Greece has officially confirmed its plan to sharply increase the property transfer tax on residential purchases by certain non-EU buyers, with Prime Minister Kyriakos Mitsotakis announcing the measure during his address at the 90th Thessaloniki International Fair as part of a broader package of housing and economic policies. As reported by the ministry, the effective date is now July 1, 2027, representing a significant shift from the previously referenced June 1, 2027 timeline. The higher rate will apply to buyers from outside the European Union and European Economic Area who are not long-term residents, with the measure forming part of the government's wider effort to ease pressure on the housing market and improve access to homes for permanent residents. The measure was presented by National Economy and Finance Minister Kyriakos Pierrakakis following announcements made at the 90th Thessaloniki International Fair, with the finance minister emphasizing that "this measure, I want to stress, will take effect from July 1, 2027, because our aim is not to catch the market by surprise."
The difference between the current and proposed tax rates represents a substantial financial burden for property buyers. Under the new system, on a €800,000 property, the current 3% transfer tax would amount to €24,000, while the proposed 15% rate would result in €120,000 in transfer taxes. When including the municipal levy, the effective rate for affected buyers will rise to 15.45%. This represents a potential additional tax burden of €96,000 before taking into account other transaction costs. For example, on residential property with a €250,000 taxable value, the current basic transfer tax would be €7,500, rising to approximately €7,725 when the municipal levy is included. At a 15% main tax rate, the basic tax would be €37,500, or approximately €38,625 including the municipal levy. The government estimates that third-country investors spent approximately €800 million on Greek residential property in 2025, with total foreign direct investment in Greek real estate from outside the EU reaching €1.217 billion in 2025, compared with €1.754 billion in 2024 and €1.478 billion in 2023.
Greece's Golden Visa programme requires third-country nationals to meet prescribed investment thresholds, with the minimum investment being €800,000 in the Attica region and Thessaloniki regional unit, Mykonos, Santorini and Greek islands with a population of more than 3,100. The proposed 15% rate would not apply to professional/commercial premises, plots of land, or other real estate types, and would exclude Greek citizens, EU citizens, and certain third-country nationals with residence status in Greece. The program has already undergone significant changes, with minimum real estate investment thresholds raised to €800,000 in high-demand areas and €400,000 in other parts of the country, while restrictions were introduced on short-term rental use of Golden Visa properties. The announced tax measure does not itself change the investment thresholds or eligibility requirements of the Greece Golden Visa program, but depending on the final scope of the legislation and an individual buyer's status, the proposed increase could affect the acquisition costs associated with residential property purchases that may otherwise qualify for Greece's residency-by-investment program.
The latest tax measure comes amid mixed signals in Greece's real estate investment market. New Golden Visa applications have shown a clear decline, with 2,551 applications for initial residence permits submitted during the first half of 2026, down 44% from 4,553 during the same period of 2025. However, permit issuance increased 21% year-on-year to 4,919 new permits in the first half of 2026, as authorities continued processing a substantial backlog of applications submitted in previous years. The higher transfer tax will also add to the cost of residential property purchases made by investors seeking residency through Greece's Golden Visa program. The measure forms part of a series of measures aimed at easing pressure on Greece's housing market while foreign investment remains strong, with the government estimating that third-country investors spent approximately €800 million on Greek residential property in 2025.
The proposed July 1, 2027 effective date makes transaction timing increasingly relevant for investors, with the measure aimed at limiting additional demand for homes from third-country buyers and reducing pressure on the housing market. As reported by National Economy and Finance Minister Kyriakos Pierrakakis, investors should consider the expected title transfer date, property nature, and conditions under which the current tax regime may remain available. The proposed 15% rate is significant enough to factor into investment planning, with investors advised to consider location, fair market value, rental potential, resale prospects, and realistic transaction timelines alongside potential tax costs when making Golden Visa investments. Idil Hamzadi, Greece Director at Get Golden Visa, emphasizes that "any investor considering a property purchase should distinguish between the reservation stage and the completion of the legal transfer. The announced change makes the expected transaction timeline an important factor alongside the property's eligibility and overall acquisition costs." The measure represents the latest in a series of government initiatives to address housing market pressures while maintaining Greece's attractiveness to foreign investors, with the Greek Golden Visa programme continuing to demonstrate strength despite the new tax measures.
