Buyers from countries outside of the European Union considering purchasing property in Halkidiki should be aware of a proposed change to Greek property transfer tax that could significantly increase the upfront cost of buying a holiday home or residential property.

In a move that is certain to come as an unwelcome surprise to our international property buyers, the Greek government has recently announced plans to increase property transfer tax from 3% to 15% for certain non-EU buyers, with the new measure scheduled to take effect on 1 July 2027.

The measure was announced in September 2026 by Prime Minister Kyriakos Mitsotakis at the Thessaloniki International Fair.  According to the Greek Ministry of National Economy and Finance, the aim is to reduce additional demand for housing from overseas buyers and ease pressure on property prices.

We have deliberately waited for further information before sharing this news, as we did not want to cause unnecessary concern among our clients while the details remained unclear. It is important to stress that the proposed increase is not yet in force.  Furthermore, as with many proposed measures in Greece, the details may still change, implementation could be delayed, or the proposal could even be put on hold altogether!

Until the relevant legislation is finalised and comes into effect, property purchases continue as normal under the current tax arrangements, and buyers can proceed with their plans while keeping the proposed changes and their intended implementation date in mind.

What could the proposed Greek property transfer tax increase mean for buyers?

Halkidiki attracts buyers from a wide range of countries outside of the EU, including the United Kingdom, United States, Serbia, North Macedonia, Turkey and Israel. Many are looking for a holiday home near the sea for family use,  a property as part of an application for a Greek Golden Visa or an investment in a popular tourism destination close to the second biggest city of Greece.

For buyers who fall within the scope of the proposed measure, the increase could represent a substantial additional upfront cost.

Under the current system, the standard property transfer tax is 3% of the taxable value of the property, plus a municipal levy equivalent to 3% of the tax itself. This gives an effective rate of 3.09%.  Under the announced measure, the rate for affected buyers would rise to 15%, or 15.45% including the municipal levy.

For example, on a property with a taxable value of €200,000, the transfer tax would increase from €6,180 to €30,900. This represents an additional €24,720 in upfront tax.

The figures illustrate the potential impact of the announced change!

Which buyers could be affected by the new Greek property tax??

The proposed increase concerns residential property purchases by individual buyers who are tax resident outside the European Union and European Economic Area (EEA). However, not every non-EU national will necessarily be subject to the higher rate, as tax residence rather than nationality alone appears to be a key factor.  For example, a British citizen who is tax resident in an EU country may fall outside the scope of the proposed increase, while an EU citizen who is tax resident in the UK or the United States could potentially be affected.  It also appears that when purchased by a company and not in their own name, the rate will remain at 3%.

The earlier government announcement referred to exemptions for people of Greek origin and qualifying long-term residents. However, these exemptions do not appear in the latest draft (published 18th October 2026) of the proposed legislation, which has yet to be passed by Parliament. The final details may still change as the legislative process continues.

What about building plots or commercial properties in Halkidiki?

According to the latest published draft, the proposed higher rate will only apply to residential property purchases and specifically excludes plots of land and commercial premises.

Buyers who may fall within the scope of the proposed higher rate and are considering land with an existing building, a property under construction or a commercial property intended for conversion to residential use should seek legal advice on how their particular transaction would be classified.

Buying property in Halkidiki

Whether you are looking for a seaside apartment, a traditional village house, a private villa or a building plot, understanding the costs involved is an important part of planning your purchase.

If buying a property in Halkidiki is something you have been considering, now could be a good time to start exploring your options.  By our interpretation of the current draft, signing a preliminary purchase agreement before 1 July 2027 does not guarantee the current 3% transfer tax rate if the final purchase contract is signed on or after that date.  However, the proposed change are not expected to take effect until summer 2027, so there is still time to find the right property and complete your purchase before the new rules are implemented. 

Explore our latest Halkidiki property listings to discover the properties currently available for sale.  New properties are added to our website regularly so it is worth checking back to see the latest opportunities. 

At Halkidiki Real Estate, we follow developments affecting the Greek property market and international buyers. We will continue to monitor this proposed tax change and share further information as the rules become clearer.

Important note: This article is for general information purposes only and does not constitute legal or tax advice. The proposed tax change, its implementation and individual exemptions have yet to be confirmed.  Buyers should always consult with a qualified Greek lawyer before proceeding with a property purchase.