The Greek government plans to increase the tax on the transfer of residential real estate for buyers from countries outside the European Union fivefold—from 3% to 15%. The new measure is set to take effect in 2027 and may directly affect, in particular, buyers from Ukraine if they do not fall into the categories eligible for exemptions under the law.
Greek Prime Minister Kyriakos Mitsotakis announced this decision during a speech at the 90th International Fair in Thessaloniki. On September 7, the government published a detailed description of the tax changes. The authorities explain the increase by the need to limit additional demand for housing from buyers in third countries, which, according to their assessment, contributes to rising prices and reduces the affordability of real estate for permanent residents of Greece.
Currently, the base tax on real estate transfers in Greece is 3% of the property’s taxable value, and when the municipal surcharge is included, the effective rate reaches 3.09%. For homebuyers subject to the new rules, the rate will be 15%, or about 15.45% including the municipal surcharge. Thus, when purchasing an apartment worth 300,000 euros, the tax burden could increase from approximately 9,300 euros to 46,350 euros, and for a property worth 500,000 euros—from 15,450 euros to 77,250 euros.
The increased rate applies specifically to residential real estate. According to the government’s clarification dated September 7, it should not apply to commercial properties, land parcels, or other categories of real estate.
However, not all citizens of non-EU countries will be subject to the increased rate. Exceptions are provided, in particular, for individuals with long-term resident status in Greece, certain citizens of Greek origin, recognized refugees, and holders of specific categories of residence permits. Citizens of the EU and the European Economic Area will also be exempt from the increased rate.
For Ukrainians, the implications of this new measure will depend primarily on their legal and tax status in Greece. Ukraine is not a member of the EU or the EEA, so a Ukrainian citizen purchasing a home as a regular buyer from a third country is potentially subject to the 15% rate. The government’s published clarification does not specifically state whether there will be a special exemption for Ukrainians residing in the country under the temporary protection regime.
Mitsotakis described the tax increase as part of a broader policy to curb housing costs. At the same time, the government intends to extend a number of measures to support the domestic market, including exempting new buildings from VAT, providing tax incentives for long-term leases of vacant properties, and imposing restrictions on new short-term rental properties in certain areas of Athens and Thessaloniki. The government also announced a new €2 billion subsidized housing loan program called “Spiti Mou III.”
The Greek government is preparing changes to the Golden Visa program that could allow foreign investors to obtain a residence permit by purchasing not just a single property, but a portfolio of several properties, provided they are placed in long-term rental agreements.
The proposed change is included in Greece’s National Housing Policy Strategy for 2026–2035. The document outlines 50 measures with a total budget of over EUR 6.5 billion and is primarily aimed at increasing the supply of affordable housing and reducing pressure on the rental market.
Under the proposed model, a foreign investor will be able to purchase multiple properties instead of just one; however, these properties may be used exclusively for long-term rentals. Listing such housing on short-term rental platforms will be prohibited. The authorities also plan to establish a mechanism to monitor the future use of the acquired properties.
The goal of this initiative is to channel foreign investment capital directly toward increasing the supply of rental housing and bringing vacant properties back onto the market. The authorities intend to pay special attention to the conversion of former offices, retail, and industrial spaces into housing.
For now, the changes are still in the planning stages and do not mean that the new Golden Visa category has already taken effect. Its practical implementation will require the appropriate regulatory framework.
Currently, the minimum investment amount under the Greek Golden Visa program depends on the type of property and the region. For Attica, Thessaloniki, Mykonos, Santorini, and islands with a population of more than 3,100 people, the main threshold is EUR800,000; in most other regions, it is EUR400,000. A separate preferential threshold of EUR 250,000 applies, in particular, to the purchase of a commercial property that is subsequently converted into residential housing, as well as to certain protected historic buildings in need of restoration. Official regulations provide for the issuance of a five-year residence permit to the investor.
According to data from the Greek Ministry of Migration and Asylum, 2,551 new applications for an initial residence permit under the Golden Visa program were submitted in the first half of 2026, which is 44% fewer than the 4,553 applications filed from January through June 2025. At the same time, authorities issued 4,919 new permits over the six-month period—21% more than a year earlier—as they continued to process a significant number of applications submitted in previous years.
Most new applicants continue to focus on investments in the range of EUR250,000–400,000, while properties falling below the EUR800,000 threshold are in significantly lower demand.
At the same time, obtaining a residence permit is far from the only reason foreigners purchase real estate. According to data cited in the Greek housing strategy, only about 7% of foreign buyers cite the Golden Visa as their primary motivation. About 30.8% view real estate in Greece as a place for permanent residence, 44.4% as a vacation home, and another 17.8% primarily as an investment. In 2026, the highest interest among foreign buyers is coming from citizens of the United States, the Netherlands, Germany, and the United Kingdom.
Crete remains the most sought-after region among foreign buyers, accounting for 42.9% of demand, followed by the Peloponnese with 22.9% and the Ionian Islands with 12.7%.
golden visa, GREECE, INVESTMENT, REAL ESTATE, RESIDENCE PERMIT
Greece ranks first among European countries in terms of seasonal growth in short-term rental prices: in the summer, the average rental price is 54.9% higher than in the rest of the year, according to data from the analytics platform AirDNA.
The AirDNA study was published on May 21, 2026, and updated on May 29. Analysts compared the average daily rate (ADR) for short-term rentals in June–August with the rate for the remaining nine months of the year.
In Greece, the average off-season rate is 112.64 euros per night, while in June–August it rises to 174.46 euros. Thus, the seasonal premium reaches 54.9%—the highest rate among the European countries analyzed.
Croatia ranks second, with summer prices 37.6% higher—€154.28 compared to €112.09 during the rest of the year. Portugal ranks third, with a seasonal increase of 36.5%, to €160.06 from €117.27.
Seasonal fluctuations are particularly pronounced on popular Greek islands. On Mykonos, the average cost of a short-term rental rises from approximately 458 euros during the off-season to 758 euros per night in the summer—an increase of 65.6%.
At the same time, even more dramatic fluctuations are observed among individual European resorts. For example, Portimão, Portugal, shows a seasonal increase of about 71.6%, but Greece ranks first overall among countries.
The sharp rise in prices is accompanied by steady demand. According to AirDNA estimates, before the start of the season, the number of nights booked in Greece for June–August 2026 was approximately 9.3% higher than a year earlier. For July, the growth in early bookings was 13.5%, and for August, 11.4%.
Actual statistics for the summer confirm the high price levels. In June, the average cost of a short-term rental in Greece reached 178.8 euros per night, an increase of 12.2% year-over-year, while the European average was 150.05 euros, up 7.5%. At the same time, the number of available properties in Greece decreased by 2.5%, to approximately 156,000
. In July, the average price rose to 200.35 euros per night, which is 12.8% higher than in July 2025. The European average rate was €159.20, up 8.2% year-over-year. Revenue per available night in Greece increased by 14.3% to €142.8.
Over a longer period, the growth is even more pronounced. According to AirDNA, the average cost of a short-term rental in Greece has increased by approximately 100% over the past ten years—from about 100 euros in 2016. Over the past five years, the increase has been about 38%.
However, the claim that Greece “has outpaced all of Europe in terms of Airbnb price growth” should be interpreted with caution. The top ranking specifically refers to seasonal summer growth—that is, a comparison of June–August with the rest of the year—rather than annual price growth. Based on actual July data, year-over-year growth in Greece was 12.8%, compared to an 8.2% average across Europe.
Greece is gradually introducing new rules designed to speed up the sale, gifting, and inheritance of real estate, as well as to reduce the number of documents that owners must obtain on their own from government agencies. Some of the provisions are already in effect, while the full implementation of the rest will require additional decisions by government agencies.
One of the key innovations will be the “single window” principle. Notaries will independently obtain, through government digital systems, tax and insurance certificates, electronic property passports, cadastral extracts, and documents required for filing tax returns. This should reduce the number of times sellers and buyers need to contact various government agencies.
However, the “single window” system is not yet fully operational. The date of its practical launch, technical specifications, and the list of available operations must be determined by a joint decision of the relevant ministries.
The law also eliminates the requirement to attach a topographic plan to contracts for properties located in areas where cadastral surveying has already been completed. This provision takes effect upon the law’s publication.
Heirs are permitted to pay inheritance, gift, or property transfer tax on assets received from their parents directly from the proceeds of the property’s sale. Previously, the requirement to pay the tax before the transaction was finalized could force owners to seek additional financing or renounce the inheritance. Between 2013 and 2019, approximately 180,000 renunciations of inherited property were registered in the country.
Certain changes pertain to real estate seized for tax debts. Following the adoption of a supplementary resolution by the Independent State Revenue Service, notaries will be able to conduct the sale of such properties, withholding a portion of the proceeds to settle the debt. Once the specified amount is transferred, the tax lien will be lifted.
In addition, the state will restrict the assertion of rights to private land plots when correcting initial entries in the National Cadastre. Specifically, claims may not be asserted against certain properties whose ownership is confirmed by old purchase agreements, government land allocation deeds, or documents granting plots to resettlers and farmers.
The reform may make the Greek real estate market more accessible to foreign buyers, as it reduces the administrative burden and lowers the risk of transaction delays due to the lack of certain certificates. However, investors should note that some of the measures are being introduced gradually, and verification of a property’s legal status and cadastral records remains mandatory.
The residential real estate market in Northern Greece continues to rise in price amid high demand from foreign buyers, who are primarily interested in apartments in Thessaloniki, the Chalkidiki Peninsula, and the coastal regions of Thrace, according to a study by Spitogatos Insights for the first quarter of 2026.
According to the study, between 2022 and 2026, average home prices in Thessaloniki rose by 61% to 2,300 euros per square meter. In Macedonia (a region of Greece), the figure rose by 53.7% to 1,992 thousand euros per square meter, and in Thrace, it rose by 38.3% to 1,5 thousand euros per square meter.
Chalkidiki remains the most expensive market in Northern Greece, where the average housing price in the first quarter of 2026 reached 2,716 thousand euros per square meter. The municipality of Thessaloniki came very close to this level at 2,667 thousand euros per square meter, while Kavala led in growth over the past five years—up 68.1% to 2,194 thousand euros per square meter.
In the rental market, Thessaloniki also remains the largest center of demand: the average rent has risen by 34.3% since 2022, to 9.4 euros per square meter per month. In the municipality of Thessaloniki itself, rent reaches 10.4 euros per square meter, and in Chalkidiki—12.3 euros per square meter, due to the strong influence of tourism.
Foreign buyers most often consider the suburbs of Thessaloniki, Chalkidiki, the municipality of Thessaloniki itself, Kavala, and Pieria. The top ten destinations most in demand among foreign buyers also include Evros, Serres, the Rhodopes, and Xanthi.
Apartments are the main focus of demand from foreign buyers. They lead the way in both the purchase and rental segments. Detached houses and townhouses follow in terms of interest.
According to analysts’ estimates, foreign capital is gradually moving beyond major cities and penetrating more actively into the coastal and border regions of Eastern Macedonia and Thrace.
The published materials do not provide data on the nationalities of foreign buyers.
Greece, Bulgaria, and Romania are promoting the construction of the “Black Sea–Aegean Sea” multimodal transport corridor, which is intended to connect the ports, railways, highways, and logistics hubs of the three countries with access to the Ukrainian and Moldovan borders.
The project will become part of the EU’s Trans-European Transport Network (TEN-T). The European Commission notes that the broader “Baltic Sea–Black Sea–Aegean Sea” corridor spans 11 EU countries, as well as Ukraine and Moldova, connecting the Baltic, Black, and Aegean Seas.
The new section between Greece, Bulgaria, and Romania will consist of three main branches. The western branch is planned to run along the route Athens–Thessaloniki–Promachonas–Kulata–Sofia–Vidin/Calafat–Craiova–Bucharest. The central branch will connect Thessaloniki and Alexandroupolis with the Bulgarian cities of Svilengrad and Ruse, then continue through Giurgiu and Bucharest to
Siret on the Romanian border with Ukraine, as well as to Ungheni on the border with Moldova. The Eastern Branch will connect Alexandroupolis with the Bulgarian ports of Burgas and Varna, and then on to Constanța in Romania.
To coordinate the project, the three countries are establishing the Black Sea–Aegean Sea Corridor Platform (BACP). The European Commission reported that Greece, Bulgaria, and Romania signed a memorandum on the development of transport infrastructure on December 3, 2025, in Brussels. The document provides for coordination at the political and technical levels, the exchange of data on national investment plans, and the joint promotion of priority TEN-T projects.
European Commissioner for Transport Apostolos Tzitzikostas called the project a step toward strengthening the strategic north-south corridor in Southeast Europe. According to him, closer cooperation between Greece, Bulgaria, and Romania should strengthen ties for citizens and businesses, as well as enhance Europe’s security, competitiveness, and resilience in the Aegean, Black Sea, and Danube regions.
The project’s significance for the region goes beyond mere transportation modernization. The corridor could provide Ukraine with an additional southern logistics route to ports in the Aegean Sea, Bulgaria, and Romania, as well as strengthen the role of Constanța, Burgas, Varna, Alexandroupoli, and Thessaloniki as hubs for trade, agricultural exports, industrial cargo, and container transport.
For the Balkans, this also represents an opportunity to reduce dependence on overburdened or vulnerable routes. Since the outbreak of full-scale war against Ukraine, the importance of alternative routes via the Danube, the Black Sea, Romania, Bulgaria, and Greece has risen sharply. The central branch to Siret could effectively become an extension of Ukrainian logistics routes to southern Europe.
The project is also important for the military and crisis mobility of the EU and NATO, but its civilian economic value is no less significant. This involves faster transport between the three seas, better connections between ports and railways, reduced logistics costs, and the creation of a sustainable infrastructure for trade between Ukraine, Moldova, the Balkans, Central Europe, and the Mediterranean.
For Ukraine, this represents a potential new route to the Mediterranean; for Romania, Bulgaria, and Greece, it means strengthening their roles as transit countries; and for the entire region, it is a step toward more sustainable logistics between the Baltic Sea, the Black Sea, the Danube, and the Aegean Sea.
Aegean Sea, BACP, BLACK SEA, BULGARIA, GREECE, INFRASTRUCTURE, LOGISTICS, ROMANIA, TEN-T, UKRAINE
