New Build vs Resale Property in Greece: A Guide for Overseas Investors

Greece's property market is predominantly a resale market. New build supply is limited — particularly on the islands, where planning restrictions, construction costs, and limited land availability constrain new development. Understanding this balance is important for overseas buyers: if you are drawn to Greece for its historic architecture, island villages, and character properties, the resale market is where you will find them. If you want modern, energy-efficient construction in specific growth areas, new build opportunities are emerging, particularly in Athens and selected resort zones.

Property values can fall as well as rise. Greek tax and planning regulations are subject to change. The information below reflects conditions as of mid-2026. Seek professional legal and tax advice before proceeding.

The Tax Difference

The single most important practical difference between new build and resale in Greece is the tax treatment on acquisition.

New build (first sale by developer): subject to 24% VAT (ΦΠΑ) — one of the highest property VAT rates in Europe. However, since 2020, the Greek government suspended the VAT imposition on new construction properties under most circumstances, replacing it with property transfer tax for new-build first sales as well. The practical application is complex and depends on when the building permit was issued and whether the developer is VAT-registered. Verify the applicable tax treatment with your Greek lawyer for the specific property.

Resale: subject to property transfer tax (Φόρος Μεταβίβασης Ακινήτου — FMA) of 3.09% of the property's tax value (antikeimeniko axia) or purchase price, whichever is higher. The objective tax value is a government-set notional value based on the property's characteristics and location — in many popular markets, actual prices now exceed objective values significantly, meaning the higher purchase price forms the tax base.

As a practical planning guide, budget approximately 6–10% of the purchase price in total transaction costs for a resale property (FMA, notary, lawyer, land registry). New build costs depend on the VAT/FMA position applicable.

The Greek Resale Market: Character, Supply, and Value

The resale market dominates in nearly every internationally sought Greek location:

Athens: the city centre and desirable residential neighbourhoods (Kolonaki, Kifissia, Glyfada, Vouliagmeni) have a deep resale stock of apartments ranging from 1930s neoclassical to 1980s apartment buildings. Renovation of older Athens apartments for Airbnb or premium long-let has been a significant investment theme since 2018.

Santorini: new residential construction is essentially impossible in the UNESCO-protected caldera zone. The entire luxury villa market is resale. Prices for caldera-view properties have reached €10,000–€25,000 per square metre in exceptional locations.

Mykonos: similarly supply-constrained. Prime property is resale and commanded some of Europe's highest prices per square metre by 2024–2026. Limited new build permitted outside defined settlement areas.

Crete: a wider mix. The rural and village house market is entirely resale; some coastal resort developments are new build.

Corfu, Lefkada, Kefalonia: primarily resale, with limited new build in designated resort zones.

Thessaloniki: more new build available than in Athens; city apartments are often sold off-plan by local developers.

New Build in Greece: Where and What

New build in Greece is more concentrated and less internationally marketed than in Spain or the UAE, but it exists in several forms:

Athens new build apartments: boutique developers are active in converting older buildings (through full demolition and rebuild) in desirable central Athens postcodes. These "luxury new build" apartments — Airbnb-optimised, with high-end finishes — are aimed at investors attracted by Athens's strong short-let market.

Thessaloniki: northern Greece's second city has an active new-build apartment market serving domestic buyers and expat Greeks, with units typically in the €1,500–€3,000 per square metre range.

Resort developments: Halkidiki (particularly Kassandra and Sithonia peninsulas), Porto Heli, Corinthia, and parts of Crete have seen some new resort development, typically integrated hotel/residence projects.

Luxury villas, Crete and Peloponnese: some private developers build and sell contemporary villas in rural coastal locations. Planning permission is difficult to obtain and most such developments are small-scale.

New Build Advantages in Greece

• Modern EPC rating (important as EU energy efficiency standards continue to tighten)
• Structural warranty for new construction
• No renovation risk or deferred maintenance
• Contemporary amenities and layouts

New Build Risks in Greece

• Limited supply means prices reflect scarcity premium; whether that represents value depends on comparable resale prices
• Greek planning processes are slow; delays are common
• The Thessaloniki and Athens new-build markets are primarily domestic in orientation — less international buyer infrastructure

The Golden Visa Consideration

The Golden Visa programme — offering EU residency to property buyers above defined investment thresholds — is primarily accessed through the resale market. The thresholds as of mid-2026 were:

• €800,000 in Athens municipality, Attica, Thessaloniki, Mykonos, and Santorini
• €400,000 elsewhere

Because these are the minimum investment values, not average transaction prices, many Golden Visa buyers are concentrating in areas where quality stock can be found at or just above the threshold. Athens remains the primary market due to depth of supply.

If the Golden Visa is a motivation, new build in Athens at qualifying prices (post-renovation boutique apartments or developer projects at €800,000+) can qualify, but the resale market offers more options. Verify eligibility with a specialist Golden Visa lawyer.

Short-Let vs Long-Let: Different Properties for Different Strategies

The new build vs resale choice in Greece intersects with your rental strategy:

Short-let (tourist rental): requires a Property Use Number (AMA) from the Greek Tourism Organisation. High-demand in Athens, all major islands, coastal areas. Resale apartments in central Athens (Monastiraki, Exarcheia, Koukaki) perform extremely well on Airbnb; caldera-view villas on Santorini achieve some of the highest nightly rates in Europe.

Long-let (residential tenancy): more consistent income, lower management burden. Athens long-term rental market is tight (supply shortage), making well-located resale apartments reliable income assets.

Practical Checklist for Greece

1. Verify the exact applicable tax (FMA or VAT) for the specific property.
2. Confirm the property's energy efficiency rating — older properties may require significant investment to meet future EU minimum standards.
3. For Athens investments: verify the AMA (short-let licence) is obtainable for the specific property.
4. Commission an independent structural report for any older Greek property.
5. Confirm the property's legal status — unauthorised extensions are common and create risk.
6. Obtain an AFM (Greek tax number) before completing any purchase.

How Global Investments Can Help

Global Investments works with buyers targeting the Greek property market — from Athens city-centre investments to island villas. We can introduce you to independent Greek lawyers who specialise in foreign buyer conveyancing, to Golden Visa specialists, and to property managers with verifiable rental track records. Contact our team to discuss your requirements.