Greece's property market has undergone a remarkable recovery since the depths of the financial crisis. Demand from overseas buyers has strengthened markedly across Athens, the Cyclades (particularly Mykonos and Santorini), Crete, Rhodes, and the Ionian Islands. This renewed activity has supported both new-build development — particularly in Athens and certain island markets — and a well-established resale sector offering properties at a wide range of price points. The tax treatment of new-build versus resale, the Golden Visa framework, and energy performance rules all affect the investment calculation for overseas buyers.
Greece's Property Market for Overseas Buyers
Foreign nationals face no nationality-based restrictions on purchasing property in Greece, with the exception of border zones (certain islands and areas near land borders) where non-EU buyers require Ministry of Defence approval — a procedural requirement rather than a substantive bar in most cases.
The Greek Golden Visa programme remains open and is one of the most established in Europe, though thresholds have been raised significantly since 2024. It grants a five-year residency permit (renewable) to qualifying property investors and their family members, with no minimum stay requirement.
Off-Plan New-Build in Greece: How It Works
Off-plan development has revived in Greece after the 2008–2013 crisis effectively halted new construction. Activity is concentrated in Athens (particularly the southern suburbs and Attica coastal zone), Mykonos, Crete, and Rhodes. The process involves signing a preliminary purchase agreement (προσύμφωνο), making stage payments during construction, and completing at a notary (συμβολαιογράφος) with full payment and title transfer.
VAT on New-Build: The Building Permit Date Rule
The tax treatment of a new-build property in Greece depends critically on the date of the building permit:
- Building permit issued after 1 January 2006: VAT at 24% applies to the purchase. The buyer also pays a notary fee of approximately 1–2%.
- Building permit issued before 1 January 2006 (legacy permit): No VAT applies. Instead, Transfer Tax (FMA — Φόρος Μεταβίβασης Ακινήτου) at 3% applies, the same as on resale.
Note: Between 2020 and 2022, a government suspension of VAT on new-build permits was in effect. Properties under development during this period may have specific VAT status. Always confirm with your Greek lawyer which tax regime applies to any specific property before signing.
Energy Performance Certificate (EPC)
All new-build properties require an Energy Performance Certificate. Modern construction in Greece must meet EU energy standards, typically achieving an A or B rating. For buyers, this matters not only for running costs but for the long-term mortgage eligibility and resale value of the asset — EU policy is moving toward requiring minimum EPC ratings for rentals and sales.
Golden Visa and Off-Plan
Properties qualifying for the Greek Golden Visa must meet the applicable investment threshold at the time of purchase. The relevant thresholds as of 2026:
- €800,000 — Athens, Thessaloniki, Mykonos, Santorini
- €400,000 — most other regions
- €250,000 — conversion/restoration of listed or commercial-to-residential properties
Off-plan purchases can qualify for the Golden Visa, but the permit is typically issued only after the property is completed and title is transferred. Some developers and legal advisers structure arrangements to address this timing gap — take specific advice.
Resale Property in Greece: How It Works
Resale is the dominant transaction type in most Greek markets. The process involves agreeing a price, engaging a lawyer to conduct due diligence at the Land Registry and Cadastre (Κτηματολόγιο), signing a preliminary agreement, and completing at a notary.
Transfer Tax on Resale
Resale properties are subject to Transfer Tax (FMA) at 3% of the tax value (whichever is higher, the declared price or the ENFIA objective value). This compares favourably to the 24% VAT on new-builds with post-2006 permits — a significant cost advantage for resale in high-value markets.
The Cadastre and Land Registry
Greece's land registration system (Κτηματολόγιο) is more complete than it was a decade ago but has not yet been fully implemented across all areas. In some island locations, land records are held at the local Land Registry (Υποθηκοφυλακείο) rather than the Cadastre. Your lawyer must conduct searches at both, where applicable, to confirm clear title and identify any mortgages, litigation, or encumbrances.
Unauthorised Construction
Greece has a significant stock of properties with unauthorised building work (αυθαίρετα) — additions, enclosures, and modifications built without planning permission. Under successive regularisation schemes, some of these have been legalised in exchange for a penalty payment. However, not all have been regularised, and new owners can inherit both the legal exposure and the regularisation cost. An independent engineer's survey before purchase is essential to identify any discrepancies between the registered plans and the actual building.
Side-by-Side Comparison
| Factor | Off-Plan New-Build | Resale |
|---|---|---|
| Tax on purchase | VAT 24% (post-2006 permit) or 3% FMA (pre-2006) | FMA 3% |
| Entry timeline | 12–36 months typically | Immediate |
| Rental income | None until completion | Immediate |
| EPC rating | A or B (modern construction) | Variable — often E or below for older stock |
| Warranty | EU consumer law defect rights | None from seller |
| Golden Visa eligibility | Yes (on title transfer) | Yes (immediate) |
| Engineer survey | Snagging at handover | Essential — check for αυθαίρετα |
| Negotiating room | Limited with developer | Good, particularly in lower-demand areas |
| Title verification | Straightforward (new title) | Cadastre + Land Registry search required |
| Unauthorised construction risk | Low (new build) | Common — must check |
Advantages of Buying Off-Plan in Greece
Modern energy-efficient specification. New Greek construction must meet current EU standards, delivering A or B EPC ratings. This is increasingly material as energy costs and minimum efficiency regulations tighten.
Clean title. New-build properties are registered from scratch, without the inherited complexities — disputes, encumbrances, αυθαίρετα — that can accompany older resale stock.
Price appreciation potential. In supply-constrained markets like Mykonos, Crete, and parts of Athens, quality new-build in desirable locations has delivered meaningful capital appreciation for early buyers. The combination of limited building permits, high demand, and a recovering economy has supported values.
Customisation. Buying off-plan from a Greek developer frequently allows buyers to select finishes, layouts, and kitchen and bathroom specifications — useful for buyers targeting the premium short-let market.
Risks of Buying Off-Plan in Greece
VAT at 24%. On post-2006 permit new-builds, the VAT burden is substantial — equivalent to nearly six times the Transfer Tax on a resale. In high-value markets, this can represent a six-figure sum. Factor this into your total acquisition cost.
Planning and permit delays. Greek planning bureaucracy is well-known for its complexity and pace. Construction timelines can extend, sometimes significantly.
Market risk during construction. You cannot sell during construction without developer consent. If the market softens, you may complete with a unit worth less than the contracted price.
Advantages of Buying Resale in Greece
Lower transaction taxes. Transfer Tax at 3% is substantially lower than VAT at 24% on new-builds with post-2006 permits. On a €500,000 purchase, the difference is approximately €105,000.
Immediate Golden Visa eligibility. Resale buyers meeting the relevant threshold can apply for the Golden Visa immediately on title transfer, without waiting for construction to complete.
Established location quality. Particularly on the islands, resale properties in mature villages or seafront locations offer a quality and authenticity that new-build developments rarely match.
Negotiating room. Resale sellers in Greece — particularly non-resident owners, expatriates, and estate sellers — can be motivated. Well-prepared buyers have achieved meaningful discounts, particularly away from the top-tier Mykonos and Santorini markets.
Risks of Buying Resale in Greece
Unauthorised construction. As noted, αυθαίρετα is common. The regularisation process is time-consuming and can be expensive. An engineer's survey is not optional.
Poor energy efficiency. Pre-2000 Greek construction often rates E or below on the EPC scale, signalling higher utility costs and potential future upgrade requirements.
Land registry complexity. In some areas, title may still be held at the local Land Registry rather than the Cadastre, with historical gaps in documentation. Thorough legal due diligence is essential.
Older building condition. Traditional stone houses on the islands and older city apartment buildings can require significant maintenance expenditure. Commission a survey and budget accordingly.
Due Diligence Checklist
- Appoint an independent Greek lawyer and notary
- Confirm building permit date and applicable tax regime (off-plan/new-build)
- Verify Golden Visa threshold is met and immigration lawyer engaged if relevant (both)
- Check EPC rating (both — mandatory for all transactions)
- Engage an engineer to verify building matches registered plans and identify αυθαίρετα (resale)
- Conduct searches at Κτηματολόγιο and, where applicable, local Υποθηκοφυλακείο (both)
- Check for outstanding ENFIA (property tax) arrears and utility debts (resale)
- Confirm rental licence requirements for short-let activity in the relevant municipality
- Verify border zone status if purchasing near land borders or on certain islands (non-EU buyers)
Compliance Note
Property values can fall as well as rise. Rental income and capital growth are not guaranteed. Greece's Golden Visa thresholds, VAT rules, and property tax regime have changed multiple times in recent years and may change again. This guide reflects conditions as of mid-2026 but should not be relied upon as current legal advice. Always seek independent professional advice from a qualified Greek lawyer before making any property investment decision.
Related Guides
- Greece Property Location Guide
- Best Areas to Invest in Greece
- Greece Property Taxes and Fees
- Greece Rental Yields and Returns
- Residency and Citizenship by Investment
- Current Listings
How Global Investments Can Help
Global Investments has over 32 years of experience in international property markets, with dedicated coverage of Greece alongside seven other key markets. We work with independent Greek lawyers, vetted developers in Athens and the islands, and property management operators across the main resort markets.
Whether you are evaluating a Golden Visa qualifying purchase, a rental investment on Crete or Rhodes, or a capital growth play in Athens, we can provide independent analysis and the professional introductions you need to proceed confidently.
Contact the team at Global Investments or browse our current property listings for opportunities across Greece and our other markets.
Frequently asked questions
What are the current Greek Golden Visa property investment thresholds?
Greece's Golden Visa programme remains open as of 2026, but thresholds were increased substantially in 2024. The main tiers are: €800,000 for properties in Athens, Thessaloniki, Mykonos, and Santorini; €400,000 for most other areas of Greece; and €250,000 for the conversion or restoration of listed buildings or commercial properties being converted to residential use. The minimum €250,000 threshold that previously applied to all properties was removed from most areas. Verify current thresholds with a qualified Greek lawyer, as rules have changed multiple times in recent years.
Does VAT apply to new-build properties in Greece?
VAT at 24% applies to new-build properties where the building permit was issued after 1 January 2006. For properties with permits issued before that date (legacy permits), no VAT applies on the sale — only Transfer Tax (3%). However, the VAT suspension that was introduced during the financial crisis and applied until 2022 (postponing VAT on new permits) is relevant to some recent developments. The VAT treatment of any specific property depends on the permit date and the developer's VAT registration status. Always confirm the applicable tax with your Greek lawyer before signing any contract.
Is a structural survey recommended when buying resale property in Greece?
Yes, strongly. An independent engineer's (μηχανικός) report is recommended for any resale property purchase in Greece. The engineer will check structural integrity, verify that the property's physical dimensions and features match the planning records, and identify any unauthorised construction (αυθαίρετα). Unauthorised construction is common in Greece — extensions, enclosures, and additional floors built without permits — and it creates legal exposure for the new owner. Regularisation schemes have been in place at various points, but the process can be costly and not all irregularities can be regularised.
What is an Energy Performance Certificate (EPC) and is it mandatory in Greece?
An Energy Performance Certificate (Πιστοποιητικό Ενεργειακής Απόδοσης, PEA) is mandatory for all property sales and lettings in Greece. The certificate rates the property on an A+ to G scale and must be provided to the buyer or tenant before any transaction. For buyers, a low EPC rating (E, F, or G) signals higher energy costs and may indicate the property is a candidate for costly upgrades — increasingly relevant as EU energy efficiency requirements tighten. New-build properties are typically rated A or B. Older island and rural properties often rate E or below.
This guide is for general information only and does not constitute financial, legal or tax advice. Programme rules, prices and tax rates change; verify current requirements with a qualified adviser before acting.