It was Saturday night Greek time, when the messages started arriving from New York, Tel Aviv and London, all asking the same thing in ten different ways. A 15% property transfer tax for buyers from countries outside the European Union was announced from the podium of the Thessaloniki International Fair on 5 September 2026, and within hours it had become the main topic in every conversation involving Greek real estate.
The answer to the question «is it real?» is both yes and no, and the distinction matters enormously in practice. Yes, the announcement was official and it came with a specific number. No, there is no draft law before Parliament yet and nothing has been published in the Government Gazette. What exists today is a stated government intention with a start date, and a list of questions that only the drafted provision will answer.
What was actually announced
Under the rules in force today, the transfer tax on Greek property is 3% of the taxable value. It is paid by the buyer, before the notarial deed is drawn up, and a small municipal levy is calculated on top of that amount.
The announcement raises that rate fivefold. The 15% property transfer tax would apply when the buyer is a third country national, meaning a citizen of a country outside the European Union. The start date given was 1 January 2027.
The measure was not presented as a way to raise revenue. It was presented as a brake. The reasoning given is that purchasing pressure from third country nationals helps keep prices high, so a higher rate acts as a disincentive that should ease that pressure. The same speech also announced measures that support demand from Greek buyers, chiefly a new «My Home 3» programme worth two billion euros starting in January 2027, and an extension of the ENFIA property tax exemption to more small settlements. One hand applies the brake for non EU buyers, the other presses the accelerator for domestic ones.
Who the 15% property transfer tax applies to, and who it does not
This is where most of the confusion of the past few hours comes from. The 15% property transfer tax does not attach to residence, to where the money comes from, or to whether the buyer speaks Greek. It attaches to citizenship. The word circulating is «foreigners», but the announcement does not talk about foreigners. It talks about third country nationals, and the difference between the two can be tens of thousands of euros.
Who stays at 3%
- Greek citizens, regardless of where in the world they live and work.
- Citizens of European Union member states, so German, French, Dutch, Italian, Belgian and all other EU passport holders.
- Members of the Greek diaspora who hold a Greek passport, even if they have lived outside Europe for decades.
Who is affected
- Buyers from the United States, Canada and Australia.
- Buyers from the United Kingdom, which after Brexit is treated as a third country.
- Buyers from Israel, Turkey, China and the countries of the Middle East.
For Attica the 15% property transfer tax is not a theoretical matter. British, American, Australian and Israeli buyers are not an exotic minority in this market. They are a steady part of demand in the northern and southern suburbs, and in many cases they buy a home to live in rather than an asset to flip.
What it means in euros
The 15% property transfer tax stays abstract until it meets actual numbers. An apartment with a taxable value of 450.000 euros carries a transfer tax of 13.500 euros today. Under the announced rate the same buyer would pay 67.500 euros, so 54.000 euros more. On a property of 800.000 euros the figure rises from 24.000 to 120.000 euros.
That is not a line lost in the fine print of a deed. In many cases it is enough to buy a second property outright somewhere else, and it will inevitably enter the calculation of every prospective third country buyer.
What is still open
The 15% property transfer tax was announced as a number, not as a set of rules. There are at least six questions that will determine its real impact.
- Dual citizenship. An Israeli or American buyer may also hold the passport of an EU member state. It has not been clarified which citizenship counts, or whether a dual national is exempt.
- European Economic Area countries and Switzerland. They were not mentioned at all.
- Residents of Greece. Nothing was said about buyers who live and work here. It is worth noting that the existing first home exemption framework already distinguishes such categories, including EU and EEA citizens, members of the Greek diaspora, third country nationals with long term resident status and holders of second generation residence permits. A legislative pattern therefore exists, which does not mean it will be used.
- Companies. What happens when the buyer is a company registered in Greece or another member state but owned by a third country shareholder.
- Type of property. The reference was made in the context of buying a home. Whether commercial property, plots or land are covered was not specified.
- Transitional provisions. The most critical point for anyone already in a transaction.
The window until the end of 2026
Under the rules in force, transfer tax is paid before the final notarial deed is signed. That means that, unless something different is legislated, the decisive date is the date of the deed and not the date of the preliminary contract or the deposit. A signed preliminary contract does not, on its own, lock in a rate.
In practice, anyone currently in a transaction has fewer than four months. And since a serious property purchase in Attica is not completed with a phone call, it is worth remembering what the timeline actually involves: obtaining a Greek tax number, opening a bank account and documenting the source and route of funds, legal due diligence on title and encumbrances, a technical check of planning compliance, an energy performance certificate, a topographic survey and Land Registry filings. In a well organised file that means six to ten weeks. In a file with loose ends, longer.
None of this is an argument for a rushed decision. It is an argument for an early one. The difference is that a rushed transaction skips checks and an early one schedules them.
The market buyers are walking into
The 15% property transfer tax does not arrive in a runaway market. According to Bank of Greece data, apartment prices in the first quarter of 2026 were on average 5,7% higher than in the same quarter of 2025, with the increase in Athens at 5,2%. For 2025 as a whole the average annual rate was 8,1%, and for 2024 it reached 9,1%. Prices are still rising, but noticeably more slowly.
At the same time, foreign capital inflows into Greek real estate had already fallen back during 2025, interrupting a five year upward run. In other words, the market had begun to rebalance on its own before any announcement was made. That matters, because it changes the nature of the conversation. For a third country buyer the question is no longer how to catch a wave, but how to price a cost correctly.
Where this leaves you
The legislative text will be tabled in the coming period, and only then will the real boundaries of the 15% property transfer tax become clear: who is exempt, what documents are required, at what moment the buyer status is checked, and what happens to transactions already under way. Until then, any categorical statement about what will apply is a guess, however confidently it is delivered.
The messages from New York and Tel Aviv have not stopped, and they probably will not stop soon. The good news is that almost none of them call for panic. What they call for is a clear map: where your file stands, what remains to be done, and how long that realistically takes. If you are considering a purchase in Attica and would like to see your own timeline set out with actual numbers, our team is here to walk through it with you, at www.epsilonteam.gr.
Frequently asked questions
Is the 15% property transfer tax already in force?
No. It is an announcement made on 5 September 2026. No legislative provision has been tabled and nothing has been published in the Government Gazette. The start date given was 1 January 2027.
I hold both a Greek and a United States passport. What would I pay?
As a Greek citizen you do not fall into the third country national category. How citizenship will be checked and documented has not been defined, so the final answer will come from the provision itself.
I am German. Does this affect me?
No, based on what was announced. The measure concerns citizens of countries outside the European Union.
I have signed a preliminary contract. Does that lock in the 3% rate?
Under current rules the tax is paid before the final deed, so the decisive date is that of the deed and not of the preliminary contract. Any transitional provisions will only become visible in the text of the law.
Does the 15% property transfer tax apply to commercial property?
The reference was made in the context of residential purchases. Whether commercial property, plots or land are covered was not specified.
Does it affect the Golden Visa?
Golden Visa investment thresholds are a separate matter and were not changed by this announcement. Transfer tax is an acquisition cost, however, so an increase affects the total budget of the investment.
Sources
Bank of Greece, residential and commercial property price indices: https://www.bankofgreece.gr/statistika/agora-akinhtwn/deiktes-timwn-oikistikwn-kai-epaggelmatikwn-akinhtwnwn
Bank of Greece press release, residential property price indices, Q1 2026, 9 June 2026: https://www.bankofgreece.gr/enimerosi/grafeio-typoy
Independent Authority for Public Revenue, real estate transfer tax: https://www.aade.gr/en/greeks-abroad-non-residents/property-taxation/real-estate-transfer-tax
Prime Minister address at the Thessaloniki International Fair, 5 September 2026: https://primeminister.gr
National Printing House, to follow the legislative text: https://www.et.gr
Price data: Bank of Greece, published 9 June 2026. Announcement date: 5 September 2026. This article is general information and not legal or tax advice.
Evita Eleftheroudaki
real estate agent | real estate appraiser
EPSILON TEAM
evita@epsilonteam.gr
+306944626626
