Market research
Focus: Athens. Research only — CoreSpaces is not licensed to broker here.
Last verified: 2026-07-01
Where Greece wins
Greece beats the UAE on entry cost (3.09% versus 4%, and far below Portugal or the UK), matches it on capital gains tax (effectively zero, though by suspension rather than by design), and beats it decisively on what the UAE cannot offer at all: an EU residency permit, Schengen mobility, and a route to EU citizenship after seven years. Greece loses badly on yield — 3.2–5% gross against Dubai's 6.5–7% — and on the short-term rental ban that removes the highest-return use of the asset. The honest framing: Greece is bought for the passport pathway; Dubai is bought for the income.
Foreign ownership
Property transfer tax
3% to central government plus 0.09% municipal surcharge. Applies to resale properties (built or first sold before 2006). Paid by the buyer at notary signing. This is the LOWEST transfer tax in this entire comparison set — roughly a quarter of Dubai's 4%, and a fraction of Portugal's 7.5% non-resident IMT.
VAT on new-build property
VAT of 24% is legislated on new builds but has been suspended, with the suspension extended through 31 December 2026 under Law 5246/2025. New builds currently pay the 3% transfer tax instead. CRITICAL: this is a temporary suspension that requires periodic renewal. A buyer acquiring a new build must verify the suspension's status at the time of transaction — a lapse would add 24% to the purchase.
Notary, land registry and legal
Notary fees approximately 1.5%; land registry 0.6%; legal fees typically 1%.
Total transaction cost
Assumes the VAT suspension on new builds remains in force. If the 24% VAT were reinstated, the economics of a new-build purchase would change fundamentally.
Gross yield range
Net yield range
Rental income tax
2026 brackets: 15% on the first €12,000; 35% on €12,001–€35,000; 45% above €35,000. Applies to gross rent minus deductible expenses. There is NO tax-free allowance — tax is charged from the first euro of rental income. Repairs and maintenance can be deducted at a flat 5% of gross rental income without itemising.
Capital gains tax
No capital gains tax is currently payable on standard private property sales by individuals. The 15% rate remains on the statute book and the suspension has been repeatedly extended — most recently through 31 December 2026. It could be reactivated. Corporate sellers do NOT benefit: companies pay corporate tax (currently 22%) on real estate gains as ordinary profit, so holding Greek property in a company structure forfeits this shield.
Annual property tax
ENFIA is the principal annual property tax. A supplementary tax applies where total objective property value across all Greek holdings exceeds €400,000 for an individual, at rates from 0.15% to 1.15% on the slice above the threshold. For a Golden Visa investor holding one €800,000 property, the supplementary tax applies to roughly €400,000 of value. Insured residential property may qualify for an ENFIA discount: up to 20% for homes valued at €500,000 or less.
Residency pathway
Three tiers under Law 5100/2024: €800,000 in high-demand zones (Attica/Athens metro, Thessaloniki metro, Mykonos, Santorini, and islands with population above 3,100); €400,000 in all other regions; €250,000 for commercial-to-residential conversions or restoration of listed/heritage buildings (these two categories only — the €250k tier no longer applies to standard residential purchases). The €400k and €800k tiers require a SINGLE property of at least 120 m² — properties cannot be combined to reach the threshold. Grants Schengen access (90 days in any 180), no minimum stay requirement, permanent residency after five years and citizenship eligibility after seven (requiring Greek-language proficiency).
Setup timeline
Market conditions
Bank of Greece data showed broader-market prices up 7.7% year-on-year. Golden Visa applications fell 43% in the first four months of 2026 versus 2025, but approvals rose 11% (3,816 versus 3,429) — the backlog is clearing. Chinese investors remain the dominant nationality, with Turkish investors second and the fastest-growing. Average Greek property prices of €2,300–€2,800/m² remain among the most affordable in Western Europe.
Key risks
Both the 24% VAT suspension on new builds and the 15% capital gains tax suspension are extended through 31 December 2026 and require periodic renewal. Either could lapse. An investment thesis built on 'no CGT in Greece' is built on a suspension that has been renewed annually since 2013 — likely to continue, but not guaranteed.
The €50,000 fine and permit-revocation risk means the highest-yielding use of the asset is unavailable to precisely the investors most likely to buy it.
At 3.2–5% gross and thin net after progressive income tax and ENFIA, Greece is not an income market. It is a residency-and-EU-access market where the property is the vehicle, not the return.
Athens, Thessaloniki, Mykonos and Santorini all sit in the €800,000 band. The €400,000 tier requires accepting a less liquid, less rentable regional location — and a 120 m² minimum size in both cases.
FAQ
Transfer tax is 3.09% — 3% to central government plus a 0.09% municipal surcharge, paid by the buyer at notary signing. That is the lowest transfer tax in this comparison set: roughly a quarter of Dubai's 4% and a fraction of Portugal's 7.5% non-resident IMT. Add notary at approximately 1.5%, land registry at 0.6% and legal fees typically around 1%, and total transaction cost lands at roughly 6–8% of purchase price. That total assumes the 24% VAT suspension on new builds remains in force; if VAT were reinstated, the arithmetic on a new build changes fundamentally.
as of 2026-05 · source (opens in a new tab) · as of 2026-04 · source (opens in a new tab)
Effectively zero for individuals — but by suspension, not by statute. The 15% capital gains tax remains on the statute book and has been suspended since 2013, with the suspension repeatedly extended, most recently through 31 December 2026. It could be reactivated. Corporate sellers do not benefit: companies pay corporate tax, currently 22%, on real estate gains as ordinary profit, so holding Greek property through a company forfeits the shield. Treat 'no CGT in Greece' as a renewable concession rather than a permanent feature of the system.
as of 2026-06 · source (opens in a new tab)
Gross long-term rental yields sit at roughly 3.2%–5%, with a typical apartment near 4%. This is the lowest range in this comparison set — materially below Dubai at 6.5–7%, the UK at 5.8% nationally and Portugal at 6.3%. Net yields are thinner still, at roughly 1.5–3%, once the progressive rental income tax, ENFIA, municipal charges and maintenance of 2–3% of property value annually are deducted. Greece is bought for the residency and EU access, not for the income.
as of 2026-06 · source (opens in a new tab) · as of 2026-04 · source (opens in a new tab)
Three tiers under Law 5100/2024: €800,000 in high-demand zones, which includes the Attica/Athens metro, the Thessaloniki metro, Mykonos, Santorini and islands with population above 3,100; €400,000 in all other regions; and €250,000 restricted to commercial-to-residential conversions or the restoration of listed and heritage buildings. The €250,000 tier no longer applies to standard residential purchases. Both the €400,000 and €800,000 tiers require a single property of at least 120 m² — properties cannot be combined to reach the threshold.
as of 2026-02 · source (opens in a new tab)
No. Short-term rentals are prohibited on Golden Visa properties. Listing on Airbnb or Booking.com carries a €50,000 fine and can trigger revocation of the residence permit. Only long-term rentals of a minimum six months are permitted. This is the most commonly overlooked term in the programme, and it removes the highest-yielding use of the asset from precisely the investors most likely to buy it.
as of 2026-02 · source (opens in a new tab)
Yes. There are no restrictions on non-EU citizens buying Greek property, except in designated border and security zones, which require additional permits. A buyer needs a Greek AFM tax number and a Greek bank account before completing. On timing, budget roughly 14 weeks for the purchase itself and 20–26 weeks for Golden Visa processing — around 8–10 months end to end from identifying a property to holding the residence card, though some sources cite 4–6 months.
as of 2026-04 · source (opens in a new tab) · as of 2026-07 · source (opens in a new tab)
No. Holding the visa does not by itself create Greek tax residency. You become a Greek tax resident only by spending more than 183 days in Greece in a calendar year. If you cross that line, you may opt into a flat €100,000 annual tax on worldwide income in place of progressive rates reaching 45% — a regime aimed at high-net-worth relocators. The visa also carries no minimum stay requirement, so residency can be held without triggering tax residency at all.
as of 2026-07 · source (opens in a new tab) · as of 2026-02 · source (opens in a new tab)
Research only
CoreSpaces is not licensed to broker or advise on property transactions in Greece. This page is research only. Engage a licensed Greek lawyer, a notary public, and a qualified Greek tax adviser. Official sources: Hellenic Ministry of Migration & Asylum, the Hellenic Cadastre (Ktimatologio), and AADE (the Independent Authority for Public Revenue).
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