Dr Elvi Stassinou Law Firm Golden Visa Law

15/03/2026

AADE is calling on 7 million owners to check and, if necessary, correct the picture of their property situation.

As they say from the tax administration, we are entering a new digital age for real estate. The new Real Estate Ownership Register of AADE is not just a record, it is the digital footprint of property in Greece, a key tool for rationalising taxation, tackling undeclared property and formulating an effective housing policy.

For the first time, the state will gain a single, complete and reliable picture of the real estate situation in Greece.
Extensive crossovers have already begun between the declarations in E9 and the cadastral data, based on the KEEK (Code Number of the National Cadastre). Upon completion of the processing, owners will receive notifications in order to review the information declared and, where necessary, update or supplement it.

Everything related to the property will be included in the new Register. The type (house or plot), location, surface, use, electrification, rental, residential or unusable, will all be accurately captured. In addition, it will incorporate critical elements to make the necessary intersections.

After the end of the processing of the data, a message will be sent to the property owners to proceed to check the declared data and, in some cases, to fill in information that does not exist either in the VAT or in the cadastre.

It is noted that the file for each property will include all the information about the taxpayer's properties from their basic characteristics, such as type of property, surface, location, floor, electrified, unfinished, if vacant, leased or free of charge, the Property ID Number ATAK (ATAK), the Code Number of the National Cadastre (EIA), data from the National Land Registry, insurance contracts to any pending lawsuits and town planning permits from the Technical Commission of Greece.

In cases where properties are found that have never been declared, for example, to the tax office but only to the cadastre, audits will be initiated by the AADE.

This is because since it has not been declared in E9, no ENFIA or previous taxes have ever been paid on immovable property (VAPP, ETTAK, YETI).

The fines will be more severe, according to the tax administration. On the other hand, there will be no fines for small disputes. As indicated by AADE, the intersection of the data with the cadastre will lead to clarification of the situation for each property.

04/03/2026

Easier transfers of real estate with weights
Debt will be withheld from the price.

The new framework promoted by the Independent Public Revenue Authority facilitates property transfers and the settlement of tax arrears with simpler and faster procedures.

The possibility of selling real estate, the owners of which have debts or have not paid inheritance tax, provides for a draft law.

Thus, AADE will lift the seizure if a percentage of the price is withheld in order to cover the debts. In the event that inheritance or donation tax is due, the notary will withhold the amount due and return it to the State.

Also, in order to reduce transfer costs, the mandatory drawing up of a topography for real estate in areas within a plan with a certified implementing act is abolished.

The Independent Public Revenue Authority will proceed with the removal of the seizure of real estate that the debtor wishes to sell, in accordance with a provision contained in the government's draft law that was put to public consultation. A necessary condition is that a percentage of the price (25%) must be withheld and assigned by the notary to the Greek State.

At the same time, the draft law aimed at reducing red tape and serving the public in transactions with the State also includes the sale of property that originates from inheritance without paying the relevant tax, if the debtor is unable to pay it.

In accordance with Article 18 of the draft law, the tax administration, at the request of the debtor, issues a decision to lift the seizure imposed on his property for ascertained debts to the tax administration, with a view to transfer, provided that the following conditions are met cumulatively:

1. The conditions for providing proof of information or proof of debt are fulfilled at the time of release.

2. The price of the transfer cannot be less than the commercial value of the property as determined at the time of the seizure.

3. When the commercial value of the property is below its objective value, the objective value shall be taken into account. If the seizure has been imposed more than five years before the application was made, the debtor shall provide a report on the assessment of the commercial value of the property to be transferred by an independent certified appraiser.

4. From the price of the transfer, an amount corresponding to a percentage of the total current balance of the imposed seizure is withheld and assigned by the notary to the tax administration.

5. The withholding rate shall be determined on the basis of criteria of tax consistency of the debtor and the recoverability of the remaining debt; and In addition, it is possible to repay the inheritance tax from the transfer price of the property. In any case, it cannot be less than 25%.

6. If the amount resulting from the withholding is greater than the amount of the withholding, the greater amount shall be withheld and paid for the relief of the seizure.

7. In the event that the amount of the withholding exceeds the price as determined, the entire price is withheld and remitted and the seizure is lifted for the transferred property.

8. At the time of release, there are no burdens in favour of other lenders on the property to be transferred.

9. If all of the claimed overdue debts have been fully secured by guarantees or collateral, the condition according to which the withholding rate is determined on the basis of criteria of fiscal consistency of the debtor and the collectability of the remaining debt is not required and in any case may not be less than 25%.

Therefore, if the conditions are met, the tax administration will immediately issue a decision to lift the seizure. Another important aspect of the new bill concerns those who inherit property and are unable to pay inheritance tax. In particular, the provision provides for the possibility of payment of inheritance tax upon the transfer of the inherited property.

Today, those who are unable to pay inheritance tax cannot sell their property. Under the new arrangement, the tax will be able to be paid from the transfer price, which will also be automatically assigned by the notary to the tax office. However, there are also significant changes in transfers, as the procedures are greatly simplified, with the time to complete the contract taking less time than in the past.

The draft law stipulates that notaries will interconnect with the TEE for the electronic building ID and the AADE for tax exemption cases, submit the transfer tax returns and pay the corresponding amounts.

The various expenses and the fee for drawing up the contract will be paid into a special, unseized account, from which the notaries will make the payments, with a corresponding increase in their remuneration for the additional services they will provide. With the application of the regulation, the parties will only be present for the signing of the contract.

Another important cost-limiting change in real estate transfers is the removal of mandatory surveying for real estate transfer contracts in areas within a plan with a ratified implementing act.
If the property is located in an area with a ratified and transferred application act and cadastre in operation, it is unnecessary to draw up a topographic diagram by a private engineer, because the cadastral sheet also has a topographic diagram, while the building conditions and other critical elements for buildings arise from the electronic building identity.

28/12/2025

Seven million property owners registered with the Independent Authority for Public Revenue will be called to declare the use of the properties they own.

The government is preparing to pump hundreds of millions of euros in subsidies into the market to boost property supply by opening up "closed" flats, yet in reality, there is absolutely no reliable record—neither of the number of these closed properties nor, of course, of their locations.

The final stretch is now underway for the largest property census since the founding of the Greek state. By January, ministerial decisions will be issued, and subsequently, seven million property owners will be required to declare the use of their properties and cross-reference them in the tax authority’s electronic asset registry with those registered in the Land Cadastre. This census is the decisive step for the Property Ownership Registry, which will give the Independent Authority for Public Revenue (IAPR) a complete picture of real estate assets, enabling them to verify the income generated from them.

Under the weight of revelations about widespread illegal activities linked to Greeks' real estate—from flats worth hundreds of thousands of euros being rented out for as little as €20 a month, to farmland registrations and deregistrations in the E9 system to fraudulently claim subsidies—the economic team is accelerating procedures for the first comprehensive property census in the country’s history. Final decisions on the processes to be followed will be made at the start of the new year, as government sources emphasise that property owners will need to be involved to complete the project. Ministerial decisions to be issued immediately after New Year’s will outline the details, aiming to give the country a complete database that records not only property ownership details but also how they are used. The problems caused by the lack of such a registry have been starkly highlighted over this period. It’s worth noting that the government

The procedures will be simplified. The plan is expected to be completed within the first three months of the new year.

is preparing to pump hundreds of millions of euros in subsidies into the market to boost property supply by opening up "closed" flats, yet in reality, there is absolutely no reliable record—neither of the number of these closed properties nor, of course, of their locations.

The law paving the way for the census—and detailed recording—of real estate assets has already been passed, and what remains is the issuance of the implementing ministerial decisions, something the Ministry of Finance and the involved IAPR want to "push through" in January. These decisions will also determine the content of the information that property owners will be required to provide. As competent sources point out, the goal is for the process to be simplified and completed within a short timeframe, given that we’re talking about over seven million owners—7.1 million individuals and 83,000 businesses pay ENFIA (property tax)—with around 20 million property rights. According to reports, the IAPR is focusing on asking owners to carry out two key tasks:

1. To declare the use of the properties they allegedly own. That is, to inform the tax authorities whether their property is owner-occupied, used for personal needs (e.g., holiday home, secondary residence), closed, or rented out. Currently, this information is not easily retrievable from tax returns, leading to rampant tax evasion: properties declared as closed are rented out, and detecting this requires cross-referencing with electricity consumption (note: this information is provided to the tax authorities by DEDDIE, the Hellenic Electricity Distribution Network Operator), while supposedly owner-occupied properties are also used to generate rental income without any lease agreement being submitted.

2. To proceed with cross-referencing the properties listed in the tax authority’s electronic asset registry with the corresponding details declared in the Land Cadastre. It’s an open secret among property owners, notaries, and lawyers dealing with real estate that the same property can show a different area in the E9 system (e.g., because semi-outdoor spaces were regularised and declared to pay the corresponding ENFIA) and a different one in the Land Cadastre, simply because the owner failed to update the latter. The cross-referencing process will follow the same "recipe" used for insured properties. That is, the owner will see the information coming from the Land Cadastre and match it with that in the electronic asset registry, i.e., the E9.

Announcements regarding the launch of the electronic census process to bring the famed "MIΔA" (Property Ownership Registry) to life are expected in January, while the Ministry of Finance plans to give citizens a three-month window to comply with the "invitation." Completing this project is considered of major importance, as it will provide the tax authorities with audit capabilities that currently either take a long time to implement or are not possible at all. Once MIΔA is completed, the IAPR will automatically be able to:

1. Compile a list of properties declared as closed. Cross-referencing with electricity consumption will expose false declarations.

2. Obtain, for the first time, a picture of taxpayers' primary residences. Valuable information for tax authorities, as it is linked to tax exemptions and social benefits.

3. Clarify the landscape of agricultural plots, as MIΔA will henceforth serve as the "basis" for granting agricultural subsidies, the responsibility for which has already been transferred to the IAPR.

4. Cross-reference declared rents with property values to highlight blatant cases of underreported rents.

5. Investigate cases of free property transfers, which also fall under the law on minimum presumed rent, depending on the familial relationship between the person transferring the property and the recipient.

25/12/2025

29/10/2025

Housing prices haven’t hit the ceiling yet
Bank of Greece sees further price hikes due to supply-demand imbalance

Low supply relative to demand stems from the investment exploitation of housing, the withdrawal of properties destined for auction, and the decline in newly built homes between 2010-2020, the Bank of Greece notes in its report.
Property sale prices in the Greek housing market will continue their upward trend in the near future, as demand—both from Greeks and foreigners—remains strong, while the stock of available homes is limited. This assessment is made by the Bank of Greece in its Financial Stability Report, where it also warns of an "emergence of accumulating cyclical systemic risks" for the economy. Regarding supply, the BoG notes that "it is low relative to demand due to the investment exploitation of housing, the withdrawal from the market of properties intended for auction, and the reduction in newly built homes between 2010-2020, which has not allowed for the smooth replenishment of stock." The BoG highlights a worsening housing crisis, as last year housing costs absorbed 35.5% of disposable income, primarily due to high sale prices and rents.

The housing problem in Greece has intensified significantly, the Bank of Greece (BoG) states in its recent financial stability report, noting that housing costs as a percentage of disposable income reached 35.5% in 2024. This development is attributed to rising property prices and rents, combined with increased property taxation and higher operational costs. The BoG even speaks of an "emergence of accumulating cyclical systemic risks" for the economy, though it does not yet raise concerns about financial stability—especially given the low level of mortgage loan disbursements.

Based on available data, mortgage disbursements (for residential properties) amounted to €819 million in the first half of this year, marking a 38% increase compared to the same period last year, when the figure did not exceed €593 million. Notably, a significant portion of domestic demand involves purchases without bank intermediation, i.e., without mortgage financing. However, despite this increase, new mortgage approvals—even with the contribution of the "My Home II" programme—remain very low compared to the pre-economic crisis period. This is observed even though, since 1 January 2025, lending criteria have been relaxed, allowing financing up to 90% of the property’s value for first-time buyers (and up to 80% for non-first-time buyers).

According to the BoG, property prices in the Greek market show no signs of slowing down and are expected to continue rising in the coming period, as long as strong demand from both domestic and foreign buyers persists while the stock of available homes remains limited. Specifically, regarding supply, the BoG notes that "low supply relative to demand is a result of the investment exploitation of housing, the withdrawal from the market of properties securing non-performing loans and intended for auction, and the decline in newly built homes between 2010-2020, which has not allowed for the smooth replenishment of stock."

As recently stated at the Prodexpo 2025 real estate conference by Mr. Dimitris Papalexopoulos, Chairman of the TITAN Group, "we continue to underinvest in construction, ranking last in terms of GDP percentage, with housing investments not exceeding 2.3% of GDP, compared to the European average of 5%-6%." In turn, Mr. Nikos Vettas, Director General of IOBE and Professor at the Athens University of Economics and Business, noted that investment in construction has declined significantly—from 15%-16% of GDP in better times to just 6% today—meaning there is "huge potential for recovery." He added that property prices have returned to 2008 levels, while rents have reached overheating point, as demand outpaces supply.

He warned that "we must not repeat the mistakes of 2008" and emphasised that sector financing has dropped from €16 billion before the crisis to just €2 billion today.

According to Mr. Vettas, Greece needs a different growth model, focusing on boosting supply, facilitating the utilisation of existing stock, and addressing issues such as horizontal property ownership. Despite obstacles, he estimated that "the Greek housing product remains high quality, and foreign demand will continue."

It is worth recalling that in the first half of this year, net foreign direct investment in real estate fell by 17.8% year-on-year, amounting to €938 million. Nevertheless, this level is considered particularly high given the tightening of investment thresholds in the "golden visa" programme (€800,000 for Attica, Thessaloniki, and major islands) and restrictions on new short-term rental accommodations in central Athens.

High sale prices and expensive rents led to housing costs absorbing 35.5% of income in 2024.

Kathimerini | 29 Oct 2025 | By NIKOS CH. ROUSANOGLOU

12/10/2025

Housing market moving towards stabilisation
High prices curb transactions

While six months ago 30% said the amount they had available to buy property was between €100,000 and €150,000, now only 24% of prospective buyers have that same amount.
Though interest from potential buyers remains high, soaring prices are reducing the number of transactions. Estate agents estimate the market is heading for stabilisation, although the supply-demand deficit continues to prop up prices. The drop in transactions is also reflected in public revenue from transfer tax, which fell by 17% in the first four months of the year compared to last year.

Concerns have begun to emerge among some property market experts about the possibility of an impending correction in house sale prices, mainly due to weakening demand. Although the supply-demand balance remains in deficit—which explains the persistent rise in values—it appears the market is rapidly moving towards stabilisation.

This is already becoming evident from the trend in transfers, as revenue from property transfer tax fell by 4.1% to €303.5 million in the first seven months of this year (January–July) compared to the same period last year. In fact, in the first four months of 2025, the decline had reached 17%, but the following quarter saw a recovery in transactions, partly due to the significant contribution of the "My Home" programme. Market sources say that without the programme’s impact on demand, prices would likely have stabilised by now, and there might even have been slight corrections in lower-demand areas.

Even so, the fact that this year’s trend in tax revenue from transfers is downward is a significant development, especially given the price increases that have occurred. According to Bank of Greece data, the second quarter of this year saw an annual rise in house sale prices of 7.3% nationwide (up from 7% in the first quarter), with Athens recording a 5.9% increase (from 5.2% in the first quarter) and Thessaloniki seeing a 9.9% rise. So, despite higher values (and even higher asking prices), transfer tax revenues are declining, meaning fewer transactions are taking place compared to last year.

This "fatigue" affects both domestic and foreign buyers. Specifically, the 4th Property Market Barometer, presented in June by the University of Macedonia, concluded that the number of actual buyers has decreased, and those who remain have less money available for purchasing a home. Among those expressing interest in buying property (23% of the study’s total sample), only 22% plan to make such a move immediately or within the next 12 months. The corresponding figure six months ago (end of 2024) was 34%. Thus, there is a decline in the number of genuine buyers, largely due to high prices and reduced household purchasing power. At the same time, while six months ago 30% said they had between €100,000 and €150,000 available for a property purchase, now only 24% of interested buyers have that amount. Meanwhile, six months ago, 27% had between €50,000 and €100,000 available, but that figure has now risen to 36%.

Meanwhile, the economic crisis continues to weigh heavily on the economy and, consequently, the property market. For example, it is estimated that over 50% of the country’s active VAT numbers—or 2.7 million out of a total of 5 million—have debts to loan servicing companies.

This means a significant proportion of households are effectively unbankable, unable to secure mortgage financing for a home, despite relaxed lending criteria and banks’ willingness to increase new lending.

At the same time, while foreign demand remains high, it has also begun to taper off, mainly due to changes in the "golden visa" programme and the ban on new short-term rental properties in central Athens. According to Bank of Greece data, capital inflows in the first half of this year amounted to €938.3 million, marking an annual decline of 17.6%. This reduces liquidity in the property market, as many sellers to foreign buyers used to reinvest those funds in residential real estate.

Though transactions are declining, limited supply relative to demand keeps values high.

Kathimerini
11 Oct 2025
By NIKOS CH. ROUSSANOGLOU

06/10/2025

They are transferring their tax residence to Greece
Over 8,500 applications, mostly from Greeks abroad

Kathimerini | 4 Oct 2025

The Ministry of National Economy and Finance has launched an online platform for submitting applications in order to speed up the procedures.

More than 8,500 applications have been submitted by foreign residents who wish to transfer their tax residence to Greece and work here, while also benefiting from tax incentives. The majority of applications come from Greeks who emigrated during the crisis years. The Ministry has also launched the relevant online platform to accelerate the process.

The new electronic application for submitting requests to be included in the special tax regime for individuals transferring their tax residence to Greece and earning income from employment or business activities has been activated. According to the legislation, individuals who transfer their tax residence to Greece benefit not only from a 50% reduction in income tax but also from exemption from the presumption of ownership and use of a private vehicle.

Based on data from the Ministry of National Economy and Finance, over 8,500 applications have already been submitted by individuals wishing to transfer their tax residence to our country and work within Greek territory, while also benefiting from tax incentives. The overwhelming majority of applications come from Greeks who emigrated during the economic crisis and are now returning with the aim of taking up new professional positions. This positive development, combined with the government's intention to further boost employment, has led to initiatives to simplify and expedite the relevant procedures.

According to available ministry data, over 8,000 applications have been submitted, of which approximately 5,500 have been approved. In the first half of the current year alone, 750 new applications were submitted. It is noted that 1,000 applications remain pending, mainly due to incomplete documentation.

To speed up the process, applications are now fully digital via the MYAADE portal (myaade.gov.gr). This eliminates the time-consuming process of submitting paper applications, enhancing speed and transparency.

To qualify for the special tax regime, certain criteria must be met:
– Not having been a tax resident of Greece for five out of the previous six years.
– Transferring tax residence from an EU/EEA country or a state with which Greece has a tax cooperation agreement.
– Being employed by a Greek company or a branch of a foreign company in Greece, or engaging in self-employed activity.
– Committing to remain for at least two years.
The application is submitted electronically, with different deadlines depending on when the employment or activity began. Specifically, if the employment or activity started:
– By 2 July, the application must be submitted by the end of the year to qualify for the special income tax regime for the same year. If submitted within the following year from the start of employment or activity, the application will be considered for the next tax year.
– After 2 July, the application must be submitted by the end of the following year and applies to the tax year after the start of employment or activity.
– Once the above conditions are verified, the approval decision is issued immediately. In cases where verification via documentation is required, applicants can digitally attach the necessary documents for review by the competent authority.
The overwhelming majority of applications come from Greeks who emigrated during the economic crisis years.

06/07/2025

The working group of the Ministry of Justice, which is overseeing the changes in inheritance law after 80 years, seems to have reached a conclusion on the preservation of private wills and the steps that will be required until their publication.

The drafting committee is working intensively, with the goal of having the provisions of the draft law completed by early September.

One turn before the completion of its work, the working group of the Ministry of Justice is completing one of the most important legislative interventions of the last decades, radically changing the landscape of inheritance law after 80 long years.

The original plan was for the final provisions to be delivered to the Ministry at the end of June, but, as Deputy Minister of Justice Ioannis Bougas explains, "it will be delayed and the package of provisions will be submitted in September, because issues have arisen which the Committee needs to look at in greater detail".

The draft law is expected to proceed quickly, as already with the changes to the Code of Civil Procedure, which will be adopted in the summer, wills are moving into the digital age, with the advent of the "Register of unpublished wills", which will be managed by the Notaries' Association and will publish all wills (handwritten, secret and public) without revealing their contents, respecting all the necessary guarantees of secrecy.

The drafting committee is working intensively with the aim of finalising the provisions of the draft law by the beginning of September, as the government is seeking to allow sufficient time for citizens, lawyers and social bodies to express their views during the consultation process.

Wills will be filed with a notary by the testator himself and not through a third party. Where the will includes exogenous heirs, i.e. persons who are not related to the testator, the Commission will provide for a scribal expert's opinion as a safeguard.

All wills will now be published by notaries and not by the courts, in an attempt to reduce the burden on the judiciary. It should be noted that at present it takes approximately 300 days from the time of filing an application for publication of a will to its publication, which will be reduced to 7 days with this change.

Posting on the platform The platform, the creation and operation of which is included in the changes to the Code of Civil Procedure and not in those to the law of succession, will be accessed and posted by the notary and, on the death of the heir, the platform will provide the appropriate code to open the file and allow the publication of the will.

At the moment, the relevant committee under Professor Apostolos Georgiadis appears to be in the process of drafting the provisions on inheritance contracts, an institution which is being discussed for the first time, since Greek inheritance law has hitherto treated them with "mistrust".

An inheritance contract is an agreement between a person who wishes to settle the fate of his or her estate after death and one or more persons who will inherit it. It sets out clearly the terms and conditions of future distribution.

Although this practice is widely used in many foreign countries, it is still legally prohibited in Greece.

In practice, an inheritance contract requires the agreement of all parties, limits future changes and reduces the risk of litigation. Such a change would work positively in business cases, since among other things the free disposal of intangible assets such as trademarks and copyrights is being considered. However, due to the specific nature of these contracts, the Committee has reportedly concluded that the conclusion of the contract and its possible revocation will be done exclusively by means of a notarial deed, which will act as a security mechanism.

Among the issues to be addressed by the working party is what will happen in the absence of a will. A competent source states that it is expected that an explicit provision will be made for the first time that the surviving partner in a civil partnership will be fully assimilated to the spouse by marriage in those cases where the deceased has not left a will, while the inheritance rights of the parents and the order of descendants in the succession of inheritance rights will not be abolished.

Proposals are also on the table to increase the share of the spouse or partner in the intestate succession, while if a divorce action for a valid reason has been filed before the death of the deceased or if the dissolution of the partnership agreement has taken place, the surviving spouse or partner will be excluded from the distribution of the testator's estate. "The treatment of persons who were in a civil partnership with the deceased remains a 'puzzle', with the members of the working party considering the introduction of a rule whereby the surviving member of the civil partnership could for a certain period of time make use of the household effects or the house where they lived. Carers of the elderly Finally, the recognition of rights to carers of the elderly is under consideration, so the possibility of the deceased leaving some consideration in return in cases where there is proven care without consideration from the carer is being considered.

This is one of the arrangements which has given the Committee a headache, as it must be drafted in such a way that it does not give rise to further litigation.