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Greece to Hike Property Tax for Foreign Buyers, Impacting Israelis
Greece will raise taxes on foreign residential property buyers from 3.09% to 15.45%, impacting Israelis who frequently invest in the country. Prime Minister Kyriakos Mitsotakis initiated the reform to ease domestic market pressure.
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What happened
- 01Greece will increase property taxes for foreign buyers from 3.09% to 15.45% starting July 1, 2027.
- 02The tax hike aims to reduce price pressure in the Greek real estate market for locals.
- 03Israeli buyers, even with European passports, will face the higher rate if they are Israeli tax residents.
- 04The new tax applies only to residential properties, not commercial or industrial real estate.
- 05Purchasing a €800,000 property in Athens will now cost €120,000 in taxes, up from €24,000.
- 06Ethnic Greeks and long-term residents are exempt from the increased tax.
The new rates, effective July 1, 2027, will apply based on tax residency, not nationality, and significantly increase costs for "golden visa" applicants.
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