Real Estate Investment Return Calculator Greece 2026
Calculate net rental yield and total return on a Greek property investment. Includes rental income tax, ENFIA property tax, maintenance costs, and capital appreciation.
Enter the property value, annual rent, and costs to calculate your net rental yield and total investment return in Greece.
Net rental yield (after all costs and tax)
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Gross rental yield
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Rental income tax
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Net annual income
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Total return incl. appreciation
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Your breakdown
Updates live as you type
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Amount
How rental property returns work in Greece
Greek rental income is taxed on gross rents with no deductions for costs, which is unusual by EU standards. The three-bracket system (15%, 35%, 45%) means landlords with multiple properties or high rents face a steep effective tax rate. ENFIA adds a further annual cost. However, the current CGT exemption on residential property sales means capital appreciation is entirely tax-free at disposal, favouring long-hold strategies.
Example calculation
A property worth 150,000 EUR rents for 8,400 EUR/year (gross yield 5.6%). Rental income tax at 15% on the full 8,400 EUR: 1,260 EUR. ENFIA: 600 EUR. Maintenance: 1,000 EUR. Net income: 5,540 EUR. Net yield: 3.7%. Adding 3% annual appreciation (4,500 EUR) gives a total return of 10,040 EUR, or 6.7% of property value.
Tips and considerations
Short-term rentals (platforms such as Airbnb) can increase gross income but require a registration number from AADE and compliance with the short-stay tax regime (also progressive). Consider whether holding property via a company reduces tax on rental income (corporate tax 22% versus personal rental tax up to 45%). Property management fees add to costs and should be factored in for absentee landlords.
Frequently asked questions
How is rental income taxed in Greece in 2026?
Rental income from residential properties is taxed at progressive rates under a dedicated scale: 15% on the first 12,000 EUR of annual rental income, 35% on income between 12,001 and 35,000 EUR, and 45% on income above 35,000 EUR (Article 39 of Law 4172/2013). Landlords cannot deduct maintenance, mortgage interest, or depreciation from rental income for tax purposes, which means the tax is calculated on gross rental income. The rental tax is declared on Form E1 and is separate from employment income. This makes high-rental-income properties significantly less tax-efficient in Greece compared to many other EU countries.
What is ENFIA and how is it calculated?
ENFIA (Eniaios Foreas Idioktision Akineton) is the annual Greek property tax levied on all real estate owned in Greece as of 1 January each year. The main ENFIA is calculated based on the property surface area, location zone values, and various coefficients for age, floor, and frontage. Residential properties in major cities pay between roughly 2 EUR and 16 EUR per square metre per year. An additional complementary ENFIA applies to total property holdings above certain thresholds. ENFIA is assessed and billed by AADE and must be paid in instalments throughout the year. This calculator uses a simplified ENFIA estimate based on property value.
What is the capital gains tax on selling a Greek property?
Capital gains from the sale of real estate (immovable property) by individuals in Greece are currently exempt from capital gains tax under a temporary suspension that has been extended repeatedly since 2013. As of 2026, no income tax is due on capital gains from real estate sales by individuals under the suspended Article 41 of Law 4172/2013. However, a transfer tax of 3.09% is payable by the buyer on the property contract value, not by the seller. The seller may pay legal fees and brokerage commission but not a Greek CGT. This suspension could be lifted in future years, so monitor AADE announcements.
What is the gross rental yield in Athens compared to other EU cities?
Athens has seen significant rental yield compression as property prices rose strongly from 2018 through 2025, driven by foreign investment and the Golden Visa programme. Gross rental yields in central Athens for residential properties average around 3.5% to 5.5%, depending on location and property type. Short-term rental (Airbnb) yields can be higher in tourist areas but carry additional licensing and tax requirements. Thessaloniki and secondary Greek cities tend to offer somewhat higher gross yields at 4% to 6.5%. After ENFIA and rental income tax, net yields for high-income landlords can be 50% lower than the gross figure.