Greece just announced a major property tax hike that could hit certain non-EU buyers hard, and I want to make sure you understand exactly what is changing before you make any decisions. The transfer tax could jump from 3% to 15% for buyers from countries like the UK, US, China, Turkey, and Israel purchasing residential property. On an 800,000 euro Golden Visa purchase, that means roughly 96,000 euros more in tax alone. I walk you through who is affected, what the real cost looks like, and whether this will actually make Greek housing more affordable. This is not a final law yet, so I will keep following it and publish an update as soon as the details are confirmed.
Greece has announced a significant increase in property transfer tax for certain foreign buyers. The tax could rise from 3% to 15%, making it five times more expensive for those affected. This is not a universal measure, and the details matter. Here is what has been announced, who it affects, and what it could mean in practice.
Greek Prime Minister Kyriakos Mitsotakis made the announcement on September 6, 2026. The higher tax rate would apply mainly to individuals from outside the European Union and the European Economic Area who purchase residential property in Greece. Citizens of EU and EEA countries are not expected to be affected.
The measure targets residential property specifically. It would not automatically apply to offices, commercial buildings, or land. Some details may still change before any final law is passed. The measure is expected to apply in 2027, but the exact start date, exemptions, and full rules have not yet been confirmed.
Buyers from outside the EU and EEA purchasing residential property in Greece would face the higher rate. This could include buyers from:
EU and EEA citizens are not expected to pay the higher rate. For European buyers, the financial impact of this announcement could therefore be much smaller.
The difference in cost is substantial. At the current rate of 3%, a non-EU buyer purchasing a home worth €500,000 would pay approximately €15,000 in transfer tax. At 15%, that figure rises to approximately €75,000. That is an additional €60,000 on a single transaction.
For an €800,000 property, the difference would be approximately €96,000.
This is particularly relevant for Golden Visa investors. The main Golden Visa investment threshold is currently €800,000 in high-demand areas such as Athens, Thessaloniki, Mykonos, and Santorini. In many other areas, the threshold is €400,000. On a €400,000 purchase, the new tax could add approximately €48,000 compared with the current rate, which could significantly change the total cost of an investment.
The government states that strong demand from non-EU buyers is contributing to higher property prices. In cities and on popular islands, many local residents are finding it difficult to buy a home. The new tax is designed to slow down foreign demand and reduce pressure on the housing market.
However, foreign investment is not the only factor pushing prices up. Greece also faces limited housing supply in certain areas, higher construction costs, and a large number of properties that are empty or unavailable for long-term residents. The tax may reduce some demand, but it will not resolve the entire housing problem on its own.
The outcome is not straightforward. Some international investors may cancel their plans or choose another country. Others may accept the additional cost. For a wealthy investor who specifically wants Greek residency, an extra €48,000 or €96,000 may not be enough to stop the purchase.
Investors who rely heavily on non-EU buyers may need to reduce their prices or become more open to negotiation. In areas where local and European demand is strong, the effect on prices may be limited.
For EU and EEA citizens, the announcement may create a relative advantage since they are not expected to pay the higher rate. That said, residency or nationality alone does not make a property a good investment. Purchase price, rental demand, maintenance costs, taxes, and the legal status of the property all still need to be carefully assessed.
This remains a government announcement, not a final law. If you are a non-EU buyer considering property in Greece, there is no reason to panic, but there are clear steps to take before signing anything:
Greece is not introducing a 15% property tax for every foreign buyer. The measure is aimed at specific non-EU and non-EEA individuals purchasing residential property. For those buyers, and especially for Golden Visa investors, the additional cost could be significant. For European buyers, the impact is expected to be much smaller.
Whether this tax will make housing more affordable for Greek residents or simply redirect investors to other countries remains to be seen. A final update will be available once the law is confirmed.
The higher tax is mainly aimed at individuals from outside the European Union and the European Economic Area who purchase residential property in Greece. This could include buyers from countries such as the United Kingdom, the United States, China, Israel, and Turkey. EU and EEA citizens are not expected to be affected by the increase.
Under the current 3% rate, a buyer purchasing a €500,000 home would pay approximately €15,000 in transfer tax. At the new 15% rate, that figure would rise to approximately €75,000, meaning an additional cost of €60,000. For an €800,000 property, the extra cost could be as high as €96,000.
The government says that strong demand from non-EU buyers has been contributing to rising property prices, making it difficult for local residents to afford homes in cities and popular islands. The new tax is designed to slow down foreign demand and reduce pressure on the housing market. However, experts note that limited housing supply and higher construction costs are also factors driving prices up.
The measure was announced by Greek Prime Minister Kyriakos Mitsotakis on September 6, 2026, and is expected to apply in 2027. However, it is currently a government announcement and not yet a final law. Confirmation of the exact start date, exemptions, and detailed rules is still needed.
The podcast advises non-EU buyers not to panic, but to carefully calculate their investment using both the current and new tax rates before signing anything. Buyers should also check whether their nationality or residency status may qualify for an exemption. Since the measure is not yet a final law, it is important to wait for official confirmation of the rules before making any decisions.