*Updated 4 October 2026. Editor’s note, this is a government announcement plus clarifications from the Greek finance ministry. No bill text has been published as of this date, and we update this article with every change.
On 5 September, from the stage of the Thessaloniki International Fair, Greek Prime Minister Kyriakos Mitsotakis announced a package of economic measures. One of them directly concerns anyone considering buying property in Greece who is not an EU citizen. The property transfer tax will rise from 3% to 15%. The Greek press specifically named buyers from China, Turkey and Israel.
In the weeks that followed, the Greek finance ministry issued clarifications that narrow the announcement considerably, and three of them matter to any Israeli buyer.
The three key clarifications
First, the start date is 1 July 2027, not 1 January 2027. Early English-language reports said January, and the Greek clarifications corrected it to July.
Second, the tax applies to residential dwellings only. Companies, commercial property and land plots are not included at this stage.
Third, it applies to individuals who are tax residents of countries outside the EU. EU and EEA citizens, long-term permanent residents, members of the Greek diaspora and recognised refugees are exempt.
What it means in numbers
Greece’s transfer tax is paid by the buyer, on the property value, before signing at the notary. Today the rate is 3%, or 3.09% with the municipal surcharge. Under the announcement it rises to 15%, or 15.45% with the surcharge.
On a residential dwelling:
| Property Value | Tax Today | Tax as Announced | Difference |
|---|---|---|---|
| €100,000 | €3,000 | €15,000 | €12,000 |
| €300,000 | €9,000 | €45,000 | €36,000 |
| €500,000 | €15,000 | €75,000 | €60,000 |
What it means if you buy a plot and build a villa
Here we would rather say it plainly, even when it does not help the sale.
- As clarified, buying a plot is not covered by the change. A plot is land, not a residential dwelling, and land was explicitly excluded from the higher rate.
- Building the villa is not a property transfer either. You build a house on land you already own, so there is no transfer tax on it, neither today nor under the announcement.
So in our process, buying a plot near Karystos on the island of Evia and then designing and building a villa with a pool to your own specification, the 15% announcement does not change the cost as it currently stands.
We are writing this even though it would have been easier to leave the earlier article up and push people to close before the end of the year. If someone is selling you urgency based on a date that has since been corrected, it is worth asking what they are relying on.
What is still unknown
This is a declaration, not a law. No bill has been published as of 4 October 2026 and the details may change. Open questions:
- How a residential dwelling is defined in the bill, and in particular the treatment of a plot that already has a structure on it.
- What fixes the date, the notarial deed or the tax payment, and the status of a preliminary agreement signed earlier.
- Purchase through a Greek or EU company, currently outside scope, and whether anti-avoidance rules will be added.
- Buyers holding an EU passport alongside an Israeli one. The announcement refers to tax residence rather than citizenship alone, so this needs individual advice.
We have lived in Greece for almost five years, work with a Greek lawyer and with an Israeli trustee lawyer, Ronit Amir-Yaniv Law Office, and we follow the legislation. As soon as there is a text, we will update here.
Why the Canadian model
The Greek press calls the measure the Canadian model. In 2017 the province of Ontario imposed a 15% tax on foreign buyers, raised it to 20% and extended it province-wide in March 2022, and raised it to 25% in October 2022. Greece’s stated goal is similar, to cool foreign demand pressure on housing prices, mainly in Athens, Thessaloniki and the popular islands. According to the Bank of Greece, house prices rose 5.5% in the year to the second quarter of 2026, after 8.3% in 2025 and 9.1% in 2024.
FAQ
Is this already law?
No. It is a Prime Minister’s announcement with finance ministry clarifications. The bill text has not been published.
From when is it meant to apply?
1 July 2027, subject to legislation. The 1 January 2027 date in early English reports is out of date.
Does it apply to land plots?
No. Under the clarifications, land is not included, nor are companies or commercial property.
I am buying a plot and building a villa; does it affect me?
As announced, no. The plot is land and the construction is not a property transfer.
I also hold an EU passport. The announcement refers to non-EU tax residents?
EU citizenship alone, without residence, is not necessarily sufficient, and this needs individual legal advice.
What should I do now?
If you were considering a purchase, this tax is not a reason to rush. There are other reasons to look this year, such as availability of the sea-view plots and rising prices. A short call with us, +972-73-3678685.
Sources
- Naftemporiki, 5 September 2026, live coverage of the Mitsotakis speech at the 90th Thessaloniki fair
- To Vima, 8 September 2026, quoting Finance Minister Kyriakos Pierrakakis, start date 1 July 2027
- Protothema, 22 September 2026, scope limited to residential dwellings and the list of exemptions
- ot.gr, 4 October 2026, legislative status and foreign investment figures
- Bank of Greece, house price index for Q2 2026, published 15 September 2026
Greece Invests, plots and villas with a pool and sea view near Karystos, Evia, Greece. We have lived in Greece for almost five years. +972-73-3678685
