According to Mitsotakis, the high demand from citizens of other countries, in particular China, Turkey and Israel, although welcome, has significantly complicated the purchase of housing for the Greeks themselves. The new measure is designed to cool the interest of foreign investors and make the market more accessible to the local population.
This change will be a serious challenge for the participants of the Golden Visa program. For example, when buying a property worth 800,000 euros in Athens or Thessaloniki, the tax will increase from about 24,000 to 120,000 euros. The timing of the tax also coincides with the possible termination of VAT benefits for new buildings, which creates additional uncertainty for investors.
Market experts, in particular lawyer Alexander Risvas, criticize this initiative. They point out that the problem lies not so much in foreign buyers as in the structural shortage of affordable housing. More than a third of Greece's housing stock is empty or unused, and investment in construction is significantly lower than the European average. Tax increases, in their opinion, may block an important channel for returning abandoned buildings to circulation, especially in the framework of programs for the conversion of commercial real estate to residential.
Doubts are also expressed about the constitutionality of the future law. The principle of equal treatment, enshrined in the Greek Constitution and the European Convention on Human Rights, may be violated, as the tax burden depends solely on the nationality of the buyer. As an alternative, experts suggest not limiting foreign capital, but actively involving vacant real estate in the market.
The final tax parameters will be announced after the bill is published. The new rate is scheduled to be introduced in early 2027 (according to other sources, in mid-2027).
Source: IMI
