Greece will raise the property transfer tax on residential purchases by third‑country nationals from the current 3 % to 15 %, pushing the effective rate (including the municipal levy) from 3.09 % to 15.45 %. The change is part of a broader housing policy announced by Prime Minister Kyriakos Mitsotakis at the Thessaloniki International Fair on 5 September, with details released on 7 September.
New property‑transfer tax rates
| Property value | Current effective tax (3.09 %) | Proposed effective tax (15.45 %) | Additional cost |
|---|---|---|---|
| €250,000 | €7,725 | €38,625 | €30,900 |
| €400,000 | €12,360 | €61,800 | €49,440 |
| €800,000 | €24,720 | €123,600 | €98,880 |
Figures cover only the transfer tax and the municipal levy; legal, notarial and registration fees are extra.
Who will pay the higher rate
The 15 % rate applies only to residential property bought by individuals who are tax residents of non‑EU/EEA countries and who do not fall into any exemption category. Exemptions include:
- Greek citizens and qualifying members of the Greek diaspora
- Citizens of EU or European Economic Area states
- Long‑term residents already covered by Greece’s first‑home exemption rules
Commercial premises, land and other non‑residential real estate remain outside the new rate.
Impact on the Greece Golden Visa
- The Golden Visa currently requires a minimum residential investment of €800,000 in high‑demand areas (Attica, Thessaloniki, Mykonos, Santorini, etc.) or €400,000 elsewhere. A €250,000 route exists for qualifying commercial‑to‑residential conversions or listed‑building restorations.
- Because Golden Visa applicants are third‑country nationals, purchases at the €800,000 threshold would see the transfer tax rise from roughly €24,720 to €123,600.
- The government has not yet clarified how the €250,000 conversion route will be taxed; commercial‑to‑residential conversions are exempt from the residential‑only rate, but the final treatment is pending further legislation.
Rationale for the increase
The government frames the hike as a measure to curb residential demand from non‑EU buyers and ease pressure on property prices. Recent data from the Bank of Greece show:
- Apartment prices rose 8.1 % in 2025.
- Prices were 5.7 % higher year‑on‑year in Q1 2026, with 5.2 % growth in Athens and 6.4 % in Thessaloniki.
The tax increase is bundled with a €2 billion “My Home III” subsidised‑mortgage scheme for first‑home buyers and extended restrictions on short‑term rentals in parts of Athens and Thessaloniki.
Expected implementation date
Two dates have been cited in media reports:
- 1 January 2027 – early speculation after the initial announcement.
- 1 July 2027 – indicated in later government briefings.
The official policy document confirms the rate change but does not specify a start date; the final effective date will be set by the implementing legislation.
What investors should monitor
- Legislative details – precise definition of eligible buyers, treatment of Golden Visa conversion properties, and any transitional provisions for transactions already in progress.
- Exemptions – potential additional categories that may be added before the bill is finalized.
- Related policy changes – higher Golden Visa thresholds in top markets and tighter short‑term‑rental rules, which together increase the overall cost of investing in Greek residential real estate.
If the announced rates are enacted, residential purchases by many third‑country buyers will become substantially more expensive from 2027 onward.
Source article: outboundinvestment.com
