The Greek real estate market is once again at the center of international attention—this time not due to upward price trends, but because of a major legislative change expected to directly affect buyers from non-EU countries. On September 6, 2026, Prime Minister Kyriakos Mitsotakis announced, during his speech at the 90th Thessaloniki International Fair, the government’s intention to increase the real estate transfer tax from the current 3% to 15% for buyers from third countries (outside the EU and EEA). As noted by Ms. Corina Saias, Managing Director of Premier Realty (https://www.premier-realty.gr), “this is a change that the luxury real estate market in Attica will monitor closely over the coming months, as it directly impacts a significant portion of our international client base.”

Current Regulations vs. What Changes

Until today, every property buyer in Greece pays a transfer tax of 3% on the taxable value—specifically, on the higher amount between the agreed purchase price and the objective tax value of the property. Including the municipal tax, which is calculated as an additional 3% surcharge on the transfer tax itself (and not on the property’s value), the effective rate currently stands at 3.09%.

Under the new measure, this rate will surge to 15%—or 15.45% including the municipal tax—for natural persons who are non-EU citizens. This represents a fivefold increase in the tax burden. For example, on a property valued at €800,000, the transfer tax will increase from approximately €24,000 to €120,000.

The measure applies exclusively to natural persons and not to corporate entities, while potential exemptions may be introduced for Greek diaspora members and long-term residents in the country. EU citizens remain unaffected. The precise framework of exemptions, such as origin criteria or required years of residency, has not yet been finalized, as the relevant bill has not been published.

Ambiguity Surrounding the Implementation Date

An issue that caused some confusion in the initial days following the announcement was the implementation date itself. In his original speech, the Prime Minister referred to January 1, 2027, as the tentative start date. Two days later, however, Minister of National Economy and Finance Kyriakos Pierrakakis, presenting the broader €2.2 billion housing support package, cited July 1, 2027, as the most likely implementation date.

This six-month delay is no minor detail. It provides buyers already in the purchasing process—whether making reservations for new developments or properties under construction—additional time to complete their transfers under the current, lower tax regime. However, with no bill officially published yet, both the exact implementation date and the transitional provisions remain open questions until the law is enacted. In either scenario, we expect a sudden surge in final sales contracts. Foreign buyers currently in negotiations or undergoing legal due diligence will push to close transactions immediately to save the additional 12% difference (from 3% to 15%).

Bank of Greece Data

The size of the market affected is substantial. According to official data from the Bank of Greece, total foreign investment in real estate reached €2.05 billion in 2025, of which approximately €1.2 billion originated from third-country (non-EU) buyers—the very segment directly impacted by the new tax. EU citizens remain outside the scope of this measure.

Within this non-EU category, Turkey leads with €214.4 million invested in 2025, closely followed by Switzerland at €210.8 million. Hong Kong follows with €115.5 million, while Israel (€88.2 million) and the United States (€88 million) hold nearly equal positions in fourth place. Completing the top group are the United Arab Emirates (€67.2 million), the United Kingdom (€63.3 million), and China (€49.8 million).

What It Means for the Luxury Real Estate Market

As Ms. Corina Saias points out: “The luxury real estate market in Attica has recorded one of the most consistent growth trajectories in Europe over the past five years, with cumulative price increases approaching 50% since 2021.” Regarding the impact of the new measure, Ms. Saias notes: “The tax increase raises the entry cost for a specific category of buyers, but it does not diminish Athens’ structural advantages: its relative affordability, geographic location, and high level of safety continue to attract international capital.”

Indeed, Athens and the broader region of Attica maintain competitive advantages that a single tax policy change cannot erase, remaining significantly more affordable compared to capital cities such as Lisbon, London, Paris, Berlin, or Madrid. Furthermore, as noted by Ms. Corina Saias of Premier Realty, the measure will primarily affect non-EU buyers purchasing properties priced between €250,000 and €800,000, as the additional tax burden fundamentally alters the return on investment (ROI) perspective for this tier. The luxury market in Athens will not collapse; rather, it will become more complex, bureaucratic, and demanding in terms of legal structuring, shifting demand from natural persons to corporate vehicles.

Expected Market Impact

International experience with similar measures indicates that their impact is noticeable, though rarely catastrophic for an entire real estate market. In Canada, when British Columbia introduced a 15% Foreign Buyer Tax in Vancouver in 2016 (later raised to 20%), the share of foreign buyers in regional transactions dropped sharply within months. In neighborhoods with high foreign demand, home price growth slowed noticeably compared to the rest of the municipality.

Similarly, momentum appears to be building around Spain’s recent proposal for a 100% tax on non-EU buyers, where investor interest is rapidly shifting toward alternative corporate structures and accelerating transactions prior to any potential implementation. In the Greek context, a decisive factor will be that the measure targets natural persons rather than corporate structures, leaving room for non-EU demand to restructure through companies, holdings, or other legal entities. Based on these dynamics, the luxury real estate market in Attica is expected to undergo an adjustment in buyer behavior without necessarily experiencing a sharp decline in overall demand. This assessment remains subject to revision until the final bill is published.

What to Expect

Until the final legislation is published, prospective buyers—particularly non-EU nationals evaluating luxury property investments in Attica—should closely monitor developments. The most critical factor is not merely when the law takes effect, but when the legal transfer of ownership is completed. A reservation agreement or preliminary contract signed today does not guarantee a completed transfer within 2026, especially for off-plan or under-construction projects.

“The market has navigated other tax policy changes in recent years,” notes Ms. Saias, “and the core takeaway remains the same: those who strategically plan the timing of their acquisition hold a major advantage.” Until the legal framework is fully clarified, the luxury real estate market in Attica is expected to remain in a period of watchful waiting—with strong underlying buyer interest, but with the exact timing of transfer becoming the paramount consideration.