Non-residents invested a net €1.03 billion in Greek real estate in the first half of 2026, 9.5% more than a year earlier, according to Bank of Greece data. The half-year total is still 10.0% below the first half of 2024.
The Bank of Greece (the central bank) records these flows as foreign direct investment in Greek real estate. Its latest figures run to the second quarter of 2026. We covered that quarter in detail in our Q2 2026 report; this article looks at the half-year and the longer trend.
The numbers
| Quarter | 2024 (€ million) | 2025 (€ million) | 2026 (€ million) | 2026 vs 2025 |
|---|---|---|---|---|
| Q1 | 520.0 | 356.8 | 511.6 | +43.4% |
| Q2 | 622.1 | 581.5 | 515.8 | −11.3% |
| Q3 | 783.7 | 527.4 | – | – |
| Q4 | 824.5 | 590.0 | – | – |
| Period | 2024 (€ billion) | 2025 (€ billion) | 2026 (€ billion) | Change on a year earlier |
|---|---|---|---|---|
| First half (January–June) | 1.14 | 0.94 | 1.03 | 2026: +9.5% |
| January–September | 1.93 | 1.47 | – | 2025: −23.9% |
| Second half (July–December) | 1.61 | 1.12 | – | 2025: −30.5% |
| Full year | 2.75 | 2.06 | – | 2025: −25.3% |
Net flows by non-residents into Greek real estate. Quarterly figures from the Bank of Greece; half-year, nine-month and percentage figures are our arithmetic from the Bank of Greece data.
The first half of 2026 recovered part of the ground lost in 2025, but not all of it. The rise came entirely from the first quarter, which was 43.4% above a weak first quarter of 2025. The second quarter was 11.3% lower than a year earlier.
The two quarters of 2026 are almost the same size, at €511.6 million and €515.8 million. Both are below every quarter of 2024, the record year, when non-residents invested €2.75 billion.
The fall in 2025 was steepest in the second half. In January–September 2025, investment dropped 23.9% to €1.47 billion; for the full year it fell 25.3% to €2.06 billion.
Over the last four quarters, from Q3 2025 to Q2 2026, non-residents invested €2.14 billion. That is 4.3% more than in calendar year 2025.
What is driving it
The Bank of Greece series records the money that arrives, not the reasons for it. It does not split the quarterly figures by buyer nationality, property type or purpose, so it cannot show how much of the change comes from Golden Visa buyers, holiday-home buyers or investors.
Two policy changes frame the period. Law 5100/2024 raised the Golden Visa investment thresholds; our Golden Visa guide sets out the current rules. The proposed 15% transfer tax, described below, was published only in October 2026, after the period these figures cover.
What it means for buyers
Golden Visa buyers
Foreign money is arriving at about €500 million a quarter, below the 2024 pace. The data do not show how many of these purchases were made for a residence permit.
Rental investors and second-home buyers
The figures measure the money invested, not prices or rents. For price trends, see our Greece house prices page, which tracks the Bank of Greece apartment price index.
Buyers tax resident outside the EU and EEA
A bill tabled in Parliament on 3 November 2026, not yet law, would raise the transfer tax on homes to 15% of the taxable value for natural persons who are tax resident outside the EU and the European Economic Area (EEA), for final contracts signed from 1 July 2027 (articles 16 and 52 of the bill). It would not apply to buyers who qualify for the first-home exemption in article 42 of the Property Tax Code. Its public consultation ran from 18 October to 1 November 2026, and the bill is now before the Hellenic Parliament. The test is tax residence, not nationality. See our report on the bill.
How we got these numbers
All quarterly and annual figures come from the Bank of Greece table “Net Foreign Direct Investment in Greece: Real Estate” (€ million), in its direct investment flow statistics, with data up to Q2 2026. The file was last updated on 30 September 2026. Half-year, nine-month and four-quarter totals and all percentage changes are our arithmetic from the unrounded quarterly figures. The Bank of Greece revises earlier quarters, so figures may change in later releases.
Buyers should confirm how this applies to them with a Greek lawyer or accountant.
Sources
- Bank of Greece: direct investment flows
- Bank of Greece: non-residents’ direct investment in Greece in real estate, annual and quarterly data (XLS)
- Hellenic Parliament: text of the bill tabled on 3 November 2026, articles 16 and 52 (Greek)
- Hellenic Parliament: bill “Strengthening disposable income, savings and investment”, tabled 3 November 2026
