NAC Weekly No. 28: Greece Raises Its Home Purchase Tax to 15% for Non-EU Buyers

Greece will raise the transfer tax on homes bought by non-EU buyers from 3% to 15%, starting 1 July 2027. In the same week the ECB raised rates for the second time this year, US inflation held at 3.4% ahead of the Fed's 15–16 September meeting, and Vietnamese banks were paying up to 9.46% a year on deposits.

Market pulse, week of 7–13/9/2026

Signals this week

🇬🇷 Greece · Home purchase tax for non-EU buyers rises to 15%

▲3% → 15%

transfer tax on homes bought by non-EU nationals, from 1 July 2027Greek Finance Ministry, via IMI Daily 10 SepPhoto: Sharon Mollerus, Wikimedia Commons, CC BY 2.0

On 5 September, two days before this week began, Prime Minister Kyriakos Mitsotakis told the Thessaloniki International Fair that the transfer tax on homes bought by non-EU nationals would rise from 3% to 15%, IMI Daily reported on 6 September. On 7 September Finance Minister Kyriakos Pierrakakis set the start date at 1 July 2027, six months later than first signalled, and limited it to individuals rather than companies, IMI Daily reported on 10 September. Ethnic Greeks and long-term residents are exempt. New golden visa applications fell 44% to 2,551 in the first half, OT.gr noted on 8 September.

For Vietnamese investors: Vietnamese passport holders fall squarely under the new rate. On an €800,000 apartment in Athens, the main tax rises from €24,000 to €120,000. Per NAC's listing data, Keranis Ports Residences in Piraeus starts at €250,000, so the tax would rise from €7,500 to €37,500 (NAC estimate). Families set on Greece should plan to complete before 1 July 2027 and watch the bill, since Athens lawyers warn a post-election government in spring 2027 could change course. The qualifying routes are in NAC's Greece golden visa programme guide.

🇻🇳 Vietnam · Banks pay up to 9.46% on deposits

▲9.46%

annual rate on a 13-month deposit of VND 10 billion or more at MBVTuoi Tre, 11 SepPhoto: Diane Selwyn, Wikimedia Commons, CC BY-SA 3.0

Tuoi Tre reported on 11 September that MBV pays 9.46% a year on 13-month deposits of VND 10 billion or more, and Vikki Bank 9.2% on six-month deposits. At Agribank, Vietcombank, BIDV and VietinBank the highest posted rate is still 6.8%, but rates actually paid run 1.5–2 points above posted levels. The Ministry of Finance's eight-month report shows that by 31 July credit had grown 8.98% while deposits grew only 5.75%.

For Vietnamese investors: with savings at home earning close to 9% a year, a rental apartment abroad needs a strong enough yield and residency benefit to justify drawing down deposits. Yuanta Securities Vietnam expects rates to stay high in the coming months. The dong is steady: on 11 September the State Bank set its central rate at VND 25,591 per dollar, down 3 dong on the previous session.

🇪🇺 Euro area · The ECB raises rates for the second time this year

▲2.50%

ECB deposit rate after the 10 September decision, effective 16 SeptemberECB, via The Nation 11 SepPhoto: DXR, Wikimedia Commons, CC BY-SA 4.0

On 10 September the European Central Bank raised its deposit rate by a quarter point, from 2.25% to 2.50%, The Nation reported on 11 September. Euro-area inflation is above 3% after attacks in the Middle East since late August pushed oil above USD 100 a barrel. The ECB now projects inflation averaging 3% in 2026 and 2.5% in 2027. President Christine Lagarde gave no commitment on the path, saying decisions will be taken meeting by meeting.

For Vietnamese investors: euro mortgages in Greece, Cyprus or Malta will cost more. According to The Nation, money markets now price about 0.6 percentage points of further hikes by April 2027. Families buying with equity are far less exposed than those using leverage.

🇺🇸 United States · Inflation holds at 3.4% ahead of the Fed

●3.4%

US consumer price inflation in August, year on year, unchanged from JulyBLS, released 11 SepPhoto: Tony Webster, Wikimedia Commons, CC BY 2.0

On 11 September the US Bureau of Labor Statistics reported that consumer prices rose 0.4% in August and 3.4% on the year. Gasoline rose 3.9% in the month and 27.4% over twelve months. Core inflation, which excludes food and energy, slowed to 2.4%, the lowest since March 2021, according to Trading Economics. The Fed meets on 15–16 September with its policy rate at 3.50–3.75%, where it has stood since December 2025.

For Vietnamese investors: in NAC's view, with energy prices this high a dollar rate cut at the next meeting looks unlikely. Borrowing costs in dollar-linked markets such as Dubai and Panama are therefore not easing yet. Families planning to borrow should wait for the 16 September decision before fixing their financing.

🇦🇪 UAE · Dubai records 2,931 property sales in five days

●2,931

Dubai property sales from 7 to 11 September, worth AED 6.78 billionDubai Land Department, via The Week 12 SepPhoto: Kyle Joy P. Canete, Wikimedia Commons, CC BY-SA 4.0

Dubai Land Department figures, reported by The Week on 12 September, put total property transactions from 7 to 11 September at AED 10.67 billion. Sales made up AED 6.78 billion, mortgages AED 2.8 billion and gifts AED 1.09 billion. The largest deal was an office in Almas Tower, Jumeirah Lakes Towers, at AED 36.8 million, followed by an apartment at Mr C Residences at AED 36.5 million and one at Binghatti's Dugatti Residences in Business Bay at AED 28 million.

For Vietnamese investors: high-end deals keep closing at a steady pace, but the dirham is pegged to the dollar, so borrowing costs hinge on next week's Fed meeting. Per NAC's listing data, Binghatti's Mercedes-Benz Places in Downtown Dubai starts at about USD 2.4 million, with handover planned for Q4 2026 on a 20/50/30 payment plan.

Next week

NAC strategic insight

This week brought two risks at once: the cost of money is rising in both Europe and Vietnam, and taxes on foreign buyers can change within a single election cycle. We favour deals completed early, purchases funded with equity, and a tax scenario built into every golden visa decision. If you'd like to know what your family's plans in Greece or Dubai need after this week, book a consultation with NAC.

Related on NAC

Keranis Ports Residences · The Newcastle Athens · Ocean Gate Building Piraeus · Mercedes-Benz Places · The NAC Residence Index

Sources

• IMI Daily — Greece to Quintuple Property Transfer Tax to 15% for Non-EU Buyers From January 2027 (6 Sep 2026)
• OT.gr — Golden Visa: New Blow as Greece Raises Property Transfer Tax (8 Sep 2026)
• IMI Daily — "A New Government May Choose a Different Direction": Experts React to Greece's 15% Tax (10 Sep 2026)
• Tuoi Tre — Deposit rates hit 9.46% a year (11 Sep 2026, Vietnamese)
• Doanh nghiep Hoi nhap — USD exchange rate, 11 September (11 Sep 2026, Vietnamese)
• The Nation — ECB raises eurozone deposit rate to 2.50% from September 16 (11 Sep 2026)
• US Bureau of Labor Statistics — Consumer Price Index, August 2026 (11 Sep 2026)
• Trading Economics — US CPI Report Comes Broadly in Line with Forecasts (11 Sep 2026)
• Federal Reserve — Open Market Operations, target range changes
• The Week — Dubai real estate transactions surpass AED 10 billion in just 5 days (12 Sep 2026)
• Federal Reserve — September 2026 calendar · Bank of England — 2026 MPC dates · Bank of Japan — 2026 policy meeting schedule