Bank of Greece figures on foreign investment in Greek real estate show which non-EU nationalities are most exposed to Greece’s planned 15% transfer tax on homes. In 2025 the largest non-EU inflows came from Turkey, Switzerland and Hong Kong, followed by Israel and the United States.
The tax itself was announced in early September. As announced, the residential transfer tax (φόρος μεταβίβασης) for non-EU individuals would rise from 3% to 15%, or from 3.09% to 15.45% including the municipal surcharge. Reports differ on the start date: earlier reports gave 1 January 2027, later ones 1 July 2027. The measure is announced, not legislated. It is expected to go into an omnibus bill for public consultation.
The numbers
The figures below are the Bank of Greece breakdown of 2025 foreign investment in Greek real estate by country. These flows cover all property types, not only homes.
| Non-EU source country | 2025 inflow | 2024 inflow |
|---|---|---|
| Turkey | €214 million | €293 million |
| Switzerland | €211 million | €238 million |
| Hong Kong | €115 million | €338 million |
| Israel | €88 million | €129 million |
| United States | €88 million | €131 million |
| United Arab Emirates | €67 million | not reported |
| United Kingdom | €63 million | not reported |
| China | €50 million | €33 million |
Source: Bank of Greece.
In total, third-country nationals invested €1.2 billion in Greek real estate in 2025, of which about €800 million went into homes, according to Bank of Greece data.
What is driving it
The Bank of Greece figures show non-EU investment concentrated in a few countries. Turkey and Switzerland each sent more than €200 million in 2025, and Hong Kong €115 million. Most of the countries listed invested less in 2025 than in 2024; China is the exception, rising from €33 million to €50 million.
The government’s stated aim is to cool housing demand from outside capital. Deputy minister Dimitris Markopoulos said the measure targets third-country nationals without long-term resident status. Finance minister Kyriakos Pierrakakis presented it as a brake on large-scale buying by investors from Turkey, China and Israel.
Exemptions narrow the target. As announced, the higher rate would not apply to EU/EEA citizens, long-term residents, diaspora Greeks, companies, or commercial and industrial property. The announcements do not say how Swiss buyers will be treated.
The cost gap is large. On a €400,000 home, tax would rise from €12,000 to €60,000. On a €1 million home, the extra cost is €120,000.
What it means for buyers
On the Bank of Greece figures, buyers from Turkey, Hong Kong, Israel, the United States, the UAE, the UK and China are among the non-EU groups the higher rate would reach, unless an exemption applies. Swiss buyers, the second-largest source in 2025, face uncertainty until their treatment is clarified. Non-EU buyers who complete before the start date would pay the current rate, but that date is not yet fixed. Buyers buying through a company, or holding long-term residence, appear to fall outside the measure as announced. The treatment of €250,000 Golden Visa conversions from commercial to residential use was still unresolved. Final wording will only be known once the bill is published.
Our view
The Bank of Greece figures broadly match the countries the minister named: Turkey is the largest non-EU source, and Israel and China are both in the list. But the same data shows sizeable flows from Switzerland, Hong Kong, the United States and the UK, so the tax would reach well beyond the three countries named. Because the Bank of Greece flows cover all property types and the measure excludes companies and commercial property, the exemption list will decide how much of the €800 million in residential inflows is actually caught.
Buyers should confirm how this applies to them with a Greek lawyer or accountant.
