Greece to increase property transfer tax for non-EU buyers

The Greek government has announced plans to significantly increase the property transfer tax for residential purchases made by non-EU citizens. Prime Minister Kyriakos Mitsotakis revealed the measure as part of a broader economic and housing package aimed at addressing housing affordability and curbing speculative demand from third-country nationals.

The proposed tax rate for qualifying residential properties will rise from 3% to 15%. When including the municipal contribution, the total tax burden is expected to reach approximately 15.45%. This change is intended to target speculative investment in the residential sector rather than commercial spaces or land.

To avoid sudden market shocks, the implementation date has been set for July 1, 2027. The new rules will apply to natural persons who are citizens of countries outside the European Union and the European Economic Area and do not hold long-term residency status in Greece. EU citizens, Greek nationals, and those with established residency are exempt from the increased rate.