Macedonians bought €68 million in Greek property over five years
A proposed increase of the transfer tax from 3 to as much as 15% for non‑EU buyers could change where Macedonian buyers place their real‑estate capital.
Macedonian citizens purchased real estate in Greece worth €21 million last year and €68 million in total over the past five years, figures show. The scale of these cross‑border purchases has made Greek coastal property a notable destination for domestic investors.
At the same time, a proposed hike in the transfer tax for buyers from countries outside the European Union — from 3 to as much as 15 percent — could substantially reduce the appeal of the Greek market for Macedonian purchasers. That planned change has prompted questions about where this capital might flow instead.
Possible consequences for the domestic market
One immediate possibility is that some buyers will redirect funds back to North Macedonia, which could add upward pressure on prices in the country’s tourist hotspots. In Ohrid and Struga construction activity is already vigorous, and on the most attractive stretches of Ohrid’s waterfront the price per square metre exceeds €3,500.
How prices, supply and demand will respond at home will depend on several factors: whether buyers are primarily motivated by price differentials, by the prestige of foreign ownership, or by rental/income prospects; and whether domestic developers can meet increased demand quickly enough to prevent sharper price rises.
Analysts and market participants say the tax change may also shift buyer interest toward other nearby markets or to different segments of the Greek market less affected by the new levy. For North Macedonia, the key question is whether redirected investment would be absorbed by existing stock or lead to a fresh building boom in coastal and lakeside resort areas.
Photo: press material from the event
