Property Purchase Tax for Non-EU Buyers to Increase to 15%

Greece is set to introduce a major change to the taxation of property purchases by non-EU Buyers, with the transfer tax expected to rise from 3.1% to 15% from January 1, 2027.

Prime Minister Kyriakos Mitsotakis announced various planned measures in the run up to what will possibly be his third term in Government next year after the next National Elections. In addition, to reducing tax for lower income families and raising the minimum wage and pensions that he announced during his address on Saturday 5th September 2026 at the Thessaloniki International Fair, he described increasing the purchase tax on property as part of the efforts to address large-scale purchases of Greek real estate by non-EU Buyers.

Other measures, already announced, include a gradual abolition of the property tax for small communities (up to 2,000 residents or 2,200 in some localities) and a new subsidised program of low-rate mortgages.

On the other hand, residents from outside the EU who buy properties will see the property transfer tax raised from 3.1% to 15%. Mitsotakis said that while such investors from other countries – he specifically mentioned China, Turkey and Israel – are “welcome,” he also noted that their investments had driven property prices up, putting them out of reach for a sizable chunk of local prospective buyers.

Under the current system, buyers pay a property transfer tax of 3.1% based on the taxable transfer value. The tax is calculated on whichever is higher: the agreed purchase price or the property’s objective tax value.

The proposed increase would represent a fivefold rise in the tax burden for Non-EU buyers covered by the new rules.

Significant increase in the cost of buying property

For a property with a taxable value of €100,000, the transfer tax would increase from €3,100 to €15,000, adding €12,100 to the cost for the Non-EU buyer.

On a €1 million purchase, the transfer tax would increase from €31,000 to €150,000, representing an additional €120,000 in tax for the Non-EU buyer.

These figures do not include other expenses associated with a property transaction, such as notary fees, Land Registry or cadastral registration costs, potential legal fees and real estate agency commissions. Under the single flat rate, I recommend prospective buyers keep in mind adding 13% to their contract value to cover their conveyancing. This will stay the same for EU buyers. However, under the two-tier system, Non-EU buyers will have to keep in mind an additional 24%.

So for a property contract value of €1,000,000 the total expenditure will be:

€1,240,000 for Non-EU Buyers or €1,130,000 for EU Buyers

This measure targets Non-EU Buyers using property purchases to obtain Greek Golden Visas (relatively cheap compared with other EU countries) or vacant possession investment speculators, especially those who mass buy but then leave the property empty or derelict.

The government expects the higher tax to discourage large-scale purchases of Greek property.

Greek Golden Visas

The increased purchase tax rate does not affect eligibility for the Greek Golden Visa, it simply adds another ‘condition’ to consider for Non-EU buyers. For example on Hydra Island, which comes under the region of Attika, the low population exception will still apply. So non-EU buyer’s must purchase a property of €400k+, it must be more than 120m2 and you can’t holiday rent but now in addition, after 1st January 2027, you must pay 15% not the 3.1% purchase tax as well.

Still Needs Clarification

One important issue that still needs clarification concerns non-EU buyers who hold dual citizenship. For example, an Israeli buyer may also hold French, German, Italian or another EU passport. It remains unclear whether such a dual-national buyer would be treated as an EU buyer and therefore excluded from the 15% rate. The implementing legislation will also need to establish which documents non-EU buyers must provide and at what stage their citizenship status will be assessed. The treatment of dual-nationality buyers could ultimately have a significant impact on how broadly the new tax applies.

Secondly, I am still investigating whether this new two-tier purchase tax for Non-EU buyers will also apply to annual ENFIA tax as at the moment it’s still the same regardless of whether owners are EU or Non-EU nationality.

Impact

Without doubt, this increase will slow the real estate market down throughout Greece. Many properties on the market in areas, such as on Hydra will start to stick because the target market they are priced for will become much smaller. My advice to Non-EU buyers who are currently thinking of buying property on the Saronic Islands, especially on the more expensive ones of Hydra and Spetses, decide sooner rather than later to avoid the hike in purchase tax. If you’re still negotiating, speed it up so you have a pre-contract and deposit in place by no later than 15th December 2026.

Regards, Kelsey