Three main tax breaks that directly affect the real estate market have been extended until at least 2030.
The 24% VAT on new-build properties remains suspended, the 15% capital gains tax on property sales is still not implemented, while the full tax exemption for landlords who open their closed apartments and make them available on long-term leases is extended until 2030. Under the arrangement, landlords are fully exempt from income tax on rents for the first 36 months from the start of the tenancy. The exemption is particularly important as income from real estate is normally taxed at rates of 15% to 45%.
In the same package, the income tax reduction for building upgrade costs is extended until 2030, while from 2027 the exemption from the Single Property Tax (ENFIA) will expand to main residences in small settlements.
This is a package of interventions that attempts to keep down the cost of buying and selling new builds, to give incentives for the return of houses that remain closed to the market and to strengthen the housing supply.
At the same time, however, the tax burden for specific housing purchases by citizens of third countries is increasing significantly, while the restrictions on the creation of new short-term leases are being extended in the center of Thessaloniki as well.
