New dynamics are emerging for the Golden Visa program — and for foreign investment in the Greek real estate market as a whole — following the government’s announcement to raise the property transfer tax from 3% to 15% for purchases made by non-EU citizens. The measure, set to take effect on July 1, 2027, can also be read as a direct brake on the intense activity of Turkish investors in the domestic market. Indicatively, Turkish investment in Greek real estate surged from €107 million in 2023 to €293 million in 2024, remaining elevated in 2025 at €214 million.
Through this new intervention, the government aims to curb a portion of foreign demand that it believes has contributed to rising residential property prices — particularly in areas where Greek households are increasingly struggling to buy a home. In the market, however, concern runs deep, as such a steep increase in transaction costs is expected to influence the decisions of international buyers and potentially reduce the flow of foreign capital into Greek real estate.
A slowdown and new deterrents
The Golden Visa program has already been losing momentum. In the first half of 2026, 2,551 new initial residence permit applications were submitted, compared to 4,553 during the same period in 2025 — a drop of approximately 44%. Based on this first-half trajectory, the full-year decline in new applications could exceed 50%.
This slowdown is largely attributed to changes already introduced to the minimum investment thresholds. In this context, the increase in the property transfer tax could serve as a second major deterrent for non-EU investors, given the significant difference in cost. For a property purchase worth €800,000, for example, a 3% tax equals €24,000, while at 15% it jumps to €120,000 — an additional burden of €96,000. Similarly, on a €400,000 transaction the difference between the two rates amounts to €48,000, while on a €250,000 purchase it reaches €30,000. These are, of course, indicative calculations, as the final cost for each investor will depend on exactly which transactions fall under the new regulation.
At the same time, data on net foreign direct investment in real estate highlights both the significant weight of capital from non-EU countries and the notable retreat already recorded in 2025. In 2023, total net foreign direct investment in real estate reached €2.133 billion, of which €1.478 billion came from countries outside the EU. In 2024, the market posted strong growth, with the total rising to €2.750 billion and non-EU investment reaching €1.754 billion.
In 2025, however, the picture shifted. Total net foreign direct investment in real estate fell to €2.056 billion — a decline of approximately 25% compared to 2024. The drop was even steeper for non-EU capital, which fell from €1.754 billion to €1.217 billion, marking a decline of more than 30%. Despite this contraction, nearly six in every ten euros of foreign direct investment in Greek real estate in 2025 still originated from outside the European Union, underscoring just how significant this buyer category remains for the Greek market.
Switzerland, Israel and China
A country-by-country breakdown also makes for interesting reading. Turkey, as noted, grew from €107 million in 2023 to €293 million in 2024, and remained at elevated levels in 2025 with €214 million. Switzerland followed with €211 million in 2025, down from €238 million in 2024 and €271 million in 2023. By contrast, Hong Kong recorded a particularly sharp decline, falling from €338 million in 2024 to just €115 million in 2025. Israeli investment came in at €88 million, down from €129 million the previous year, while the United States also registered €88 million, compared to €131 million in 2024. On the other end of the spectrum, China increased its presence from €33 million in 2024 to €50 million in 2025, while Egypt pulled back from €37 million to €26 million.
Published in “Kyriakátiki Apogeymatini”
