Italy or Greece: where to buy property abroad

Italy and Greece are often compared by people who want a warm-climate home or a rental property in the EU. The two markets differ in prices, buying costs, tax and rules for buyers from outside the EU. This comparison uses our dated guides and official sources as of October 2026. Figures are indicative and change. It does not say that one country is better: it shows where each one fits.

Entry price and price per m²

Italy: idealista's report for the second quarter of 2026 puts used homes at about 1,903 euro per m² nationally (+4.1% over the year). The average hides a huge spread: Milan is near 5,165 euro, Florence 4,623, Rome 3,429, and the south is far lower. These are asking prices, not completed sales. See Italy property prices and buying costs.

Greece: the Bank of Greece reported urban apartment prices about 5.3% higher in the second quarter of 2026 (provisional). One market source gives advertised ranges of roughly 2,500 to 4,500 euro per m² in central Athens, 1,800 to 3,000 in Thessaloniki, 2,000 to 4,000 in Crete and 5,000 to 12,000 and above in the Cyclades. See Greece property prices and buying costs.

In both countries a national average tells you little. Compare live listings in the exact district, floor and condition you want.

Buying costs and taxes

Italy: registration tax of 2% for a main home or 9% for a second home, calculated on the cadastral value, plus a notary (roughly 1% to 3%), agency commission (about 3% plus IVA, if you use an agent) and legal fees. Total: roughly 10% to 15% on top of the price, up to 20% in some guides.

Greece: transfer tax of 3% plus a municipal surcharge (3.09% in total), notary about 2%, land registry about 0.5%, lawyer about 1% to 2% plus VAT, agent about 2% to 4% plus VAT. Totals are usually quoted at 7% to 12% depending on VAT and the agent.

For new builds the logic differs. Greece suspended the normal 24% VAT on qualifying new builds up to 31 December 2026, so buyers pay the lower transfer tax instead; what applies from 2027 is not confirmed here. In Italy a new build from a developer is taxed with IVA instead of registration tax. See new build vs resale in Italy and in Greece.

Rules for non-EU buyers

EU citizens buy in both countries on the same terms as locals. For non-EU buyers without an Italian residence permit, an Italian notary checks reciprocity, meaning that an Italian could buy in the buyer's country on comparable terms; confirm your case before signing.

In Greece the finance minister announced that from 1 July 2027 the transfer tax would rise from 3% to 15% (about 15.45% with the surcharge) for non-EU and non-EEA citizens without long-term Greek residency, for residential property bought by individuals. It is an announcement, and we found no confirmation that it is law, so check the latest position. See our news report. Some Greek border areas may also need extra permission; ask your lawyer to check the exact location.

Rental yield and rental tax

Italy: gross yield of roughly 6% to 8% in cheaper southern and mid-sized cities (Palermo, Bari, Naples, Turin) against about 3.5% to 5.5% in Milan, Florence and Rome. After tax, IMU, building costs and empty months, about 3% to 4% net is a prudent planning figure. A long-term lease can use the cedolare secca flat tax of 21% (10% on agreed-rent contracts in qualifying municipalities); we did not find a source confirming that a non-resident owner can opt for it, so ask an Italian accountant. See rental yield in Italy.

Greece: average gross yield of about 4.4% (Global Property Guide, Q2 2026), about 5.4% for Athens, higher for small flats in cheaper districts and lower for large or prime ones; net is typically 1.5 to 2 points lower. Rent is reported to be taxed on a four-step scale from 15% to 45%; confirm the details with a Greek accountant. See rental yield in Greece.

If you live in Poland or another EU country, your home country may also tax foreign rent; see tax on foreign rental income for Polish residents.

Short-term letting

Italy keeps 21% on the first short-let unit and applies 26% from the second under the 2026 Budget Law, with a CIN code and city rules; see short-term rental rules in Italy. In Greece a short-term let needs an AMA registration, new registrations are frozen in central Athens (districts 1 to 3) and in the first district of Thessaloniki, and an extension to the end of 2027 was announced (confirm what is legislated); see short-term rental rules in Greece. In both countries, model the long-term rent first and treat holiday income as an upside.

Residence

Neither country gives residence for any purchase. Greece still has a property-based golden visa, with thresholds of 800,000 euro in Attica, Thessaloniki, Mykonos, Santorini and larger islands, 400,000 euro elsewhere, one property of at least 120 m² and no short-term letting; see Greece golden visa. Italy's investor visa has four routes (government bonds, a company, a start-up, philanthropy) and none is buying a home; see Italy golden visa. Both have separate digital nomad visas.

Mortgage, running costs and risks

Running costs: in Italy IMU on a second home (base rate 0.86%, up to about 1.06% locally; non-residents do not usually get the main-home exemption) and TARI; in Greece ENFIA, from about 2 to 16.20 euro per m² depending on the zone. Financing: see mortgages for foreigners in Italy and in Greece. Risks that apply to both are title, planning legality and unregistered building changes; use the Italy resale checklist and the Greece resale checklist.

Climate and lifestyle

Italy is varied: northern cities, the lakes, Tuscany, Puglia and Sicily, with a year-round life in most cities. Greece is Athens, Thessaloniki and the islands; on the islands the season is short, so annual occupancy is far below the peak-month figures in listings (reported national short-let occupancy is about 41% in 2026). Flight links are better to cities than to small islands, and you should check them for your route.

Who should choose which

• If you want a larger choice of cities, a long-term rent in a mid-sized city and no announced tax rise for non-EU buyers, lean to Italy, accepting higher buying costs and more variation between regions.
• If you want lower buying costs, a golden visa route or a flat in Athens at a moderate budget, lean to Greece, accepting regulatory change for short lets and the announced 2027 transfer tax for non-EU buyers.
• If you plan to rent short term in central Athens or a large Italian city, check the licence first in either country.
• If you are an EU citizen, the non-EU rules matter less for you; compare costs and yield for the exact property.

FAQ

Which is cheaper, Italy or Greece? It depends on the city. The Italian national average (1,903 euro per m²) looks low, but Milan and Florence are expensive. Central Athens and the islands are also expensive. Compare districts. Are buying costs higher in Italy? Typically yes: roughly 10% to 15% against 7% to 12% in Greece. Can a non-EU citizen buy in both? Generally yes; Italy checks reciprocity and Greece has an announced tax rise for 2027. Does buying give me residence? In Greece, possibly through the golden visa above the thresholds; in Italy, no. Which has the better rental yield? Gross figures are similar in the cheaper cities; net depends on tax and licences.

How we help

We are a trilingual platform (English, Russian, Polish) that finds properties and coordinates independent local lawyers and tax advisers. See the Italy page, the Greece page and the country comparison tool. This text is informational and is not legal, tax or investment advice; rules and figures change, so verify the current position with official sources such as the Bank of Greece and the Agenzia delle Entrate and with your advisers.