22.10.2026
Best Islands to Retire in Greece
Based on recent data of ours, almost one in three buyers (30.8%), mainly retirees, from abroad are looking for a property in Greece for a permanent residence.
Market Insights
How a property's value is calculated in Greece is being modernised. For anyone buying a home here, that means more transparency over what your property is worth, and more consistent rules for the taxes based on that value. Here is what is changing, and what it means for you as a buyer.
Why This Matters If You Are Buying in Greece
When you buy a property in Greece, the transfer tax is calculated on the property's value, and that value is the higher of the purchase price or the property's "objective value." So how the objective value is set has a direct effect on what you pay. Clearer, more consistent valuation rules mean you can be confident the tax is appropriate for the property. For investors, better valuation data also makes for more informed decisions.
What is "Objective Value"?
The objective value is the tax office's own estimate of what a property is worth, based on set criteria rather than the actual sale price. When you buy, the transfer tax is charged on the purchase price or the objective value, whichever is higher. The current transfer tax rate on an existing home is 3.09%* of that value.
*Important update: The Greek Prime Minister, Kyriakos Mitsotakis, has announced that the property transfer tax for purchases by non-EU citizens is set to rise to 15%, with the change expected to apply from 1 January 2027. The implementing legislation has not yet been published, so the final scope, including how it may treat plots of land and commercial property, is not yet confirmed.
What is Changing
Greece is reforming how objective values are set, with the broad aim of bringing them closer to real market values and making the whole system more transparent. Two developments stand out. The first is a move towards a digital property value registry, through the valuemaps.gov.gr platform, intended to make valuation data available online. The second is that the official zone values, which sit at the heart of every objective value, were revised in 2025 and apply to 2026 taxes, with adjustments up or down depending on the area to better reflect current conditions. For buyers, the direction of travel is positive: a more digital, more transparent system that should make property values easier to understand and harder to dispute.
What Determines a Property's Value
These are the kinds of factors that feed into a valuation. It is not an exhaustive list, and the exact weighting varies.
Location
Usually the single biggest factor. Properties in tourist areas or near the coast tend to be worth more, while remote locations carry lower values.
Size and Usable Space
The floor area, layout, the floor an apartment sits on, recent maintenance, and whether it is furnished all play a part.
Age and Condition
Newer properties generally carry higher values, and older ones lower, though a well-renovated older home can be worth considerably more than a comparable un-renovated one.
Renovation and Development Potential
Whether you can extend the floor space, add a storey or a pool, can lift a property's value, as buyers pay for the ability to adapt a home. In Greece, the scope to extend can be limited by planning and forest regulations, so this is worth checking.
Why the Selling Price Differs From the Objective Value
The objective value is a formula-based figure, so it rarely matches what a property actually sells for. Several things drive the difference.
Supply and Demand
In a seller's market, where demand outstrips supply, prices rise, and homes sell quickly. In a buyer's market, the reverse. Across much of Greece's popular areas, demand has been running ahead of supply for several years, which has pushed prices up.
The Current Market Trend
Greek house prices have continued to climb, though more gently than during the post-2021 surge. According to the Bank of Greece, residential prices rose by around 7 to 8% in 2025, down from the double-digit growth of 2022 and 2023. The pace has been more moderate in Athens, at roughly 6%, and stronger in Thessaloniki and several smaller cities, at around 8 to 10%.
Financing Conditions
Interest rates and lending conditions affect what buyers can afford and how willing banks are to lend, which in turn feeds into demand and prices.
Comparable Sales
One of the most reliable ways to gauge a home's market value is to look at recent sale prices of similar nearby properties, often called "comparables" or "comps." An agent or valuer will use these to assess a property.
Conclusion
The objective value sets the floor for the tax you pay, while the market sets the price you actually pay, and the two are rarely the same. With the valuation system becoming more digital and better aligned with the market, both should get easier to understand. If you would like help making sense of a specific property's value and the costs around it, we are glad to assist. We've been guiding international buyers to their ideal home in Greece since 1991. You are welcome to speak with us for a no-obligation consultation.
Disclaimer: This article is for general information only. Property values, taxes, and regulations change, and individual situations vary. We recommend consulting qualified legal and tax professionals before making any decisions.
