Property Transfer Tax Rise Threatens Non-EU Holiday Home Demand in Greece

by · Greek City Times

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A planned fivefold rise in Greece’s property transfer tax — from 3% to 15% — will hit demand for holiday homes among buyers from outside the European Union, market professionals warn. The change will not ease the housing shortage, they say, and comes as more foreign retirees look to settle in Greece on a permanent basis.

Holiday-home buyers also have a different profile from those active in the big cities, where Golden Visa reforms have already curbed speculative purchases.

Elxis – At Home in Greece, which markets holiday homes exclusively to overseas buyers, says that in 2024–2026 about 20% of completed purchases were made by non-EU buyers. Demand from third-country nationals was even stronger: 44% of expressed interest came from outside the EU, against 56% from EU countries.

George Gavriilidis, CEO of Elxis, said the firm’s main non-EU markets are the United Kingdom, where activity rose 20% between 2024 and 2026, and the United States, where it rose by about 30%. Australia doubled its share in a year and is now the third-largest non-EU market, alongside Switzerland and Israel. Interest from Israel has fallen sharply compared with 2024.

British buyers favour the Ionian Islands (24% of their purchases). Buyers from the United States and Canada lean towards Crete (28%) and mainland Greece (25%), with only 12% choosing the Ionian Islands. The Aegean draws similar interest from both the UK and US markets, at 19% each.

Almost two in five non-EU prospects (38%) say they have more than €400,000 to spend on a holiday home in Greece, compared with 24% of EU buyers. “People from third countries generally have larger budgets and often choose more expensive, higher-quality homes,” Gavriilidis said.

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