Greece will raise the property‑transfer tax for buyers from non‑EU (third) countries from the current 3 % to 15 % starting 1 January 2027. The change, announced by Prime Minister Kyriakos Mitsotakis at the Thessaloniki International Fair, is part of a €2.2 billion fiscal package that also includes a €2 billion subsidised‑mortgage scheme, phased electricity‑cost cuts and the abolition of the ENFIA annual property tax in small settlements.
Current regime
- Transfer tax = 3 % of the higher of the agreed sale price or the state‑assessed “objective value” (effective 3.09 % with municipal surcharge).
- Paid by the buyer before the notarial deed is signed.
Proposed regime
- Flat 15 % rate for all third‑country nationals, regardless of property value or location.
- Effective 1 January 2027, pending legislative approval.
Impact on Greece Golden Visa investors
All Golden Visa participants are third‑country nationals, so the new rate would apply unless a specific exemption is written into the law.
| Purchase price | Current tax (≈3.09 %) | Tax after 2027 (15 %) |
|---|---|---|
| €800 000 (high‑demand zones) | €24 800 | €120 000 |
| €400 000 (other areas) | €12 400 | €60 000 |
| €250 000 (conversion/restoration) | €7 750 | €37 500 |
The increase coincides with the scheduled expiry at the end of 2026 of the 24 % VAT exemption on new‑build properties, which has been channeling foreign buyers toward the transfer‑tax route.
Uncertainties
- Whether third‑country nationals who already hold Greek residence permits are exempt.
- How purchases made through Greek or EU companies will be taxed.
- Whether transactions already under contract will receive transitional protection.
Criticism from the housing‑market sector
Alexander Risvas (Risvas & Associates) argues the measure targets the wrong problem:
- Vacancy issue – about 35 % of Greece’s housing stock is not used as a primary residence; many properties are vacant, unrenovated, or tied up in inheritance disputes.
- Investment level – private housing investment is roughly 60 % of the EU average.
- Price context – apartment prices rose 8.1 % in 2025 and 5.7 % YoY in Q1 2026, yet housing costs remain about 29 % below the EU average (2024).
Risvas notes that the Golden Visa already distinguishes between:
- €800 000 tier – for purchases in Attica, Thessaloniki and other high‑demand zones, aimed at limiting pressure on ordinary housing.
- €250 000 tier – for commercial‑to‑residential conversions and listed‑building restorations, which actually increase the housing stock.
Applying a 15 % tax to the €250 000 tier could “choke off” one of the few channels that bring abandoned buildings back into residential use.
Potential legal challenges
The differential tax rate raises questions under:
- Greek Constitution, Art. 4(5) – public burdens must be shared without discrimination and according to economic capacity.
- European Convention on Human Rights – case law requires “very weighty reasons” for nationality‑based treatment differences.
Critics suggest a more proportionate approach would target the number of properties acquired or speculative buying patterns rather than the buyer’s passport.
Outlook
If enacted, the 15 % transfer tax will increase the cost of acquiring Greek real estate for non‑EU investors dramatically, potentially reducing demand for Golden Visa‑linked purchases and affecting projects that convert vacant commercial spaces into homes. The measure’s legality and any possible exemptions will become clearer once the legislation is published, a few months before the 2027 national elections.
Source article: www.imidaily.com
