Why Invest in Greece - In Numbers

Country	Property Transfer Tax Rate (Min–Max)*	(higher) VAT Tax - not cumulative with Transfer Tax	Deed Registration Fee (Min–Max)	Additional notes
	3,09% Flat Rate	n/a	0.575% - 0.6% in most instances. 0.6% - 1% fees usually apply in instances where the value is below €100.000.	Greece's long-running VAT exemption on new builds continues — offering unique opportunities while still available.
	9% rate	10% for standard or 22% for luxury properties, on new builds and recently renovated, if sold by a company.	€100 / €400, depending on if property transfer tax or VAT applies	Italy does not offer a Residency by property investment scheme.
	6% – 13% depending on region	10% + 0,1% – 3,5% stamp duty, on new builds and recently renovated, if sold by a company. Conditions on VAT applicability vary.	0.175% with a maximum of €2,181.67	As of April 2025, Spain no longer offers a Residency by property investment scheme.
	1% – 10% + additional 0,8% stamp duty, depending on property and value (e.g. 1% urban houses ≈ €105.000)	23% + 0,8% stamp duty on new builds and recently renovated, if sold by a company, but conditions on VAT applicability vary	Circa €250	As of 2023, Portugal no longer offers a Residency by property investment scheme.
	5% standard or 0% for long uninhabited or listed building (high restoration costs apply)	18% for newly builds and recently renovated if sold by a company, or 7% for certain commercial properties.	Typically, €100 - €500	Golden Visa path adds minimum €82.000 cost and requires proof of significant net assets throughout residency validity.
	3%, 5% and 8% graduated but 8% applies over €175.000. 50% tax cut may be applicable under conditions.	19% for newly builds and recently renovated if sold by a company.	n/a	Cyprus cannot yet offer Schengen visa-free access to Golden Passport holders.

*Lower rates or tax exemptions may apply to EU nationals/tax residents for all listed countries under social incentive conditions, such as first primary residence

-Capital Gains Tax on property sales also remains suspended in Greece and is not applicable as of 2025

-Information on other jurisdictions may not be presented in full detail and may be outdated or contain minor deviations

As depicted in the table above, Greece offers one of the most competitive effective property transfer tax regimes, with a maximum combined flat rate at ≈ 3.69%, thereby exhausting the tax obligations of any individual acquiring property in Greece. The only other tax, associated with property ownership - rather than acquisition - is the Unified Annual Property Tax - ENFIA.

Although ENFIA is not calculated as a fixed percentage, typical effective rates for properties in Greece generally range between 0.05% and 0.8% of their tax-assessed value. These rates result from a per-square-metre base charge, modified by up to fifteen statutory adjustment factors, each specific to the declared asset. In high-zone areas - such as Vouliagmeni, Glyfada, or central Athens districts like Kolonaki and Plaka - effective ENFIA may rise to 0.75% or 0.95%, particularly for large-surface homes with amenities such as sea views, private pools, or direct Acropolis exposure. In these cases, the supplementary ENFIA applies, triggered when an individual's total tax-assessed value exceeds €400,000, as well as a secondary surcharge, triggered when an individual's total tax-assessed value exceeds €500,000, with progressive rates applied to the calculated tax sum based on the property value tier.

For example, an average Greek household generates around €400 or less annually in ENFIA while a €2 million property in an expensive zone in Vouliagmeni, located in the prestigious Athens Riviera, may generate around €12,000 annually in ENFIA, combining both the main and supplementary components. This remains light compared to peer jurisdictions: for instance, Spain's IBI typically ranges from 0.4% to 1.3% flat rate of tax-assessed value, while Portugal's IMI ranges between 0.3% and 0.45% for urban properties, but high-value holdings incur a separate annual surcharge (AIMI) of 0.7% to 1.5%, significantly increasing overall exposure.

When a property is held by a company, ENFIA is calculated under a different structure that forgoes progressive relief and typically results in a higher effective burden - often exceeding 1% of the property's tax-assessed value. While this may appear less favourable at first glance, corporate ownership also brings distinct advantages: rental income is taxed at a flat rate, and a wide range of property-related costs - including ENFIA itself - can be treated as deductible expenses. For high-value properties intended for rental use, especially in premium locations, structuring the acquisition through a company may offer meaningful long-term tax efficiencies.

Comparable annual property taxes apply across most EU countries, typically ranging between 0.4% and 1.1%, including in Greece's peer markets - with the notable exception of Malta. ENFIA remains Greece's only recurring property-specific annual tax, with no additional municipal levies beyond nominal utility-linked surcharges payable by the occupant.

With Portugal and Spain having withdrawn from real-estate-backed residency-by-investment programmes, Greece now holds the last credible, streamlined Golden Visa in the EU that is tied directly to actual property ownership,

Greece's real estate market has demonstrated sustained strength well before the COVID-19 recovery - yet the period since 2022 marks its most dynamic phase in decades. Nationwide residential prices have risen between 7% and 12% annually since 2022, with urban areas showing similar growth. In Q3 2024 alone, house prices were up 7.3% year-on-year nationally, while key areas posted increases of 7.7% in Athens and 12.1 % in Thessaloniki. This marks the 27th consecutive quarter of growth recorded by the Bank of Greece.

By Q1 2025, apartment prices were still rising at 6.8% annually, with newer units outperforming older stock (+8.0% vs +6.0%) and Thessaloniki leading at +10% growth. Crucially, Inflation-adjusted gains remain positive - 4.3% real growth in Q3 2024 - confirming this is not merely a speculative spike, but a measured rebound from the 2008–2015 correction.

Rental yields have remained attractive throughout, with gross yields averaging 4.7%–5.0% nationally and ~5.0% in Athens. Centrally located smaller units in Athens can reach 6%–9%, outperforming many EU peers and creating reliable cash-flow opportunities.

Transaction volumes and foreign investment remain elevated. In 2023, overseas purchases reached a record €3 billion, representing 80–85% of all transactions. Property transfer tax revenues rose by ~20% through H1 2024 compared to 2023.

Mortgages and financing conditions are market-friendly: average mortgage rates dropped to 3.7%–4.0% by late 2024, with loan-to-value ratios improving. Bank of Greece data shows housing prices reaching 105.1 index points in Q1 2025 from 102.3 in Q4 2024.

Key regional dynamics:

⚫︎ Athens Riviera / Ellinikon redevelopment is shaping long-term supply/demand dynamics and commanding premium values.

⚫︎ Thessaloniki continues strong double-digit growth, with apartment prices up 10% YoY in Q1 2025.

⚫︎ Emerging resort markets - such as underserved sub-3,100-population islands - are backed by tourism-driven yields and development incentives, even while higher thresholds (e.g., €800,000) apply under investment programmes.

Market Outlook:

Residential growth is expected to moderate to mid-single digits (3%–5%) annually through 2029, underpinned by strong tourism demand, urban regeneration, low interest costs, and foreign capital inflows.

Overall, Greece offers a resilient market with euro-denominated stability, transparent legal processes, and no limits on foreign ownership.