On transfer tax alone, Greece is the cheapest of the three for a resale (about 3.09%), Italy sits in the middle (9% of the cadastral value for a second home, a base that is usually below the market price) and Spain is the most expensive (6% to 10% depending on the region). On total closing costs, the guides I read put Greece at about 7% to 10% and Italy at 10% to 15%, and our Spain costs guide covers the Spanish side. But the cheapest country on paper is not automatically the best one: Spain has the largest and most English-speaking market for foreign buyers, Italy offers the lowest prices in many southern towns, and Greece has the lowest purchase taxes but the most changing rules in 2026. This comparison sets the three side by side on taxes, costs, annual charges, mortgages, residency and risk. It is general information, not legal or tax advice, and every figure is dated and sourced.
How do the three countries compare at a glance?
| Spain | Italy | Greece | |
|---|---|---|---|
| Who can buy | Foreigners can buy freely; a NIE number is needed | EU/EEA freely; non-EU with reciprocity or a residence permit | Free, but non-EU buyers in border zones need authorisation |
| Tax number | NIE | Codice fiscale | AFM |
| Resale tax | ITP of 6% to 10% by region | Registration tax 9% of cadastral value (second home) | Transfer tax about 3.09% |
| New build | VAT plus stamp duty | VAT 4%, 10% or 22% | 24% VAT nominally, with a suspension route |
| Total costs (guides) | See our costs guide | 10% to 15% (law firm: 10% to 20%) | About 7% to 10% |
| Annual property tax | IBI | IMU and TARI | ENFIA |
| Golden visa | Closed on 3 April 2025 | Investor visa from €250,000 (company) or €500,000 (bonds) | €250,000 to €800,000 depending on area and type |
How do the purchase taxes compare on one price?
As an illustration, take a €200,000 resale. In Spain the regional ITP rate decides: at the rates I found for 2026, Andalucía charges 7% (€14,000) and Madrid 6% (€12,000), while Cataluña charges 10%. In Italy, a second home bought from a private seller pays 9% of the cadastral value; if that value is assumed to be half the price (€100,000), the tax is €9,000, and the assumption is the weak point because the cadastral value differs from property to property. In Greece the transfer tax of about 3.09% on the higher of price and objective value gives €6,180.
| Country | Basis | Tax on a €200,000 resale |
|---|---|---|
| Spain (Andalucía, 7%) | Price | €14,000 |
| Spain (Madrid, 6%) | Price | €12,000 |
| Italy (second home, 9%) | Assumed cadastral value of €100,000 | €9,000 |
| Greece (about 3.09%) | Price or objective value, whichever is higher | €6,180 |
Conversions are approximate and use the European Central Bank reference rates of 14 October 2026 (€1 = £0.844 = $1.120). Rates move every day.
The comparison is for the transfer tax only. Notary, agent, lawyer and registry costs come on top in each country, and the cost items differ. In Spain, see the ITP guide for the regional rates; the full Italian and Greek breakdowns are in the Italy and Greece guides.
What do you pay every year?
- Spain. IBI (the local property tax), community fees where there is a development, and, for non-residents, an annual income tax on imputed income. See community fees, IBI and running costs.
- Italy. IMU on second homes (one 2026 guide gives a base rate of 0.86% of the taxable base, up to 1.06% locally) and TARI waste tax of about €200 to €1,000 a year.
- Greece. ENFIA, assessed on the owner at 1 January and based on objective value. One source gives €2 to €16 per square metre plus a surcharge on high values, and a 20% discount if the home is insured; another estimates €400 to €1,200 a year for a €200,000 Athens apartment.
Which is best for a mortgage?
All three treat non-residents more cautiously than residents. One Italian guide says non-residents typically get 50% to 60% of the value, with minimum loans around €50,000 to €100,000. For Spain and Portugal, our Spain mortgage guide and Portugal mortgage guide give the position, and I did not find a comparable source for Greek non-resident mortgages, so assume that you may need to pay mostly in cash and ask a Greek bank directly.
What about residency and tax incentives?
Spain’s golden visa closed on 3 April 2025; the non-lucrative visa requires income of €2,400 a month (see the NLV guide) and does not allow work. Italy’s elective residency visa is for people with passive income, with a legal minimum of €31,000 a year according to one guide, and a 7% flat tax for 10 years exists in eligible southern municipalities. Greece’s golden visa has three tiers, with disagreeing sources on the area boundaries, and a 7% flat tax for 15 years is reported for new residents. Owning a holiday home gives none of these rights by itself. If residency is a goal, the visa rules should drive the choice more than the purchase taxes do.
How do rental rules compare?
Spain taxes non-resident rental income at 19% on the net for EU/EEA residents and 24% on the gross for others, according to one guide; see renting out property in Spain. Italy offers a 21% flat tax on residential lets (10% for certain regulated contracts) and generally 26% for short-term lets, with 21% possible for one property. Greece’s golden visa prohibits short-term letting, with a €50,000 fine, so the visa and a holiday-rental plan do not mix. For yields, see the rental yield guide.
What are the main risks in each country?
- Spain. Unlicensed buildings and tax debts attached to the property; see illegal builds. Rules on holiday lets and visas also change.
- Italy. Unauthorised past renovations, boundary disputes and cadastral inconsistencies, plus a compromesso where the deposit is at stake.
- Greece. Fast-changing tax and visa rules in 2026, border-zone authorisation and title checks. A 2026 comparison lists wildfires and heat as the main climate risks.
- All three. Scams targeting remote buyers; see how to avoid property scams.
Which should you pick?
| If you… | Look first at |
|---|---|
| Want the largest English-speaking market, with many lawyers and agents used to foreigners | Spain |
| Want low prices in a small town and can tolerate more paperwork and a higher cost on top | Italy |
| Want the lowest purchase tax and accept faster-changing rules | Greece |
| Are choosing for residency | The visa rules of each, not the purchase tax |
| Are choosing for rental income | The local licence rules and the net yield, not the headline price |
A simple method: shortlist two areas, run the full cost for each with a lawyer’s quote, then compare the yearly cost, the mortgage possibilities and the exit costs. Our guide to the best countries for a holiday home and Spain vs Portugal cover the other pairings, and should you buy property abroad asks whether you should buy at all.
What are the common mistakes in comparing countries?
- Comparing only the transfer tax and ignoring agent, notary, legal and annual costs.
- Comparing price per square metre in a famous town with another country’s village.
- Assuming that a tax regime for residents applies to a holiday-home owner.
- Relying on a single guide: our own sources disagree on Italian costs (7% to 10%, 10% to 15% and 10% to 20%) and on the Greek golden visa tiers, so get a lawyer’s quote.
- Visiting only in high summer.
Frequently asked questions
Which of Spain, Italy and Greece has the lowest purchase tax?
Greece, at about 3.09% on resales, compared with 6% to 10% in Spain and 9% of cadastral value for an Italian second home.
Which is cheapest overall?
Guides put Greek closing costs at about 7% to 10% and Italian at 10% to 15%; Spain depends on the region. Compare with a lawyer’s quote for the exact property.
Can I get residency by buying in any of them?
Spain’s golden visa closed on 3 April 2025. Greece has a golden visa with tiers; Italy has an investor visa. Owning a home alone does not confer residency.
Is it easier to get a mortgage in one of them?
I found data only for Italy, where non-residents typically get 50% to 60% of the value. Ask lenders in each country.
Can I do holiday rentals?
Yes in many cases, but each country and region has licence rules, and the Greek golden visa prohibits short-term letting.
This is general information, not legal or tax advice. Rules and rates change, and your situation may differ. Confirm the figures with the tax authority and a qualified lawyer or tax adviser before you commit. Facts last checked on 16 October 2026.
Sources
Official sources (check these for the current rule):
Also cross-checked against published guides, because practice varies between notaries, registries and banks:
