On 6 September 2026, Greek Prime Minister Kyriakos Mitsotakis announced a major proposed change to the cost of buying property in Greece. In his speech at the 90th Thessaloniki International Fair, he said that the government had decided to increase the property transfer tax from 3% to 15% when buyers come from third countries outside the European Union.
The announcement is highly relevant to international property buyers. It is also important not to overstate it. The Prime Minister announced a policy decision; the detailed implementing legislation, transitional rules and tax-administration guidance had not been published in the official sources reviewed for this article as of 7 September 2026.
What the Prime Minister actually announced
The official speech identifies three core points.
First, the proposed rate is 15%, not 5% or 5.5%. Second, the measure is framed by the nationality or status of the buyer as a person from a third country outside the EU. Third, the stated policy objective is housing affordability: the Prime Minister linked demand from countries including China, Turkey and Israel to conditions that have made home ownership more difficult for Greek households in some areas.
The announcement did not describe the measure as a Golden Visa tax. It could nevertheless be especially important for Golden Visa transactions because applicants under the Greek investor-residence programme are, by definition, third-country nationals. Non-EU buyers purchasing for other reasons may also fall within the eventual rules.
What has not yet been confirmed in legislation
Investors should not build a final transaction budget from the speech alone. The following points need to be answered by the enacted text and subsequent tax guidance:
- the exact effective date;
- whether signed reservations, preliminary agreements or deposits receive transitional treatment;
- whether the measure applies only to residential property or to additional property categories;
- how dual nationality, EU residence status and long-term-resident status will be treated;
- how a Greek or other EU company owned by a third-country national will be treated;
- whether the 15% rate applies to the contractual price, the taxable value or the higher of the relevant values under the final rules;
- whether existing exemptions, reductions and the municipal levy are changed; and
- how the rule interacts with properties that would otherwise fall within VAT treatment.
These are not minor drafting details. They determine whether a particular buyer and property are within the measure and how much must be paid before the notarial deed.
The current 3% system
The Independent Authority for Public Revenue, AADE, currently states that the buyer is responsible for real-estate transfer tax and that the main rate is 3% of the taxable value. The main tax is also subject to a municipal and community levy equal to 3% of the main tax.
Using only the headline main rate, a EUR 250,000 taxable value currently produces EUR 7,500 of transfer tax. At 15%, the same value would produce EUR 37,500, a difference of EUR 30,000. For a EUR 400,000 value, the headline comparison is EUR 12,000 versus EUR 60,000. For EUR 800,000, it is EUR 24,000 versus EUR 120,000.
These examples are scenario calculations, not tax quotations. The final taxable base, levy, exemptions and buyer classification must be checked once the legislation is available.
Why the VAT suspension matters
Greece has a statutory 24% VAT framework for qualifying supplies of new buildings. However, an optional suspension regime has operated since 2020 and is currently available through 31 December 2026 under the stated conditions. Where the suspension applies, the transfer is not charged property VAT and is instead handled through the transfer-tax system.
This background helps explain why the 3% transfer-tax rate has been commercially important to the property market. It does not prove that the proposed 15% rate is an official replacement for VAT. A reasonable market interpretation is that the government may seek to preserve broad support for construction and domestic purchases while imposing a substantially higher acquisition cost on a selected group of foreign buyers. That is Santheos market analysis, not a stated government rationale.
Possible impact on the Greek property market
The first likely effect is uncertainty before the legislation is published. Buyers may ask whether completing before the effective date protects the current treatment. Sellers may face requests to accelerate contracts. No investor should accelerate a deed merely to chase a possible tax deadline before title, technical, payment and change-of-use checks are complete.
The second effect may be concentrated rather than uniform. Recent market reporting already points to limited housing stock, high prices and a slowdown after a strong start to 2026. In the first five months of 2026, transfer-tax revenue was still 4.6% higher year on year, while more than 16,400 properties with a reported value of EUR 1.75 billion changed hands in the first half. A higher tax on third-country buyers may reduce demand in areas and price bands where international purchases are unusually important, but it does not directly create more homes.
The third effect is pressure on the total acquisition budget. A buyer whose investment threshold is EUR 250,000 does not normally treat taxes and transaction expenses as part of the qualifying property consideration. If the proposed rate applies, the additional tax must therefore be funded on top of the purchase price and professional costs.
The fourth effect may be stronger negotiation over price, payment milestones and completion timing. Some sellers may absorb part of the increased acquisition cost through pricing; others may prefer EU buyers or buyers able to complete quickly. The outcome will depend on local supply, the property’s legal quality and how much of the demand in that submarket comes from non-EU purchasers.
What this could mean for EUR 250,000 conversion projects
The proposed tax does not change the legal investment threshold by itself. The EUR 250,000 commercial-to-residential route remains a separate immigration-law category under Article 100, subject to its own property, change-of-use, ownership and evidence requirements.
It could, however, change the economics. On a EUR 250,000 taxable base, moving from 3% to 15% adds EUR 30,000 to the headline transfer tax before considering any associated levy. Investors comparing conversion projects will need a clearer all-in budget and should distinguish:
- qualifying purchase consideration;
- property transfer tax or applicable VAT treatment;
- notarial, land-registration, legal and technical costs;
- construction or furnishing amounts outside the deed; and
- residence-permit fees and family costs.
What buyers should do now
Until the enacted rules are available, buyers should request a written scenario analysis from their Greek lawyer and tax adviser. It should answer six questions: Who is the legal buyer? What is the property classification? Which tax regime applies today? Which proposed rule could apply later? Is there any documented transitional protection? What is the maximum cash requirement if the higher rate applies?
Santheos’ internal legal and risk-control teams review the project and transaction materials available to the company, including ownership, technical and payment documentation. The buyer’s appointed lawyer, notary and tax adviser should still confirm the final treatment for the named buyer and the specific deed before funds are committed.
For related investor questions, see the Santheos Greece Golden Visa Encyclopedia: 338 Answers.
Sources
- Prime Minister of Greece, Speech at the 90th Thessaloniki International Fair, 6 September 2026
- AADE, Real Estate Transfer Tax, accessed 7 September 2026
- Ministry of National Economy and Finance, VAT tax guide: suspension on immovable property through 31 December 2026
- Naftemporiki, housing measures and proposed 15% rate for non-EU buyers, 5 September 2026
- eKathimerini, Property market slowdown, 2 September 2026
