From January 1, 2027, the rate could rise from 3% to 15%, potentially adding tens of thousands of euros to the cost of qualifying real estate purchases and significantly changing the economics of the Greece Golden Visa.
The proposal was announced by Greek Prime Minister Kyriakos Mitsotakis at the 90th Thessaloniki International Fair. The government has presented the measure as part of a broader response to housing pressures, but its potential impact extends beyond the residential market. The proposal also raises questions about how the new rate would apply to Golden Visa investors and whether a tax distinction based solely on nationality could withstand legal scrutiny.
Greece Proposes Fivefold Increase in Property Transfer Tax
Mitsotakis announced that Greece plans to raise the property transfer tax for third-country nationals from 3% to 15% starting January 1, 2027.
The Prime Minister described the measure as a new “disincentive,” while acknowledging that foreign demand from countries such as China, Turkey and Israel may be welcome to some extent. At the same time, he argued that international demand has made it more difficult for Greeks in some areas to purchase homes.
The proposed tax increase forms part of a €2.2 billion package that also includes a €2 billion subsidized mortgage program, phased reductions in electricity costs and the abolition of the annual ENFIA property tax in small settlements.
Under the current rules, the property transfer tax is set at 3%, with the effective rate reaching 3.09% after the municipal surcharge. The buyer pays the tax before the notarial deed is signed, and it is calculated on whichever is higher: the agreed purchase price or the property's state-assessed “objective value.”
The timing is also politically significant. Saturday's speech was Mitsotakis's final address at the Thessaloniki International Fair before national elections expected in spring 2027, when the government's four-year term expires. The Prime Minister said it was still too early to determine whether the election would be held in March or May.
If enacted as announced, the 15% rate would take effect on January 1, 2027.
What the Tax Change Could Mean for Greece Golden Visa Investors
The proposed increase could have a substantial effect on the Greece Golden Visa real estate route because every investor using the program is a third-country national.
Unless the implementing legislation creates a specific exemption, the higher rate would apply to Golden Visa property purchases as well.
For an €800,000 property in Athens or Thessaloniki, where the Golden Visa minimum investment in high-demand areas currently stands at €800,000, the transfer tax would increase from approximately €24,000 to €120,000.
Other qualifying investment routes would also be affected. A €400,000 purchase elsewhere in Greece would generate approximately €60,000 in transfer tax instead of €12,000. A €250,000 conversion or restoration project would see the tax rise from €7,500 to €37,500.
The timing creates another potential complication. Greece's suspension of the 24% VAT on new-build purchases is currently scheduled to expire at the end of 2026 unless extended. The suspension has encouraged foreign buyers of new properties to rely on the lower 3.09% transfer tax instead.
Several important questions cannot be answered until the bill is published. These include whether third-country nationals who already hold Greek residence permits will fall within the new rules, how purchases made through Greek or EU companies will be treated, and whether transactions already underway will receive transitional protection.
Greece's Housing Shortage Is Broader Than Foreign Demand
The proposed tax increase also raises a wider question: to what extent can higher taxation of foreign buyers address Greece's housing shortage?
A significant share of the country's housing stock is not used as a primary residence. Approximately 35% of properties are reported to fall into this category, while hundreds of thousands of homes remain vacant, require renovation or are affected by inheritance and fragmented-ownership disputes.
At the same time, Greek housing investment is estimated at roughly 60% of the EU average.
Property prices have also continued to rise. Apartment prices increased by 8.1% in 2025 and by another 5.7% year on year in the first quarter of 2026. Yet Greek housing costs remained approximately 29% below the EU average in 2024, compared with 8% below the EU average in 2010.
These figures suggest that Greece's housing difficulties are influenced by several structural factors rather than by foreign purchasers alone.
The Golden Visa program has already introduced measures intended to redirect investment away from ordinary housing stock. In Attica, Thessaloniki and other high-demand areas, the minimum real estate investment was raised to €800,000.
Could the €250,000 Route Be Hit Hardest?
The remaining €250,000 Golden Visa route focuses on commercial-to-residential conversions and the restoration of listed buildings.
These projects differ from conventional residential purchases. When an investor acquires an unused office or commercial property and converts it into apartments, the project can create additional housing rather than remove existing homes from the market.
A 15% transfer tax would nevertheless apply to such acquisitions if the final legislation does not provide an exemption.
That could increase the cost of one of the investment routes specifically designed around bringing unused or abandoned buildings back into residential use.
Does the Proposed Tax Raise Constitutional Questions?
A significant legal issue concerns the proposed difference in taxation based solely on citizenship.
Under the new regime, two people could potentially purchase the same property, for the same price and on the same date, while facing transfer tax rates of 3% and 15% solely because one is an EU citizen and the other is a third-country national.
This distinction raises questions concerning equal treatment, tax equality and proportionality.
Article 4(5) of the Greek Constitution provides that public burdens should be distributed according to economic capacity and without discrimination.
European human-rights law may also be relevant. Strasbourg case law under the European Convention on Human Rights provides that differences in treatment based exclusively on nationality require “very weighty reasons” to be justified, although states retain a broad margin of discretion in economic policy.
The proportionality question is particularly relevant if the government's objective is to limit speculative property acquisitions. A nationality-based tax does not necessarily distinguish between speculative and non-speculative purchases.
The final legal position, however, cannot be assessed definitively until the legislation is published, together with its exemptions and the government's stated justification for the measure.
What Foreign Buyers Should Look Out For Before 2027
The proposed 15% rate is not yet the final legislative framework. Its practical effect will depend on the text ultimately adopted and on any exemptions or transitional provisions.
Among the key issues will be the treatment of existing Greek residence-permit holders, corporate purchases, transactions already in progress and Golden Visa investments involving commercial-to-residential conversions or listed-building restorations.
At the broader policy level, potential measures to address Greece's housing shortage include incentives for returning vacant homes to the long-term rental market, faster renovation and change-of-use procedures, mechanisms for resolving inheritance disputes and increased construction.
The central question is therefore not only how foreign investment in Greek property will be taxed, but also whether the new approach will help bring a substantial stock of unused properties back into the housing market.
If you're planning to obtain a residence permit, invest in a foreign country, or purchase real estate abroad, I invite you to book an individual consultation with me.
During a personal online meeting, we'll discuss your situation in detail, answer your questions, and develop a clear, step-by-step action plan tailored to your goals.
The proposal was announced by Greek Prime Minister Kyriakos Mitsotakis at the 90th Thessaloniki International Fair. The government has presented the measure as part of a broader response to housing pressures, but its potential impact extends beyond the residential market. The proposal also raises questions about how the new rate would apply to Golden Visa investors and whether a tax distinction based solely on nationality could withstand legal scrutiny.
Greece Proposes Fivefold Increase in Property Transfer Tax
Mitsotakis announced that Greece plans to raise the property transfer tax for third-country nationals from 3% to 15% starting January 1, 2027.
The Prime Minister described the measure as a new “disincentive,” while acknowledging that foreign demand from countries such as China, Turkey and Israel may be welcome to some extent. At the same time, he argued that international demand has made it more difficult for Greeks in some areas to purchase homes.
The proposed tax increase forms part of a €2.2 billion package that also includes a €2 billion subsidized mortgage program, phased reductions in electricity costs and the abolition of the annual ENFIA property tax in small settlements.
Under the current rules, the property transfer tax is set at 3%, with the effective rate reaching 3.09% after the municipal surcharge. The buyer pays the tax before the notarial deed is signed, and it is calculated on whichever is higher: the agreed purchase price or the property's state-assessed “objective value.”
The timing is also politically significant. Saturday's speech was Mitsotakis's final address at the Thessaloniki International Fair before national elections expected in spring 2027, when the government's four-year term expires. The Prime Minister said it was still too early to determine whether the election would be held in March or May.
If enacted as announced, the 15% rate would take effect on January 1, 2027.
What the Tax Change Could Mean for Greece Golden Visa Investors
The proposed increase could have a substantial effect on the Greece Golden Visa real estate route because every investor using the program is a third-country national.
Unless the implementing legislation creates a specific exemption, the higher rate would apply to Golden Visa property purchases as well.
For an €800,000 property in Athens or Thessaloniki, where the Golden Visa minimum investment in high-demand areas currently stands at €800,000, the transfer tax would increase from approximately €24,000 to €120,000.
Other qualifying investment routes would also be affected. A €400,000 purchase elsewhere in Greece would generate approximately €60,000 in transfer tax instead of €12,000. A €250,000 conversion or restoration project would see the tax rise from €7,500 to €37,500.
The timing creates another potential complication. Greece's suspension of the 24% VAT on new-build purchases is currently scheduled to expire at the end of 2026 unless extended. The suspension has encouraged foreign buyers of new properties to rely on the lower 3.09% transfer tax instead.
Several important questions cannot be answered until the bill is published. These include whether third-country nationals who already hold Greek residence permits will fall within the new rules, how purchases made through Greek or EU companies will be treated, and whether transactions already underway will receive transitional protection.
Greece's Housing Shortage Is Broader Than Foreign Demand
The proposed tax increase also raises a wider question: to what extent can higher taxation of foreign buyers address Greece's housing shortage?
A significant share of the country's housing stock is not used as a primary residence. Approximately 35% of properties are reported to fall into this category, while hundreds of thousands of homes remain vacant, require renovation or are affected by inheritance and fragmented-ownership disputes.
At the same time, Greek housing investment is estimated at roughly 60% of the EU average.
Property prices have also continued to rise. Apartment prices increased by 8.1% in 2025 and by another 5.7% year on year in the first quarter of 2026. Yet Greek housing costs remained approximately 29% below the EU average in 2024, compared with 8% below the EU average in 2010.
These figures suggest that Greece's housing difficulties are influenced by several structural factors rather than by foreign purchasers alone.
The Golden Visa program has already introduced measures intended to redirect investment away from ordinary housing stock. In Attica, Thessaloniki and other high-demand areas, the minimum real estate investment was raised to €800,000.
Could the €250,000 Route Be Hit Hardest?
The remaining €250,000 Golden Visa route focuses on commercial-to-residential conversions and the restoration of listed buildings.
These projects differ from conventional residential purchases. When an investor acquires an unused office or commercial property and converts it into apartments, the project can create additional housing rather than remove existing homes from the market.
A 15% transfer tax would nevertheless apply to such acquisitions if the final legislation does not provide an exemption.
That could increase the cost of one of the investment routes specifically designed around bringing unused or abandoned buildings back into residential use.
Does the Proposed Tax Raise Constitutional Questions?
A significant legal issue concerns the proposed difference in taxation based solely on citizenship.
Under the new regime, two people could potentially purchase the same property, for the same price and on the same date, while facing transfer tax rates of 3% and 15% solely because one is an EU citizen and the other is a third-country national.
This distinction raises questions concerning equal treatment, tax equality and proportionality.
Article 4(5) of the Greek Constitution provides that public burdens should be distributed according to economic capacity and without discrimination.
European human-rights law may also be relevant. Strasbourg case law under the European Convention on Human Rights provides that differences in treatment based exclusively on nationality require “very weighty reasons” to be justified, although states retain a broad margin of discretion in economic policy.
The proportionality question is particularly relevant if the government's objective is to limit speculative property acquisitions. A nationality-based tax does not necessarily distinguish between speculative and non-speculative purchases.
The final legal position, however, cannot be assessed definitively until the legislation is published, together with its exemptions and the government's stated justification for the measure.
What Foreign Buyers Should Look Out For Before 2027
The proposed 15% rate is not yet the final legislative framework. Its practical effect will depend on the text ultimately adopted and on any exemptions or transitional provisions.
Among the key issues will be the treatment of existing Greek residence-permit holders, corporate purchases, transactions already in progress and Golden Visa investments involving commercial-to-residential conversions or listed-building restorations.
At the broader policy level, potential measures to address Greece's housing shortage include incentives for returning vacant homes to the long-term rental market, faster renovation and change-of-use procedures, mechanisms for resolving inheritance disputes and increased construction.
The central question is therefore not only how foreign investment in Greek property will be taxed, but also whether the new approach will help bring a substantial stock of unused properties back into the housing market.
If you're planning to obtain a residence permit, invest in a foreign country, or purchase real estate abroad, I invite you to book an individual consultation with me.
During a personal online meeting, we'll discuss your situation in detail, answer your questions, and develop a clear, step-by-step action plan tailored to your goals.