Greece’s 15% Property Transfer Tax and What It Means for Australians

Buying property

5 Nov

Updated November 2026

If you've ever sat at a Greek-Australian kitchen table, you've heard the conversation. Someone pours the good ouzo, someone else mentions the house in the village, and before long the whole family is planning to "buy something back home one day." For a lot of us, that day is about to get more expensive. Greece's property transfer tax, the one-off tax a buyer pays when a home changes hands, is set to rise from around 3% to around 15% for buyers who live outside Europe. Australians are squarely in that group, and the bill that reached the Greek Parliament this week has a detail that matters a great deal to anyone holding a Greek passport in Sydney, Melbourne or Adelaide. If you're still at the dreaming stage, start with our guide to buying property in Greece from Australia, then come back here for the new numbers.

Quick answer
From 1 July 2027, Greece plans to raise the transfer tax on home purchases from 3% to 15% (about 15.45% once the municipal surcharge is added) for individuals who are tax residents of countries outside the EU and the European Economic Area. Australia is one of those countries. Buyers who qualify for Greece's first-home exemption are excluded. The bill was tabled in the Greek Parliament on 4 November 2026 and still has to pass a vote.

What is the property transfer tax in Greece?

When you buy property in Greece, you (the buyer) pay a one-off tax called the transfer tax, or fóros metavívasis (φόρος μεταβίβασης). Think of it as the Greek version of stamp duty. You pay it once, at the point of purchase, before the notary signs off on the sale.

Right now the rate is 3%. It's charged on the purchase price or the property's "objective value," whichever is higher. Objective value is the government's own valuation of a property, worked out from a formula based on location, size and age, and it exists so nobody can dodge tax by declaring a suspiciously low price. On top of the 3%, there's a municipal surcharge of 3% of the tax itself, which is where the familiar figure of 3.09% comes from. On a €250,000 apartment, that works out at €7,725. Anyone who has paid stamp duty in Australia will recognise that as a gentle number.

The Greek tax office, known as AADE (the Independent Authority for Public Revenue), sets out the current rules on its real estate transfer tax page.

What's changing on 1 July 2027?

Prime Minister Kyriakos Mitsotakis announced the increase in September 2026 at the Thessaloniki International Fair, the annual event where Greek governments unveil their economic plans for the year ahead. The first reports gave a start date of 1 January 2027. After pushback from the property sector, the government moved it to 1 July 2027, and Finance Minister Kyriakos Pierrakakis has stressed that date publicly.

The measure was folded into a large omnibus bill (one bill carrying many unrelated measures) that went to public consultation in October. That bill was submitted to Parliament on 4 November 2026. According to ERT's report on the tabled bill, the higher rate applies to final contracts signed from 1 July 2027. You fall under it if three things are true:

You're buying a home. Commercial premises, plots of land and industrial buildings stay at the current rate.
You're buying as a private person. Purchases made through a company are outside the measure.
You're a tax resident of a country outside the EU and EEA. In plain English, you live and pay income tax somewhere like Australia, the UK, the US or Canada. The EEA adds Norway, Iceland and Liechtenstein to the EU's 27 countries.

What the jump looks like in euros

€150,000 home. €4,635 today. €23,175 from July 2027. An extra €18,540.
€250,000 home. €7,725 today. €38,625 from July 2027. An extra €30,900.
€400,000 home. €12,360 today. €61,800 from July 2027. An extra €49,440.
€800,000 home. €24,720 today. €123,600 from July 2027. An extra €98,880.

These figures use the combined rates of 3.09% and 15.45%. Remember the tax is calculated on the price or the objective value, whichever is higher, so a bargain price won't always mean a smaller bill.

Why is Greece doing this?

The government's stated reason is housing. Prices and rents in Athens, Thessaloniki and the popular islands have climbed fast, and permanent residents are being squeezed out of their own neighbourhoods (we've written about what that looks like in Athens gentrification and the cost of cool). To Vima reports that buyers from outside the EU invested €1.2 billion in Greek real estate in 2025, according to Bank of Greece data, with about €800 million of that going into homes. The higher tax is meant to slow that demand.

Does the 15% tax apply to Greek-Australians?

This is the question I've been asked most since the announcement, and the answer has shifted over the past two months.

Back in September, government spokespeople said omogeneís (ομογενείς, Greeks of the diaspora) and long-term residents would be exempt, and most early coverage described the tax as applying to citizens of non-EU countries. Under that reading, a Greek-Australian with a Greek passport looked safe.

The bill as tabled is worded differently. Greek media reporting on it, including ERT and Proto Thema, describe the 15% rate as applying to individuals who are tax residents of countries outside the EU and EEA. Tax residence is about where you live and pay income tax, and it has nothing to do with which passports you hold. If you live in Australia and lodge your tax return with the ATO, you're almost certainly an Australian tax resident, even if you were born in Thessaloniki.

So the Greek passport in your drawer may not shield you on its own.

Where the first-home exemption comes in

The tabled bill excludes buyers who qualify for Greece's existing first-home exemption, which is a long-standing rule that lets eligible people buy their main residence without paying transfer tax up to a set value. According to AADE, the exemption covers Greek citizens, EU and EEA citizens and a few other groups, provided:

You don't already own a suitable home in a municipality of more than 3,000 people (and neither does your spouse or your minor children).
The property is within the value limits. €200,000 for a single buyer, €250,000 for a married buyer, plus €25,000 for each of the first two children and €30,000 for each child after that. Anything above the limit is taxed.
You live permanently in Greece, or you settle there within two years of buying.

That last condition is the one that matters for most of us. If you're moving to Greece, the exemption may well cover you. If you're buying a holiday place on an island while you keep living and working in Brisbane, it almost certainly won't.

Who looks likely to pay, and who doesn't

Likely outside the 15% rate

Buyers who are tax resident in the EU or EEA. A Greek-Australian who has moved to Athens and files Greek tax returns, or your cousin in Germany.
Buyers who qualify for the first-home exemption, which in practice means settling in Greece.
Companies, and anyone buying commercial property or land.

Likely caught

Australian-resident buyers purchasing a holiday home or investment flat in their own name, with or without a Greek passport.
Australian Golden Visa buyers. The Golden Visa is a Greek scheme that gives you a residence permit if you buy property above a set price. The 15% sits on top of those minimum spends (€800,000 in Athens, Thessaloniki and the bigger islands, €400,000 elsewhere, and €250,000 for converted commercial buildings, which we cover in the €250,000 residency tier).

A word of caution here. This section is based on news reports of the bill and on AADE's current rules, and nobody outside the ministry has the final, voted text yet. It's still unclear how the September promise about omogeneís has carried through, and how terms like "long-term resident" will be defined. If you're anywhere near signing, a Greek property lawyer is worth every euro.

What about inherited property?

Transfer tax applies when you buy. If you inherit yiayiá's house, or a parent gifts you a flat, that falls under Greece's separate inheritance and gift tax rules, and it isn't part of this change. Our guide to inheriting property in Greece from Australia walks through how that process works.

Could the law still change before July 2027?

Yes. The bill hasn't been voted on, and Greece's parliamentary term runs out in spring 2027, so a general election falls between now and the start date (if you hold Greek citizenship, here's how to vote in Greek elections from Australia). Lawyers quoted by IMI Daily point out that a future government could keep it, soften it or take it somewhere else entirely.

There's also lobbying underway. Property groups have asked for converted commercial buildings (the €250,000 Golden Visa route) to be carved out or taxed at a middle rate, with 8% floated. Some commentators have also suggested limiting the higher rate to Athens and Thessaloniki. None of that has been agreed.

Cycladic Spaces tip: plan around the rules as they stand in the tabled bill, and treat anything kinder as a bonus if it arrives.

How to plan a Greek property purchase around the deadline

The good news is that you have time. The catch is that Greek property purchases are slow, and the date that counts is later than most people expect.

The final contract is what counts. In Greece, a sale is complete when the final contract (oristikó symvólaio) is signed before a notary and registered. A deposit or a preliminary contract (prosýmfono) doesn't transfer ownership, and lawyers are advising buyers not to assume a preliminary contract signed before July 2027 will lock in the old rate.
Start the admin now. You'll need a Greek tax number (AFM), a Greek bank account, a lawyer, title checks through the Hellenic Cadastre (the national land registry) and a notary booking. Our Greek admin setup guide for Australians covers the first steps. On islands, where titles can be tangled across three generations of cousins, give yourself months, not weeks.
Sort your citizenship if you're entitled to it. A Greek passport may not exempt you from the 15% on its own, but it's one of the routes into the first-home exemption if you're planning to move. Here's how to get Greek citizenship by descent from Australia.
Get tax advice if you're relocating. Becoming a Greek tax resident changes far more than your transfer tax bill, so talk to an adviser in both countries before you plan a move around it.
Budget for 15.45% as your worst case. If the final law turns out kinder, you'll have money left over for furniture.

Two related measures sit in the same bill. The suspension of 24% VAT on new-build homes and the suspension of capital gains tax on property sales have both been extended to 31 December 2027, which is useful if you're comparing a new apartment with an older one.

Frequently Asked Questions

What is the property transfer tax rate in Greece?
Today it's 3% of the purchase price or the property's objective value, whichever is higher, plus a municipal surcharge that brings the total to 3.09%. From 1 July 2027, Greece plans to raise it to 15% (about 15.45% in total) for individuals buying a home who are tax residents of countries outside the EU and EEA.

When does the 15% transfer tax in Greece start?
The planned start date is 1 July 2027. It was first announced for 1 January 2027 and pushed back six months. Reporting on the tabled bill says the higher rate applies to final contracts signed from 1 July 2027, so the date of the notary's final contract is what matters.

Do Australians have to pay the 15% transfer tax in Greece?
Most Australians buying a Greek home in their own name while living in Australia will pay the higher rate, because Australia is outside the EU and EEA. The main exception is buyers who qualify for the first-home exemption, which generally requires you to live in Greece or settle there within two years.

Does a Greek passport exempt me from the 15% tax?
Possibly not. The bill as reported targets tax residents of non-EU countries, so a Greek-Australian who lives and pays tax in Australia may be caught despite holding Greek citizenship. Greek citizenship does help you qualify for the first-home exemption if you're moving to Greece. Check the final law with a Greek lawyer.

Is the 15% property transfer tax law yet?
No. The measure is part of an omnibus bill submitted to the Greek Parliament on 4 November 2026. It still needs to be voted on, and a general election is due by spring 2027, so details could change before 1 July 2027.

Does the 15% transfer tax apply to inherited property in Greece?
No. Transfer tax applies to purchases. Property you inherit or receive as a gift falls under Greece's separate inheritance and gift tax rules, which aren't part of this change.

Will a preliminary contract signed before July 2027 lock in the 3% rate?
Don't count on it. Ownership in Greece transfers when the final contract is signed before a notary and registered, and no transitional protection for preliminary contracts has been reported. Aim to have the final contract signed before 1 July 2027.