Property in Athens for investors: three ways into the market and what each costs

An investor planning to buy property in Athens Greece in 2026 is entering a market that has been rising since 2018 and a tax system that is about to treat buyers differently depending on their passport. Prices are no longer the whole story. The route into the market, through a new building, an older flat or a converted one, decides how much tax is paid on the way in, what the flat costs to own year after year and how quickly it can be sold.

The Bank of Greece puts the yearly increase in Athens apartment prices at 5.0% for the second quarter of 2026, down from an average of 6.6% in 2025. Across Greece, new flats rose faster than older ones, 6.2% against 5.0%. That gap is one of the things an investor buys into when choosing a route.

New build: VAT suspended until the end of 2026

New homes in Greece are normally sold with 24% VAT. For several years developers have been allowed to suspend it, and Law 5246/2025 extended that option to 31 December 2026. When the developer uses it, the buyer pays the ordinary 3.09% transfer tax instead of VAT. The government has signalled that it wants a further extension, but nothing for 2027 has been legislated yet, so a contract signed in 2026 is the safe case.

The new-build listings in Athens are dominated by projects due in 2027. In Piraeus, a 159-unit complex with a pool 170 metres from the sea, due in late 2027, starts at €335,000 for one bedroom and €369,000 for two. A building on the first line of a Piraeus harbour, also due in 2027, sells one-bedroom flats from €302,000 with a 4% guaranteed yield. Developers' guarantees in the city range from 2% to 6% and usually cover the first two to four years.

Resale: a lower entry and a renovation budget

Older flats are taxed at the same 3.09% on the higher of the contract price and the state's objective value, and they often cost less per square metre than new stock. In Kipseli, a dense central district, two buy-to-let apartments in one building, 137 m² in total, are listed for €210,000 with a 4% yield. On the coast, a 118 m² three-bedroom flat with large verandas in Glyfada is offered for €800,000, and a 180 m² duplex with a private garden in Voula for €1.4 million.

A resale deal in Greece needs two documents that new buyers often overlook. The seller provides an engineer's certificate confirming that the property has no unauthorised construction, or that any has been legalised, and an energy performance certificate. Without them the notary cannot sign. Asking prices for older stock also vary more than for new buildings. A bright upper-floor flat with a lift and a view sells at a different level from a ground-floor unit in the same block, so the price per square metre of a whole street says little about a particular apartment. The buyer, in turn, should budget for renovation, since in blocks from the 1960s and 1970s the wiring, windows and bathrooms often need replacing.

Converted buildings: the route that qualifies at €250,000

The third route is a former office, shop or other non-residential building turned into apartments. In Attica it is the only way to obtain a golden visa for less than €800,000, which makes such projects a separate market with its own demand. Listings marked for a residence permit start just above that bar: a 109 m² apartment package in the Lofos Skouze area, for example, costs €261,000 with a 4.5% yield. One documented case from the Athens market is an investor who bought a flat in a former office building and received a residence permit within five months under the new rules.

The investor's checks here go beyond the flat. The change of use must be fully licensed, and the project must fit the legal category for the reduced threshold, or the residence permit will be refused even though the purchase itself is valid.

What the purchase costs on top of the price

On a €250,000 purchase, a typical published estimate of the fees looks like this:

Holding costs are modest. The annual ENFIA property tax ranges from about €2 to €16 per square metre depending on location, age and size. On exit, the 15% tax on capital gains from property is suspended for individual sellers until the end of 2026, as it has been for years, but no buyer should count on that continuing indefinitely.

The 15% question for buyers from outside the EU

The largest change on the horizon concerns nationality. In September 2026 the government announced that non-EU individuals buying homes would pay a transfer tax of 15% instead of 3%, or 15.45% with the municipal surcharge, from 1 July 2027. Commercial premises, land, long-term residents and Greek expatriates are expected to be exempt, and the measure is described as applying to individuals rather than companies, though the bill has not yet been published.

For an investor, the numbers decide the timing. On a €400,000 apartment the tax would rise from €12,360 to €61,800, a difference of €49,440, which is close to four years of rent at a 3% yield. Buyers from EU countries are not affected. Investors from outside the EU who are already considering Athens have until mid-2027, under the announced timetable, to complete at the current rate.

The Athens listings on Tranio separate new buildings, resale flats and residence-permit projects, and each card shows the completion date and any guaranteed yield, which is enough to sort an investment shortlist by route before speaking to a lawyer.

Athens rewards an investor who chooses the route before the apartment. A new build in 2026 still benefits from suspended VAT, a resale flat offers a lower entry with a renovation bill attached, and a conversion opens the permit for €250,000. For buyers from outside the EU, the calendar now matters as much as any of these.

Date: 27.10.2026