Greece to Raise Property Transfer Tax From 3% to 15%, Adding Nearly €100,000 to an €800,000 Purchase

Greece is preparing to sharply increase the cost of buying residential property for many buyers from outside the European Union, a move that could have significant consequences for the country’s Golden Visa program.

The Greek government has confirmed plans to raise the property transfer tax on residential purchases by third-country nationals from 3% to 15%. Once the existing municipal levy is factored in, the effective rate would rise from 3.09% to 15.45%.

For an €800,000 residential property, that would push the transfer tax from approximately €24,720 to €123,600, an increase of nearly €100,000 on a single transaction.

The measure is part of a broader housing policy package that Prime Minister Kyriakos Mitsotakis announced at the 90th Thessaloniki International Fair on September 5, with further details released by the government on September 7.

Who Would Pay the Higher Rate

The higher rate targets residential property purchases by individuals who are tax residents of third countries and who do not fall into one of several exempt categories.

According to the government, the 15% rate would not apply to Greek citizens, qualifying members of the Greek diaspora, citizens of EU or European Economic Area member states, or certain long-term residents already covered by Greece’s existing first-home exemption rules. That makes it inaccurate to describe the measure as a blanket tax on all non-EU buyers.

The scope is also limited to residential property. The government has said commercial premises, land, and other non-residential real estate fall outside the new 15% rate.

How Much More Would Buyers Pay

Under the current system, Greece applies a 3% property transfer tax, plus a municipal levy equal to 3% of that tax — producing an effective rate of 3.09%. Under the proposed system, the same municipal levy calculation would bring the effective rate to 15.45%.

These figures cover only the transfer tax and municipal levy. They do not include legal fees, notarial costs, registration expenses, or other transaction costs.

What This Means for the Golden Visa

The change could directly affect investors using residential real estate to qualify for the Greece Golden Visa.

Under the current framework, the minimum real estate investment is generally €800,000 in high-demand areas including Attica, Thessaloniki, Mykonos, Santorini, and other qualifying islands, and €400,000 elsewhere in the country. A separate €250,000 route remains available for qualifying commercial-to-residential conversions and the restoration of listed buildings.

Because Golden Visa applicants are, by definition, third-country nationals, many investors purchasing qualifying residential property could fall within the new tax regime. At the €800,000 threshold, that would mean an effective transfer tax of €123,600, compared with €24,720 today.

However, the treatment of every Golden Visa transaction is not yet certain. The government has said the new rate would not apply to commercial property, while the €250,000 Golden Visa route includes qualifying commercial-to-residential conversions. The official announcement does not yet explain how these transactions will be treated for transfer tax purposes. Until further legislative details are published, it would be premature to assume that every €250,000 conversion purchase will be taxed at either the current or the new rate.

Why Greece Is Raising the Tax

The government has framed the measure as a response to pressure on the domestic housing market. It says the higher transfer tax is intended to limit residential demand from third-country buyers and reduce pressure on property prices.

Greek residential prices have continued to climb. According to Bank of Greece data, apartment prices rose by an average of 8.1% in 2025 and were a further 5.7% higher year over year in the first quarter of 2026, including increases of 5.2% in Athens and 6.4% in Thessaloniki.

The transfer tax increase forms part of a wider housing package that also includes the new €2 billion “My Home III” subsidized mortgage program for first-home buyers, alongside the extension of restrictions on short-term rentals in parts of Athens and Thessaloniki.

When the New Rate Would Take Effect

The exact start date remains unsettled. Early reports following Mitsotakis’s initial announcement pointed to January 1, 2027. However, more detailed government briefings held after the September 7 presentation have since pointed to a later date of July 1, 2027.

The government’s own published policy announcement confirms the increase from 3% to 15% but does not specify an implementation date in the section describing the measure. For now, both dates are circulating in Greek and international coverage, and the final effective date along with any transitional arrangements will be set by the implementing legislation.

What Investors Should Watch Next

The significance of this announcement extends beyond the tax increase itself. Greece has already raised Golden Visa real estate thresholds in its highest-demand markets and tightened short-term rental rules affecting some qualifying properties. A fivefold increase in the transfer tax would add a substantial new cost on top of those changes.

The next step is the implementing legislation. Investors and advisors should watch for the confirmed effective date, the precise definition of which buyers fall under the higher rate, the treatment of Golden Visa conversion properties, any transitional provisions for transactions already underway, and any additional exemptions that emerge before the bill is finalized.

Until those details are published, one point is already clear: if implemented as announced, buying residential property in Greece will become significantly more expensive for many third-country buyers starting in 2027.