Greece Property Transfer Tax: How the 3.09% Is Calculated

The single largest tax paid when buying real estate in Greece is the 3.09% property transfer tax (title fee). Although this rate looks fixed and simple, what the tax is actually calculated on — the contract price, or a separate value set by the state — can surprise many investors. In this article we explain in detail how the 3.09% is made up, which value it is calculated on, the differences between new and resale properties, and the exemptions in force as of 2026.

Where Does the 3.09% Come From?

This rate is in fact the sum of two separate components:

The main title fee (FMA by its Greek abbreviation) is paid directly to the state, while the 0.09% surcharge goes to local municipalities. These two components are collected together as a single payment before the sale is completed.

What Is the Tax Calculated On? The Objective Value

The most critical and most misunderstood point here is which amount the tax is calculated on. The tax is calculated on whichever is higher: the price stated in the sales contract, or the "objective value" (αντικειμενική αξία) set separately for each region by the Ministry of Finance (AADE). The objective value is calculated from a pre-set table based on the property's region, size, floor, age and aspect, and is an official reference figure independent of the market price.

The practical result of this rule is that even if an investor declares an amount lower than the property's real price in the sales contract to reduce the tax burden, the tax is still calculated on the objective value if it is higher than the declared amount. In some popular, fast-appreciating areas the objective value can be below the market price; in such cases the investor may benefit from a lower tax base. It is therefore important to confirm a property's objective value through a lawyer or notary before purchase for budget planning.

Worked Examples

The table below shows the title fee expected at different investment tiers (assuming the contract price equals the objective value):

The Difference Between Resale and New-Build Properties

Transfer tax rules theoretically differ depending on whether the property is resale or new-build; however, a temporary measure in force as of 2026 has largely removed this difference:

Normally, new buildings that received a construction permit after 2006 are subject to 24% VAT. However, this VAT has been repeatedly postponed since 2020 and most recently extended until 31 December 2026. Therefore, if the developer opts for the VAT exemption, the buyer pays only the 3.09% transfer tax even for a new build. Whether this applies to each project should be clarified through a lawyer before purchase, since the VAT exemption is an option dependent on the developer's choice, not an automatic rule.

Is There an Extra Tax for Foreign Investors?

No, Greece applies no separate or higher transfer tax rate for foreign investors. A Golden Visa applicant pays the same 3.09% rate, just like a Greek citizen. Unlike the "foreign buyer surcharge" applied in some other European countries, this makes Greece a relatively transparent and predictable tax environment for foreign investors.

The Risk of Buying Through a Company

• The transfer tax must be paid before the sales contract is signed at the notary and the title is registered.
• Payment is usually coordinated through the lawyer or notary as part of the purchase process.
• If the property is bought in a company's name and the company's beneficial ownership is not fully disclosed to the Greek tax authorities, an annual 15% "Special Real Estate Tax" (SRET) risk arises; this is a recurring penalty tax entirely separate from the transfer tax.
• To avoid this risk, beneficial ownership should be declared transparently from the outset in company purchases.

Frequently Asked Questions

1. What exactly is the 3.09% transfer tax calculated on?
The tax is calculated on whichever is higher: the price stated in the sales contract, or the "objective value" set separately for each region by the Ministry of Finance (AADE). The objective value is an official reference table based on criteria such as region, size, floor and age, and is independent of the market price. This rule is applied to prevent attempts to reduce the tax base by declaring a low price in the contract.

2. If I buy a new-build, do I pay 24% VAT or 3.09%?
Normally, new buildings permitted after 2006 are subject to 24% VAT; however, this VAT has been repeatedly postponed since 2020 and is suspended until 31 December 2026. If the developer opts for the VAT exemption, the buyer pays only the 3.09% transfer tax even for a new build — this is the scenario actually encountered in most 2026 purchases. As this depends on the developer's choice, it should not be assumed automatically and must be confirmed per project through a lawyer.

3. Is there a higher tax rate for foreign investors?
No, Greece applies no separate or higher transfer tax rate for foreign buyers. A foreign investor applying for the Golden Visa pays the same 3.09% rate. However, if the property is bought through a company and beneficial ownership is not disclosed, a separate and much higher annual tax (SRET, 15%) risk can arise.

4. Can I benefit from the first-residence exemption as a Golden Visa investor?
Most likely no, or at least not automatically. The first-residence transfer tax exemption depends on conditions such as not owning another home and certain family circumstances, and is generally designed for those intending to actually settle in Greece. For most foreigners investing for the Golden Visa, benefiting from this exemption may not be possible in practice; your specific situation should be assessed separately with a lawyer before purchase.

5. When do I have to pay the transfer tax?
The transfer tax must be paid before the sales contract is officially signed at the notary and the title is registered; under Greek law this is a mandatory precondition for completing the transaction. The payment process is usually coordinated by the lawyer or notary. Investors should therefore have the transfer tax amount, in addition to the property price, ready before the transaction date.

Note: This article is for general information only and does not constitute legal or financial advice. As current regulations may change frequently, we recommend consulting a licensed immigration advisor or our law office before applying.