What international property buyers need to know in 2026
Greece has announced a significant change to property taxation: certain non-EU buyers may face a property transfer tax of 15% instead of the current 3% when purchasing residential real estate. EU and EEA buyers, including German citizens, are not expected to be affected under the currently announced framework. For buyers from countries such as the UK, USA and Switzerland, however, the change could materially increase acquisition costs.
The measure was announced by the Greek government in September 2026. The final legislation, implementation details and possible transitional provisions still need to be confirmed.
Key facts at a glance
- Greece plans to increase the property transfer tax for certain non-EU buyers.
- The current standard transfer tax is 3%.
- Including the municipal levy, the effective burden is approximately 3.09%.
- For affected buyers, the proposed rate would rise to 15%, or approximately 15.45% including the municipal levy.
- The measure is intended to apply primarily to residential property.
- EU and EEA citizens are not expected to be affected.
- Buyers from the UK, USA, Switzerland and other third countries may be affected.
- Land and commercial property are currently expected to remain outside this specific increase.
- The measure may be especially relevant for Golden Visa investors.
- Final legislation and transitional rules remain important open questions.
Article status: September 2026
What exactly is Greece planning?
The Greek government has announced a substantial increase in the property transfer tax applicable to certain buyers from outside the European Union and European Economic Area.
At present, the standard property transfer tax in Greece is 3%.
A municipal levy of 3% is charged on the transfer tax itself, resulting in an effective rate of approximately 3.09%.
Under the announced framework, the tax rate for certain non-EU buyers purchasing residential property would rise to 15%.
Including the municipal levy, the effective burden would therefore increase to approximately 15.45%.
This would represent a major change in acquisition costs rather than a minor adjustment.
Are German and other EU buyers affected?
Under the currently announced rules, no.
This is an important distinction.
The measure does not apply to all foreign property buyers.
EU and EEA citizens are expected to remain outside the increased tax regime.
For buyers from Germany, Austria, France, the Netherlands and other EU member states, the announced change should therefore not affect the standard transfer tax treatment.
This is particularly relevant for many of our clients at Kaste Immobilien, as a significant share of our buyers in Greece and Crete come from German-speaking EU countries.
The measure does not apply to all foreign property buyers.
EU and EEA citizens are expected to remain outside the increased tax regime.
For buyers from Germany, Austria, France, the Netherlands and other EU member states, the announced change should therefore not affect the standard transfer tax treatment.
This is particularly relevant for many of our clients at Kaste Immobilien, as a significant share of our buyers in Greece and Crete come from German-speaking EU countries.
Which buyers could be affected?
The planned increase is mainly relevant to buyers from third countries.
Depending on the final legislation and the buyer's individual residence status, this may include citizens from countries such as:
- United Kingdom
- United States
- Switzerland
- Canada
- Israel
- Turkey
- China
- Australia
The UK has no longer been part of the European Union since Brexit.
Switzerland is neither a member of the EU nor the EEA.
For buyers from these countries, the difference in acquisition costs could be substantial.
How much more could a property purchase cost?
The following simplified examples illustrate the potential impact.
Property price: €300,000
Current effective transfer tax at approximately 3.09%:
approx. €9,270
Potential future effective rate at approximately 15.45%:
approx. €46,350
Possible additional cost:
approx. €37,080
Property price: €500,000
Current effective transfer tax:
approx. €15,450
Potential future effective rate:
approx. €77,250
Possible additional cost:
approx. €61,800
Property price: €800,000
Current effective transfer tax:
approx. €24,720
Potential future effective rate:
approx. €123,600
Possible additional cost:
approx. €98,880
These examples demonstrate why the measure could influence purchasing decisions, especially in the upper market segment.
The calculations are illustrative only.
The actual taxable value, legal structure and tax treatment of each transaction should always be checked by qualified Greek tax and legal advisers.
Which properties are expected to be affected?
According to the currently announced framework, the higher transfer tax is intended primarily for residential property.
Commercial property and land are currently expected to remain outside this specific increase.
That distinction could become important for investors and developers.
However, buyers should avoid drawing conclusions before the final legislation has been published.
The precise legal wording will determine how different property types and transaction structures are treated.
What does this mean for new-build properties in Greece?
New-build property requires particular care.
The tax treatment of a new development can depend on the specific project, the status of the developer and the structure of the transaction.
At the same time, Greece has announced a further extension of the suspension of VAT on certain new-build properties.
For that reason, it would be incorrect to assume that every non-EU buyer purchasing a newly built villa or apartment will automatically pay exactly 15.45%.
Each project should be reviewed individually before a reservation or purchase agreement is signed.
New developments in Crete
Kaste Immobilien has been working with property buyers in Greece for many years, with a particular focus on Crete and selected new-build developments.
We cooperate with local developers, architects, engineers, lawyers, notaries and tax advisers.
→ Internal link: Properties in Crete
→ Internal link: New-Build Developments
Why is Greece introducing the measure?
The Greek government has linked the proposed tax increase to housing affordability.
International demand has become an increasingly important part of the Greek property market.
In highly sought-after locations, foreign buyers can contribute to rising prices and increased competition for residential property.
The measure therefore forms part of a broader housing policy.
Other measures introduced or discussed in recent years include:
- higher investment thresholds under the Golden Visa programme,
- restrictions on short-term rentals in selected areas,
- incentives to bring vacant homes back onto the rental market,
- support programmes for first-time buyers,
- renovation incentives and
- policies designed to increase the available housing stock.
The proposed higher transfer tax should therefore be seen as part of a wider housing strategy.
Are foreign buyers really the main cause of Greece's housing problem?
The answer is more complex.
Foreign demand can certainly contribute to price pressure in certain locations.
This is particularly true in markets where international investment, tourism and limited housing supply come together.
However, Greece's housing challenges cannot be explained by foreign demand alone.
Other important factors include:
- limited new construction over many years,
- renovation needs in older housing stock,
- vacant or underused properties,
- rising construction costs,
- financing constraints for Greek households,
- strong demand in specific urban and tourist areas and
- the use of residential property for short-term holiday rentals.
A higher transfer tax can reduce demand.
It does not, however, create additional housing supply.
That is why the long-term effect of the measure will depend on whether Greece also succeeds in increasing the number of usable homes available to residents.
Why a nationwide 15% rate raises questions
One of the main criticisms of the announced measure is its broad national scope.
The housing market in central Athens is very different from the market in a small village in Crete or on the Greek mainland.
A foreign investor buying an apartment in an overheated urban neighbourhood may directly compete with local residents.
The situation can be very different when someone purchases a newly built holiday villa or a property in an area with limited local housing pressure.
A single nationwide tax rate may therefore fail to reflect regional differences.
It remains to be seen whether the final legislation will introduce exemptions or further differentiation.
The housing market in central Athens is very different from the market in a small village in Crete or on the Greek mainland.
A foreign investor buying an apartment in an overheated urban neighbourhood may directly compete with local residents.
The situation can be very different when someone purchases a newly built holiday villa or a property in an area with limited local housing pressure.
A single nationwide tax rate may therefore fail to reflect regional differences.
It remains to be seen whether the final legislation will introduce exemptions or further differentiation.
What could this mean for the property market in Crete?
Crete is not one single property market.
Chania, Rethymno, Heraklion, Agios Nikolaos, Elounda, southern Crete and smaller coastal locations all have different demand structures and price levels.
International buyers are particularly active in:
- holiday homes,
- villas,
- quality apartments,
- new-build developments and
- development plots.
For German and other EU buyers, the announced tax increase should initially have little direct impact.
For buyers from the UK, Switzerland, USA and other non-EU countries, the effect could be much more significant.
Selected new-build projects in Crete
Kaste Immobilien currently represents and cooperates on several new-build developments across Crete.
These include projects in western Crete as well as modern villa developments in the south and east of the island.
→ Internal link: PELARA 14 – Seafront Residences near Kissamos
→ Internal link: Makrigialos Hills – New-Build Villas with Sea Views
→ Internal link: Properties in Crete
What does the planned tax increase mean for the Greek Golden Visa?
The proposed change could be particularly important for Golden Visa investors.
The Greek Golden Visa programme is specifically aimed at citizens from outside the European Union.
This means that the typical Golden Visa buyer belongs to the same general group that may be affected by the higher property transfer tax.
Current Golden Visa investment thresholds vary depending on location and investment structure.
In many high-demand regions, the standard real estate investment threshold is significantly higher than it was only a few years ago.
If the transfer tax on a residential property purchase also increases substantially, the total capital requirement can change considerably.
Golden Visa investors should therefore look beyond the purchase price alone.
Current Golden Visa investment thresholds vary depending on location and investment structure.
In many high-demand regions, the standard real estate investment threshold is significantly higher than it was only a few years ago.
If the transfer tax on a residential property purchase also increases substantially, the total capital requirement can change considerably.
Golden Visa investors should therefore look beyond the purchase price alone.
The overall assessment should include:
- purchase price,
- transfer tax,
- legal costs,
- technical due diligence,
- residence permit requirements,
- ownership structure and
- long-term use or investment strategy.
Will Greece become less attractive to international buyers?
It is too early to give a definitive answer.
A fivefold increase in the nominal transfer tax rate would clearly influence the calculations of affected buyers.
However, property decisions are rarely based on one tax alone.
Greece continues to offer several factors that appeal to international buyers:
- Mediterranean climate,
- EU legal framework,
- strong tourism demand,
- attractive coastal locations,
- broad regional variety,
- international accessibility,
- opportunities for private use and
- rental potential in selected locations.
Many buyers of holiday properties also have non-financial motives.
A home in Greece can simultaneously be:
- an investment,
- a holiday property,
- a second home and
- a potential future retirement residence.
The effect of the tax will therefore vary significantly by buyer profile.
What should international buyers do now?
There is no reason to make rushed decisions.
At the same time, buyers should not ignore the proposed changes.
At the same time, buyers should not ignore the proposed changes.
Check whether the rule applies to you
EU and EEA citizens are not expected to fall within the increased tax regime.
For third-country buyers, citizenship and residence status may become decisive.
For third-country buyers, citizenship and residence status may become decisive.
Calculate the full acquisition cost
Do not look at the purchase price alone.
Property transfer tax, notary fees, legal fees, registry costs, technical due diligence and other acquisition expenses should be assessed together.
Property transfer tax, notary fees, legal fees, registry costs, technical due diligence and other acquisition expenses should be assessed together.
Watch the final legislation
For UK, US, Swiss and other non-EU buyers, the effective date and any transitional rules may become particularly important.
Review new-build projects individually
The taxation of a specific new development should be clarified before a reservation is made.
Use qualified local advisers
Kaste Immobilien does not provide tax or legal advice.
However, we coordinate with experienced Greek lawyers, tax advisers, notaries, engineers and other local specialists as part of the property acquisition process.
→ Internal link: Buying Property in Greece – Process, Costs and Due Diligence
Experience and local networks matter more than ever
Buying property internationally has become more complex.
Taxation, Golden Visa rules, building regulations, short-term rental rules and regional market differences all need to be considered.
Kaste Immobilien is a family-run real estate company with real estate expertise since 1964.
Alongside our home market of Hanover and the surrounding region, we have been working with buyers and property partners in Southern Europe for many years.
Greece, and Crete in particular, has become one of our key international markets.
Our role is not simply to present as many properties as possible.
Before recommending a property, we look at questions such as:
- How will the property be used?
- Is it intended as a holiday home, investment or second residence?
- Which region best matches the buyer's expectations?
- What is the total budget including acquisition costs?
- Is holiday rental planned?
- How important is resale potential?
- Which legal and technical checks are required?
For new developments in particular, we work closely with local developers, architects, engineers and professional advisers.
→ Internal link: New-Build Developments
→ Internal link: Properties in Crete
Frequently Asked Questions
Is Greece increasing property transfer tax to 15%?
The Greek government announced in September 2026 that certain non-EU buyers of residential property may face a transfer tax rate of 15% instead of the current 3%.
The final legislation and implementation details still need to be confirmed.
Are German buyers affected?
Under the currently announced framework, no.
German citizens are EU citizens and are therefore not expected to fall within the higher tax regime.
Are British buyers affected?
Potentially, yes.
Following Brexit, UK citizens are no longer EU citizens and may therefore fall within the affected group unless a specific exemption or residence status applies.
Are Swiss buyers affected?
Potentially, yes.
Switzerland is neither a member of the EU nor the EEA.
Swiss buyers should therefore review their individual position carefully once the final legislation is available.
What is the current property transfer tax in Greece?
The standard property transfer tax is currently 3%.
Including the municipal levy, the effective burden is approximately 3.09%.
Including the municipal levy, the effective burden is approximately 3.09%.
What would the effective rate be under the proposed 15% tax?
Including the municipal levy, the effective rate would be approximately 15.45%.
Does the increase apply to land?
Under the currently announced framework, land and commercial property are expected to remain outside this specific increase.
The final law will determine the exact scope.
The final law will determine the exact scope.
Does it apply to new-build property?
That depends on the project and the tax treatment of the transaction.
New-build purchases should therefore be reviewed individually before contracts are signed.
New-build purchases should therefore be reviewed individually before contracts are signed.
What does the change mean for Golden Visa investors?
Golden Visa investors are particularly relevant because the programme is aimed at non-EU citizens.
If the higher transfer tax applies without a specific exemption, the total cost of acquiring qualifying residential property could rise significantly.
If the higher transfer tax applies without a specific exemption, the total cost of acquiring qualifying residential property could rise significantly.
Should non-EU buyers purchase before the law changes?
A property purchase should not be rushed solely for tax reasons.
The final legislation, effective date and transitional rules should be reviewed carefully.
Location, property quality, legal security, total cost and long-term suitability remain more important than tax timing alone.
The final legislation, effective date and transitional rules should be reviewed carefully.
Location, property quality, legal security, total cost and long-term suitability remain more important than tax timing alone.
Conclusion
The planned increase in Greece's property transfer tax from 3% to 15% could represent a major change for some international buyers.
It does not, however, apply to all foreign purchasers.
German and other EU buyers are not expected to be affected under the currently announced framework.
For buyers from third countries, especially the UK, USA and Switzerland, the impact could be substantial.
The final law, implementation date and transitional provisions will now be decisive.
Kaste Immobilien will continue to monitor the development and update this article once legally binding details are available.
If you are currently considering a property or new-build development in Greece, we can support you with the selection process and coordinate the relevant local professionals for legal, tax and technical due diligence.
Kaste Immobilien – family-run real estate expertise since 1964.
Sources and further information
Greek Government
Official announcement and explanation of the proposed increase in property transfer tax for certain non-EU buyers.
Official announcement and explanation of the proposed increase in property transfer tax for certain non-EU buyers.
AADE – Independent Authority for Public Revenue
Official information on the current Greek property transfer tax.
Official information on the current Greek property transfer tax.
Bank of Greece
Official residential property price data and housing market information.
Official residential property price data and housing market information.
Greek Government Housing Policy Portal
Official information on Golden Visa investment thresholds and housing policy measures.
Official information on Golden Visa investment thresholds and housing policy measures.
This article is for general information only and does not constitute legal, tax or investment advice. The legal and tax treatment of a property transaction should always be reviewed individually by qualified professionals in Greece.