year in the first half of 2026 (2,551 new applications). Greece issued 9,479 permits in 2025 and 26,109 in total between 2019 and 2025. The programme is absorbing the earlier threshold increases just as this measure arrives.
Buying a new build? Do not skip the VAT distinction
A Greek residential sale falls under one regime or the other: either 24% VAT or transfer tax — never both. Under the VAT suspension in force since 2020, a developer may elect to have new-build sales taxed at 3.09% transfer tax instead of VAT. Law 5246/2025 extended that suspension to 31 December 2026.
Two separate uncertainties follow, and both land on the new-build buyer:
If the VAT suspension is extended into 2027, a third-country national buying a new build pays 15% transfer tax instead of 3.09% — assuming the measure passes as announced.
If the suspension lapses, new-build sales revert to the 24% VAT regime; transfer tax then does not apply at all, but the cost is still far above today's.
There are press reports that an extension into 2027 is planned, but that is not a confirmed measure as this guide goes live. The direction of travel is the same under either scenario: for a third-country buyer, 2027 costs more than 2026.
The 2026 window: what the arithmetic says
The announced effective date is 1 January 2027. In Greece, title passes on signature of the notarial deed and its registration at the land registry or cadastre. The decisive date is therefore not the contract or the payment but the date the transfer completes.
The arithmetic is plain: on a €400,000 apartment, the gap between completing in 2026 and slipping into 2027 is roughly €47,600. On an €800,000 investment it is about €95,000. For a typical apartment, those sums equal several years of rental income.
Before you rush, though
The bill is unpublished; a transitional provision may — or may not — protect deals already under way.
Buying the wrong property to save tax costs far more than the tax. The property decision comes first.
The Greek purchase process — tax number, bank account, power of attorney, legal due diligence, notary appointment — realistically takes weeks. Plan the calendar backwards from that.
Completion depends on full payment and a clean legal title; compressing the timetable must not mean compressing due diligence.
The diagnosis is contested: what the market says
An honest guide should also test the rationale. The industry's objection is that the problem is supply, not demand.
Indicator | Value | What it shows |
Foreign share of the market (2025) | 8.7% — €2.05bn of €23.5bn in total transfers | Foreign buyers are a small slice |
Foreign capital inflows (2025) | down 25% | Foreign demand was already retreating |
Apartment prices (2025) | up 7.8% | Prices rose while foreign demand fell |
Annual building permits | over 20m m² in 2006 → under 7m m² today | Supply production collapsed |
Annual new housing output | about 40,000 units | Not enough to close the gap |
The striking rows are the second and third: in 2025 foreign inflows fell 25% while apartment prices rose 7.8%. The data itself indicates that foreign demand is not the sole force pushing prices up. The sector argues the answer is activating vacant stock, renovation incentives and new construction, and that suppressing demand will reduce transaction volume without reducing prices.
None of this means the measure will be withdrawn — the government has been explicit. But it implies two things: scope and exemptions will be seriously contested as the bill is debated; and the long-run story of Greek housing rests on a supply shortage, which is a structure that supports prices rather than undermining them.
What to do now
If a purchase is under way: confirm with your lawyer today whether the notary appointment can complete within 2026. The contract date is not what counts — the transfer date is.
If you are still deciding: build the calendar backwards, allowing realistic time for the tax number, bank account, power of attorney and legal due diligence.
If you are considering a corporate structure: do not build one before the text exists. Whether scope follows the beneficial owner or the company's seat is unresolved, and the wrong structure creates both tax and compliance risk.
If you are planning a Golden Visa: model threshold plus transfer tax plus costs as one total. The threshold is unchanged; the total is not.
If you are a long-term investor: look at the supply data. Tax raises the cost of entry; the supply shortage supports value at exit. Weigh both in the same model.
Related guides
Frequently asked questions
Is this tax in force now?
No. It was announced on 6 September 2026 with a stated effective date of 1 January 2027, and the legislative text had not been published when this guide went live. A transfer completed today is taxed at 3.09%.
If I already hold a Golden Visa, will I still pay 15%?
Unknown. Whether existing residence-permit holders fall within scope is one of the points left open until the bill is published. No Golden Visa exemption has been announced, and planning as if one exists would be risky.
What if I sign in 2026 but complete in 2027?
In Greece title passes when the notarial deed is signed and registered, so the completion date governs. Whether a transitional provision will protect deals already under way is not yet known — it is the clause the industry is watching most closely. To avoid the risk, plan around the transfer date rather than the contract date.
Will the measure bring Greek property prices down?
The industry does not expect it to. Foreign investment was 8.7% of total transfers in 2025 (€2.05bn of €23.5bn), and foreign inflows fell 25% while apartment prices rose 7.8%. Annual building permits have fallen from over 20 million m² in 2006 to under 7 million m² today. The data points to supply scarcity as the main source of price pressure; taxing demand may reduce transaction volume without solving supply.
Sources: Prime Minister Kyriakos Mitsotakis's address at the 90th Thessaloniki International Fair (TIF), 5–6 September 2026 — as reported by the Greek financial press (Naftemporiki, Dnews, Pressing, Grtimes, Energodromio) and international coverage (Greek City Times, 6 September 2026; IMI Daily). · Market data: foreign investment 8.7% of the market (€2.05bn of €23.5bn in total transfers, 2025), foreign inflows −25%, apartment prices +7.8%, building permits from over 20m m² in 2006 to under 7m m² today, annual output about 40,000 units — Energodromio industry review. · Golden Visa volumes: 9,479 permits in 2025, 26,109 total 2019–2025; 2,551 new applications in H1 2026 (−44%). · VAT suspension: extended to 31.12.2026 by Law 5246/2025 (KPMG TaxNewsFlash, November 2025). · "Spiti mou 3": €2 billion, 40,000 young couples, first homes. IMPORTANT: the legislative text was unpublished when this guide went live; scope, exemptions and transitional provisions may change. This is general information, not legal or tax advice. Work with a qualified Greek lawyer and tax adviser before deciding.
→ Let's assess together whether your planned or ongoing purchase fits the 2026 calendar: realestate@avla.com.tr · +90 532 282 2657
Comments