AVLA REAL ESTATE · MARKET REPORT · 6 NOVEMBER 2026
Greece Golden Visa & Real Estate Market Report — 6 November 2026
Data cut-off: 6 November 2026.
What changed this week
- The tax bill is in Parliament: the Ministry of Finance tabled it on Wednesday 4 November with 52 articles (the consultation draft had 48). The Economic Affairs Committee starts work on 6 November; the plenary vote is expected within November.
- A new exception to the 15% rate: under Article 16, the rate will not apply to buyers entitled to the first-home exemption of Article 42 of the Property Tax Code (Law 5219/2025). The consultation draft did not contain this sentence. The tabled text still has no specific exemption for Golden Visa purchases.
- September Golden Visa data was published: valid investor permits rose from 34,759 to 35,857. Total pending applications, including family members and renewals, stood at 25,970, below half of the March 2025 peak of 52,821 for the first time.
- Method note: our 28 October report gave the Turkish investor share as 19.1%; that was the share of initial permits only. This report uses the share of all valid permits (initial plus renewals): 16.8%. The share did not fall, the measure changed; Turkish initial permits rose from 5,107 to 5,403.
Previous report: Market Report, 28 October 2026
The market in six numbers
- 35,857valid investor permits (end of September 2026; 34,759 in August). With family members, 104,510 valid permits.
- 6,010valid permits held by Turkish investors, 5,403 of them initial permits. That is 16.8% of the total, second after China (18,463 permits, 51.5%).
- 6,962pending main-investor applications, renewals included (August: 7,686; June: 8,977). 73% of the files are in Attica.
- +5.5%year-on-year rise in apartment prices (Q2 2026); Athens 5.0%, Thessaloniki 4.7% (Bank of Greece, 15 September 2026).
- 5.52%average gross rental yield in Athens; national average 4.38% (Global Property Guide, May 2026 update).
- 15%transfer tax in the bill for buyers tax resident outside the EU/EEA; final contracts signed from 1 July 2027. Today's rate is 3%.
01Demand
According to the Ministry of Migration and Asylum's September 2026 bulletin, main investors hold 35,857 valid Golden Visa permits. Turkish investors alone account for 440 of the 1,579 permits added since the end of July, or 28%.
New applications are recovering. Investors filed 3,862 new applications from January to September 2026, 33% below the roughly 5,750 filed a year earlier. Almost all of that shortfall comes from the first four months of the year. August (331) and September (418) were the first two months of 2026 to exceed the same month of the previous year (2025: 308 and 410).
The Ministry keeps clearing files. In the 12 months to September it issued 10,677 initial permits to main investors, against 5,136 new applications over the same period. Permits issued were about twice the applications received. Of the 6,962 pending main-investor files, 5,080 are with the Decentralized Administration of Attica.
02Prices
There is no new price data this week. The Bank of Greece's latest index shows apartment prices up 5.5% year on year in the second quarter of 2026, with Athens at 5.0% and Thessaloniki at 4.7%. The third-quarter index is expected in mid-December. Growth is below the double-digit pace of 2023–2024; the market is settling, not cooling.
03Rental yields
Global Property Guide's November update had not been published when this report was written; current figures come from the May 2026 update. The average gross yield is 5.52% in Athens and 4.38% nationally. Gross yield is calculated before tax, service charges and vacancy. For the city and district breakdown: Greece Rental Yields 2026: City-by-City Analysis.
04Tax and legislation
Three points in the bill as tabled matter directly to buyers.
- The test is tax residence, not passport. An individual who is tax resident outside the EU and EEA when the tax liability arises will pay transfer tax at 15% of the home's taxable value. A buyer who is tax resident in Turkey falls within this definition.
- The date has not moved. The rate applies to final contracts drawn up from 1 July 2027. Final contracts signed before that date are taxed at today's 3%.
- The exception is narrow. Article 42 lists five groups who live permanently in Greece or intend to settle there: Greek citizens; people of Greek descent from Albania, Turkey and the countries of the former USSR; EU/EEA citizens; recognised refugees; and third-country nationals with long-term resident status. A Golden Visa investor who buys for investment and does not settle in Greece is not covered.
Article 17 of the same bill extends the VAT suspension on new buildings to 31 December 2027. Until the bill becomes law, the date in force is 31 December 2026.
The bill becomes law only after a vote and publication in the Government Gazette; the text can still change in committee and in the plenary. For the full list of taxes: Greek Property Taxes 2026: The Complete Guide and the Greece 2027 sector report.
Golden Visa thresholds are unchanged (Law 5100/2024): €800,000 in Attica, Thessaloniki, Mykonos, Santorini and islands with more than 3,100 inhabitants; €400,000 elsewhere; €250,000 for commercial-to-residential conversion and restoration. Details: Golden Visa investment thresholds 2026.
05Europe
- Italy: demand for Italy's investor visa has nearly tripled in two years, according to an IMI Daily analysis of 3 November.
- Latvia: the government ordered a review of Golden Visa permits linked to the Academy of Sciences investigation (IMI Daily, 28 October).
- Cyprus: the government now expects to join Schengen in 2027 (IMI Daily, 12 October).
- Spain and Portugal are unchanged: Spain closed its programme in April 2025 and Portugal's real estate route remains closed. Comparisons: Greece vs Spain, Greece vs Portugal, Greece vs Malta.
Avla's view
This week's two developments point the same way. The bill has reached Parliament and the date stands: for a buyer who is tax resident outside the EU and EEA, the window to buy at today's rate closes on 30 June 2027. Meanwhile the September data shows applications picking up again; expect notaries and the Ministry to be busy in the first half of 2027.
Because the date of the final contract decides the rate, delivery and title schedules in projects under construction now matter as much as price. The text can change until the law is passed; we recommend confirming your tax-residence position with a Greek tax adviser before deciding.
Frequently asked questions
Has the 15% transfer tax become law?
No. The bill was tabled in the Hellenic Parliament on 4 November 2026 and goes to committee on 6 November. It is not in force until it is voted in the plenary and published in the Government Gazette; today the transfer tax is 3%.
Who does the 15% rate cover?
Article 16 of the bill covers home purchases by individuals who are tax resident outside the EU and EEA. The only exception is for buyers entitled to the first-home exemption of Article 42 of Law 5219/2025.
Are Golden Visa purchases exempt from the 15% rate?
The text tabled in Parliament contains no specific exemption for Golden Visa purchases. The rate applies to final contracts signed from 1 July 2027; final contracts signed before that date are taxed at 3%.
How many Turkish investors hold a Greek Golden Visa?
According to the Ministry of Migration and Asylum's September 2026 data, Turkish investors hold 6,010 valid permits, 5,403 of them initial permits. Turkey ranks second after China, which has 18,463.
How large is the Golden Visa backlog?
At the end of September 2026 there were 25,970 pending applications, including family members and renewals. That is below half of the March 2025 peak of 52,821. Pending main-investor files number 6,962.
Until when does the VAT suspension on new buildings apply?
The date in force is 31 December 2026. Article 17 of the bill in Parliament would extend the suspension to 31 December 2027; the extension is final only once the bill becomes law.
To review Golden Visa options that fit your budget and timeline, write to the Avla Real Estate team.
A senior economist, graduate of Université Paris 1 Panthéon-Sorbonne, and a graduate of Istanbul University Business Administration with 33 years in business; founder of Avla. Today the focus is Greece: homes for Golden Visa and for investment. He reads every shortlist and every agreement himself.
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