Bulgaria or Greece: where to buy property

Bulgaria and Greece are neighbours in the Balkans, both in the EU and both using the euro (Bulgaria since 1 January 2026). Bulgaria is a low-price market with a flat rent tax; Greece is a larger, more expensive market with an investor visa, a progressive rent tax and several policy changes under way. This comparison goes criterion by criterion with figures from our dated guides (October 2026) and does not name a general winner. For the detail see Bulgaria property prices and buying costs and Greece property prices and buying costs.

Entry price and price per m²

In Bulgaria Sofia averages about €2,680 per m² citywide, with the premium districts at roughly €3,500 to €4,100 and the budget end at €1,500 to €2,000. Quality resort apartments in Sunny Beach, Nessebar and Sveti Vlas are reported at about €1,200 to €2,000, Sozopol at €1,500 to €1,600 and Bansko and Pamporovo at €900 to €1,300. These are asking or reported levels, not registry statistics.

In Greece advertised prices run about €2,500 to €4,500 per m² in central Athens, €4,500 to €9,000 on the Athens Riviera, €1,800 to €3,000 in Thessaloniki, €2,000 to €4,000 in Crete and €5,000 to over €12,000 in the Cyclades. The Bank of Greece reported urban apartment prices up about 5.3% year on year in the second quarter of 2026 (provisional). Bulgaria's price growth was higher on paper, about 14.8% in the first quarter of 2026 according to Eurostat data, but first-quarter transactions were on average 15% lower than a year earlier.

Buying costs and taxes

In Bulgaria the local transfer tax is reported at about 1.3% to 3% depending on the municipality (Sofia 3%), and total buyer costs at roughly 4% to 8% once notary, registry and agent fees are added. New buildings from a VAT-registered developer are reported to carry 20% VAT in the price, older ones are generally exempt.

In Greece costs are reported at about 7% to 12%: transfer tax 3.09%, notary about 2%, land registry about 0.5%, a lawyer 1% to 2% plus VAT and an agent 2% to 4% plus VAT. VAT of 24% on qualifying new builds has been suspended up to 31 December 2026, and what applies from 2027 is not confirmed. For non-EU buyers an announced rise of the transfer tax to 15% from 1 July 2027 is not confirmed as law.

Annual property tax: Bulgaria about 0.1% to 0.45% of the assessed value plus a waste fee; Greece ENFIA with a base of about €2 to €16.20 per m² depending on the zone, plus a supplementary tax on larger holdings.

Rental yield and seasonality

Global Property Guide put the average gross yield at about 4.2% in Bulgaria (2026) and about 4.4% in Greece (second quarter of 2026). In Bulgaria Burgas is reported at about 5.1% to 5.3% and Sofia at about 4.2%; in Greece Athens is about 5.4% and small flats in cheaper districts reach 6% to 8%. The pattern is the same in both: small units yield more, prime and large units less.

Resorts are different. Bulgarian sea resorts earn mainly from June to September and Bansko in winter, broker datasets quote 6% to 7% net for resort apartments, and one source shows about 35% occupancy next to the Bansko gondola. Greek island numbers are harder to pin down: agents quote 4% to 8% for holiday homes in Crete and Corfu, which are claims, not market data, and national short-let occupancy is reported at about 41%.

Rental tax is the clearest difference. Bulgaria taxes rent at a 10% flat rate (non-residents are reported to have it withheld at source with no cost deduction). Greece is reported to tax 2026 rent on a scale of 15%, 25%, 35% and 45% with a 5% standard deduction. Your home-country tax is a separate question; see tax on foreign rental income for Polish residents.

Short-term rentals

Both require registration. In Greece a registration number (AMA) is needed, new registrations are frozen in central Athens districts 1 to 3 and the first district of Thessaloniki, an extension to the end of 2027 was announced, and a registration may not pass to a buyer. In Bulgaria an EU registration number has been required in every online listing since 20 May 2026. See short-term rental rules in Bulgaria and in Greece.

Ownership rules for foreigners

In Bulgaria EU and EEA citizens can buy any property. A non-EU buyer can own an apartment in their own name, but land and houses with land normally go through a Bulgarian company. In Greece EU citizens buy freely, non-EU buyers can also buy, with special approval for some border areas, and the announced tax change above would apply to them. Greek title and planning legality in older property need careful checks, see the Greece resale checklist; Bulgarian buildings need the Act 16 permit for use, see the Bulgaria resale checklist.

Residence and visas

An EU citizen has a right to live in either country under EU rules without buying property. For non-EU investors Greece has a golden visa. As reported, the thresholds are €800,000 in high-demand areas (Attica, Thessaloniki, Mykonos, Santorini and large islands) and €400,000 elsewhere, with a €250,000 route for conversions and listed buildings, one property of at least 120 m², and no short-term letting. See the Greece golden visa. For Bulgaria see the Bulgarian golden visa and check the rules in force at the date of your application. Both countries are in the Schengen area (Bulgaria since 2025, as we understand it).

Mortgages

Banks in both countries lend to foreigners selectively. Portal summaries report 50% to 70% of value in Bulgaria and 50% to 65% for non-residents in Greece; these are not bank quotes. Read mortgages for foreigners in Bulgaria and in Greece.

Climate, lifestyle and flights

Greece has a Mediterranean climate, islands, a long swimming season and a tourist economy built around them, plus Athens as a capital city. Bulgaria has four seasons, a Black Sea coast with a shorter summer and ski resorts, and Sofia, Varna and Burgas airports with many European routes. Greece generally has more direct routes from western Europe in summer, but check the timetable from your own city.

Risks

Bulgaria: coastal oversupply and deep seasonality, falling transactions in the holiday segment, buildings without Act 16, maintenance fees and land bought in the wrong structure; see Bulgaria property investment risks. Greece: title and planning issues in older property, the short-let freeze, and tax announcements that can change; see Greece property investment risks. For other pairs, see Bulgaria vs Montenegro and Greece vs Montenegro.

Who should choose which

• If your budget is small and you want a flat to let long term in a city such as Burgas or Varna, or a modest holiday flat, lean to Bulgaria.
• If your rental income will be high, compare tax carefully: Bulgaria's 10% flat rate against Greece's 15% to 45% scale can change the net result a lot.
• If you want islands, a longer season and an established tourism market, lean to Greece and accept a higher price and cost of buying.
• If you are a non-EU citizen who wants residence through property, Greece has a defined route at higher thresholds; check the Bulgarian rules and compare both for your passport.

FAQ

Which is cheaper, Bulgaria or Greece? Bulgaria is cheaper per m² in most comparable categories, though Sofia's premium districts can match Athens' mid-range.

Where is the rent tax lower? Bulgaria's flat 10% is lower than Greece's reported 15% to 45% scale for most investors, but your home-country tax may also apply.

Which has the higher yield? Averages are close, about 4.2% in Bulgaria and 4.4% in Greece gross. Net depends on costs, tax and occupancy.

Can a non-EU citizen buy in both? Yes. Land in Bulgaria normally needs a company, and Greece has border-area approvals and an announced tax change.

Is Bulgaria in the euro area? Yes, since 1 January 2026, like Greece.

How we help

We are a trilingual platform that finds properties in both countries and coordinates independent local lawyers and tax advisers. We can shortlist by budget and goal and model the net return with your numbers. Compare more markets on our country pages or with the calculators. This text is informational and is not legal, tax or investment advice; rules and prices change, so verify current rules before you buy. Official sources include the Bulgarian Registry Agency and the Bank of Greece.