Foreign investment in Greek Real Estate rebounds 43.4% in Q1 2026

In the first quarter of 2026, foreign direct investment in Greek real estate reached €511.6 million, up 43.4% compared with the corresponding quarter of 2025.

This performance is particularly significant for a market that experienced a decline in 2025. Following a historic high of approximately €2.75 billion in 2024, non-resident investment in real estate fell to around €2.06 billion in 2025, as a significant portion of demand had been brought forward ahead of changes to the investment thresholds for the Golden Visa programme.

Data from the Bank of Greece now point to a renewed increase in capital inflows. The central bank includes real estate investment in foreign direct investment and publishes separate quarterly data on non-resident investment in the Greek real estate market.

From Golden Visa to “Conventional” Real Estate

The most significant change, however, concerns not only the volume of capital but also the profile of foreign buyers. Interest is growing among investors who are not purchasing property solely to obtain a residence permit, but rather for long-term ownership, personal use, renovation and exploitation of the property. Particularly strong interest is being recorded among US buyers, with areas such as Koukaki, Pangrati and the Athens Riviera at the centre of attention.

This development is gradually shifting the focus of the discussion from “how many Golden Visas were issued” to where foreign capital is being directed and what types of properties investors are seeking.

At the same time, according to data cited by industry professionals, in more than one in three markets monitored by real estate professionals, foreign buyers account for more than 30% of transactions. Part of this demand relates to investments that are not linked to a residence permit programme.

Property Conversions in the Spotlight

The €250,000 route through the conversion of properties into residential use is also gaining significant momentum. Under the current framework, investors can obtain a Golden Visa with a minimum investment of €250,000 when the investment concerns a property whose principal areas are converted into residential use.

This category creates an alternative investment route in Athens, allowing commercial and other properties to be repurposed and converted into residential stock.

Interest in these investments appears to be increasing, as they combine a lower entry threshold with access to central areas of Athens and, subject to the applicable requirements, eligibility for the Golden Visa scheme.

What the Property Transfer Tax Means

Looking ahead, the tax framework is also expected to play a key role in investor behaviour. Greece’s property transfer tax currently stands at 3% of the taxable value, according to the Independent Authority for Public Revenue (AADE).

The prospect of changes to the regime could provide a short-term incentive to bring transactions forward, as investors already in the process of purchasing property may have an incentive to complete transfers before any potential changes take effect.

Over the medium term, however, the impact on the market will depend on the final legislative framework and, in particular, on whether the conversion of commercial properties into residential units that increases the available housing stock will receive preferential treatment.

Meanwhile, the residential property market continues to record price increases, albeit at a slower pace than in previous years. In the second quarter of 2026, apartment prices rose 5.5% year-on-year, while in Athens the increase stood at 5.0%.

The result is a market where foreign capital is returning, but investors are now seeking more than a residence permit: locations with growth prospects, properties that can be upgraded, rental income and long-term capital appreciation. This development is creating a new balance in the Greek real estate market, in which the Golden Visa remains an important factor but is no longer the sole explanation for international demand.