Published on and written by Cyril Jarnias
For a long time, the European investor seeking sun and returns focused almost exclusively on Spain or Portugal. By 2026, the landscape has radically changed: the center of gravity is shifting eastward, residency-by-investment rules have tightened, and short-term rental regulation has entered a new era across the European Union.
Three countries with distinct property cycles and tax frameworks stand out for investing along the Mediterranean: Bulgaria, Portugal, and Greece.
The challenge is no longer just about finding where prices are rising fastest, but understanding which combination of entry price / taxation / rental yield / regulatory risk best suits your profile. In other words, where to put your money in 2026 if you are torn between Bulgaria vs. Portugal vs. Greece: where to invest in real estate in Europe in 2026?
A European Context That Changes the Game
Before zooming in on each country, keep in mind two major trends that are reshaping the market.
First, short-term rental regulation. A new European regulation (EU 2024/1028) takes effect in May 2026: platforms like Airbnb will have to verify property registration numbers, share detailed data with authorities monthly, and quickly remove non-compliant listings. The Commission does not set local rules—cities and states still decide on bans or caps—but it provides a real “enforcement infrastructure.” In practice, the era of thousands of undeclared rentals is coming to an end.
Portugal has eliminated the golden visa via residential real estate, Greece has sharply raised its thresholds in sought-after areas, and Bulgaria has closed its program, making the simple “property purchase for residency” model nearly obsolete.
In this new framework, it is no longer enough to compare price per square meter. You must factor in access to residency or not, tax stability, and the ability to operate a property for short-term or long-term rentals without being stifled by regulations.
Bulgaria: The EU’s Ultimate “Cheap” Market, Ahead of the Euro
Bulgaria enters 2026 at a pivotal moment. The adoption of the euro on January 1, 2026 marks the end of a long period when the country was seen as a “value gap” within the Union: rapidly improving infrastructure, decent growth, but dramatically lower property prices than its southern neighbors.
Entry Price: A Massive Disparity Compared to the West
The numbers speak for themselves. The national average price for a residential property is around €2,561 per square meter, while competing markets are significantly higher. In the capital, Sofia, the market boomed in 2024–2025 with an increase of about 23.5% and an average price for new apartments already at €2,487/m². Central districts reach €3,327/m², and the most upscale areas, like Oborishte, flirt with €3,764/m².
At the same time, many coastal towns remain very affordable. In Burgas, average prices range between €1,000 and €1,300/m², while in Varna you’ll find a range of €1,300 to €2,500/m². On the coast, it’s still possible to buy an apartment for between €50,000 and €120,000, whereas an equivalent property in the Algarve would trade between €280,000 and €450,000.
This price difference is at the heart of Bulgaria’s appeal: property values are 60 to 70% lower than those seen in Greece for comparable properties, according to market data.
Rental Yields: Higher Potential Than the Average Suggests
An international study gave Bulgaria an average gross rental yield of 4.34%, considered “low” in the global ranking. But this average masks much more varied realities.
In Plovdiv, gross yields often fall between 6% and 9%.
This ability to combine low purchase price with attractive yield is reinforced by a very competitive cost of living. The monthly expense for a household or expat is estimated between €990 and €1,610, significantly less than in Greece (€1,430 to €2,570) and even further below many Portuguese regions.
Price Growth: After the Boom, Stabilization
The years 2021–2025 were marked by double-digit increases. According to data from the National Statistical Institute and analysts like SORENDA Real Estate, the price index surged over 15% in 2025 compared to 2024, putting Bulgaria among the fastest markets in the EU.
For 2026, the analyst consensus is clear: the “frenzy” of buying is ending, but ongoing progress continues. Estimates place the annual increase between 5% and 10%, and even 8% to 12% for Sofia, with a possible peak of up to 15% in some highly sought-after neighborhoods. It’s no longer a speculative rally, but growth driven by fundamentals: euro adoption, rising incomes, strong domestic demand, and a shortage of quality modern supply.
The total area of launched construction sites reached 8.6 million m² in 2025, a 7.5% increase year-on-year.
Taxation and Transaction Costs: A Quiet Paradise for Rational Investors
For the investor, Bulgaria combines low entry price with light taxation.
On rental income, the income is taxed at 10% after a flat 10% deduction for expenses. In practice, tax is levied on 90% of gross rent, at the flat rate of 10%. Non-residents also face a 10% withholding tax, simplifying management.
Upon resale, capital gains on property are taxed at 10%, on the difference between sale price and acquisition price, again with a 10% deduction. Exemptions exist: sale of a primary residence held for more than three years is tax-free; likewise, sale of two properties held for more than five years; inherited properties are also exempt.
Purchase costs are moderate: transfer tax ranges from 0.1% to 3% depending on the municipality; notary and legal fees run between 0.6% and 2.5%. Agency commissions are typically 2.5% to 3% for the buyer and the same for the seller. In total, the “round-trip cost” (buying + selling) often falls between 5.7% and 11.5%.
Property tax, set by municipalities, remains very low: from 0.01% to 0.45% of the property’s tax value.
Short-Term Rental Regulation: A Turning Point with the EU
For a long time, Bulgaria was one of Europe’s havens for unrestricted tourist rentals. In 2026, this landscape is changing.
Up to 50% of current short-term rentals could disappear from platforms by 2026 if not regularized.
Major cities will be on the front line: over 4,000 listings in Sofia, about 2,800 in Varna, more than 2,500 in Plovdiv and Burgas, and nearly 600 in Bansko are potentially affected. Registration is neither automatic nor free: owners must pay fees per bed, integrate into the national ESTI system, and declare their guests daily. Fines are in place for unregistered accommodations.
For investors, this means the era of “under-the-table cash” is ending, but also that the market is likely to professionalize. Properties managed in compliance should share a smaller pie, with less informal competition.
Bulgaria in 2026: For Which Investor Profile?
Bulgaria remains one of the cheapest entry points in the EU to build a rental portfolio, with light taxation and potentially high yields in the right locations. The arrival of the euro, relative macroeconomic stability (GDP growth around 3% projected for 2026–2028), and continued construction support a scenario of moderate but sustained price increases.
On the flip side, regulatory risk for tourist rentals is rising, and the country’s declining demographics will weigh on certain regions in the long term. The key will be to focus on economically dynamic major cities (Sofia, Plovdiv, Varna, Burgas) and the most established tourist resorts, while accepting that the 100% Airbnb model will become more regulated.
Portugal: An Expensive, Overheated Market, but Still Very Promising
Portugal is no longer the cheap secret it was in 2015. According to the IMF, property prices have doubled since then, and the European Commission considers the Portuguese market significantly overvalued relative to fundamentals. Yet the country continues to attract investors, retirees, and digital nomads from around the world.
A Spectacular Price Dynamic, Now Slowing Down
In 2025, Portugal posted the highest growth rates in the EU: +16.3% year-on-year in the first quarter, then +17.7% in the third quarter. Asking prices for sales rose another 6.8% year-on-year in December 2025, pushing the national median price to €3,019/m².
Lisbon and Porto remain out of reach for a large portion of the local population. By end of 2025, the median price in the capital reached €5,995/m²; in Porto, €3,885/m². In some historic neighborhoods of Lisbon, listings far exceed €6,000/m², and rent for a one-bedroom in the city center runs around €1,420 per month, more than the local median salary.
Analysts, however, expect a clear slowdown in 2026, with price growth forecast between 2% and 4%. Three factors explain this leveling off: the gradual arrival of new developments from late 2026 onward, a less generous credit environment (tighter bank spreads), and purchasing power eroded by inflation, with wages not keeping pace with prices.
Yields: Less Spectacular than Bulgaria, but Supported by Appreciation
Portuguese rental yields are not explosive on paper, but they play out in a context of strong capital appreciation.
Orders of magnitude from a detailed market analysis
Description of the first market with its order of magnitude
Description of the second market with its order of magnitude
| Area / Segment | Typical Gross Yield | Typical Net Yield | Price-to-Rent Ratio (years) | Estimated Annual Appreciation |
|---|---|---|---|---|
| Lisbon (long-term apartments) | 3.8–4.7% | 2.0–3.2% | 20–25 | 8–10% |
| Porto | 5–7% | 3–4.5% | 14–19 | 8–10% |
| Algarve (regional average) | 5–7% | 3.5–5.5% | 13–16 | 8–10% |
| Secondary cities (Braga, Coimbra, etc.) | 6–8% | 4–6% | 12–17 | 10–12% |
| Short-term rentals in tourist areas | 7–10% | 4–7% | 10–15 | 8–10% |
In Lisbon, premium studios can reach 5.7% gross yield, but the norm is closer to 4–4.5%, with a net around 2.5–3%. In Porto, neighborhoods like Bonfim achieve 6% or more, and houses yield around 4.5–5.7%.
In the Algarve, apartments average 6.4% gross yield, 5.5% net, with occupancy rates close to 93% over the year, and up to 98% in the best micro-markets. Cities like Portimão show gross rents around 5.5% for average prices of about €3,300/m², while Lagos, Albufeira, or others stand out for strong seasonal potential.
Over five years, a well-chosen property in the Algarve with 5–6% net yield and 3–4% annual appreciation can generate a total return of 45% to 60%.
Taxation and Operating Costs: Must Be Factored In
For a non-resident, rental income taxation in Portugal is based on a flat rate of 25–28% on net income. Residents, meanwhile, are subject to a progressive scale, potentially heavier.
Ancillary costs significantly reduce gross yield:
– Property management: 8–12% of rents,
– Routine maintenance: 1–2% of the property’s value per year,
– Insurance, IMI (municipal property tax), vacancy periods: +1–1.5% of annual value.
IMI ranges from 0.3% to 0.8% of the tax value. On a €300,000 apartment, the bill starts around €900 per year at the lowest rate. Purchase also entails significant costs: transfer tax (IMT), stamp duty (0.8%), notary, registration, and advisory fees, bringing total acquisition cost to a range of 8% to 11% of the price.
Mortgage: A Window of Opportunity for Leveraged Investors
Variable rates have fallen significantly since their post-Covid peaks. In fall 2025, loans indexed to Euribor are trading around 3–3.5% (Euribor + 0.7–1.5 points). Market forecasts expect rates to decline toward 1.4–2% by 2026, which would mechanically improve net profitability for investors using leverage.
Banks typically finance 60% to 70% of the price for creditworthy non-residents. Under these conditions, some scenarios mention net cash-on-cash returns of 4% to 6% in markets like the Algarve or Porto, and 3% to 4% in Lisbon, combining rents and capital gains.
Short-Term Rentals: From Closure to Regulated Reopening
Under pressure from the housing crisis, Portugal initially took a hard line. The “Mais Habitação” legislative package closed the door to any new tourist rental licenses in many central areas and ended the possibility of combining golden visa with residential real estate investment.
But in late 2024, a partial reversal occurred: a large part of the national restrictions were repealed, returning control to municipalities. Cities now define, neighborhood by neighborhood, zones of restraint and quotas. Moratoriums remain in the hyper-centers of Lisbon and Porto, but other municipalities, especially on the outskirts, are more open.
This reopening coincides with the entry into force of the European regulation banning unregistered rentals. Platforms must now require a registration number, display it, and remove listings without it. Additionally, stay data (number of nights, guest identities, addresses) will be transmitted monthly to states.
For the investor, the message is twofold: short-term rentals remain very profitable in tourist areas, but they are becoming a regulated business that requires a fine-tuned local strategy, good legal support, and anticipation of municipal decisions.
Golden Visa: A Tool That No Longer Runs Through Real Estate
Portugal remains one of the most attractive countries for obtaining long-term residency leading to citizenship in 5 to 6 years with minimal physical presence. But residential real estate has been out of the game since October 2023.
Major options in 2026 are:
| Investment Path (Portugal) | Minimum Amount | Direct Link to Real Estate? | Summary |
|---|---|---|---|
| Investment fund / venture capital | €500,000 | No (must target businesses) | Most used route, 60% assets in Portugal |
| Cultural / heritage project | €250,000 (donation) | No | Support for art, culture, heritage |
| Scientific research | €500,000 | No | Funding for R&D projects |
| Job creation | 10 jobs | No | Entrepreneurial investment |
The major advantage remains flexibility: 7 days of annual presence is enough to maintain the status. But a pure real estate investor can no longer rely on this tool to justify a purchase. Portugal’s appeal for such an investor now lies primarily in the combination of yield + capital appreciation + deep rental market.
Portugal in 2026: Who Is the Market For?
Portugal suits the investor who accepts high prices, moderate net yields, but bets on legal security, market liquidity, continued price growth (even if slower), and political stability. The country remains particularly interesting for:
– Long-term strategies in fast-growing secondary markets (Braga, Coimbra, certain coastal towns),
– Professionalized tourist operations in the Algarve, subject to solid licenses,
– Projects relying on bank credit to take advantage of falling rates.
It is less suited to the short-term “cashflow hunter” investor, who will find more attractive gross yields in Bulgaria or in certain Greek segments.
Greece: A Market Under Tension Between Boom and Regulation
Greece has come a long way. After a drop of nearly 42% in nominal terms (and 48% in real terms) in urban housing prices from 2007 to 2017, the market has staged a spectacular recovery. Since 2018, double-digit increases have followed one another: +7.36% in 2019, +12.39% in 2022, +14.22% in 2023. In 2024, the pace moderated slightly but remained robust at +8.60% in urban areas.
Prices and Recent Dynamics: A Cycle Driven by Investment
In 2024, residential prices rose on average by 8.72% in nominal terms nationally (+5.55% real), and by 8.60% in urban areas. In 2025, growth remains strong but slightly slower: about +7.8% for apartments nationwide, compared to +9.1% in 2024. New homes (less than 5 years old) rose by 7.4%, older ones by 8.1%.
Regional disparities are pronounced:
| Area / Sub-market (Q3 2025) | Average Sale Price (€/m²) | Annual Price Change (%) |
|---|---|---|
| Athens – South | 4,091 | +7.15% |
| Athens – North | 3,323 | +6.81% |
| Athens – Center | 2,439 | +12.03% |
| Athens – West | 2,154 | +12.48% |
| Athens – East | 2,316 | +6.53% |
| Piraeus | 2,522 | -1.33% |
| Piraeus suburbs | 2,131 | +8.39% |
| Rest of Attica | 2,053 | +8.11% |
| Thessaloniki – city | 2,625 | +9.38% |
| Thessaloniki – suburbs | 1,941 | +13.58% |
| Thessaloniki – rest of department | 1,061 | +15.08% |
According to the Bank of Greece, apartment prices in Athens rose by 6.2% on average in 2025 (after +10.2% in 2024 for new builds), Thessaloniki did even better with +9.6%, and other major cities recorded increases close to 9.8%. Thessaloniki even emerges as the champion of growth in 2025, with a 9.61% year-on-year jump in the third quarter.
Professionals (Savills, ReWize) clearly describe a cycle driven by investment, fueled by renewed domestic demand, numerous foreign buyers, and a much better macroeconomic context than a decade ago. Fitch indeed upgraded Greece’s sovereign rating in late 2025, with a stable outlook.
Rental Yields: Attractive in Some Markets, but Under Pressure
Rents are on an explosive trajectory. The rent index in the CPI rose 11.4% year-on-year at its peak in June 2025, and remained at +8.6% in November 2025, well above overall inflation (2.4%). The newspaper Kathimerini reported in late 2025 that rents have risen much faster than household purchasing power for several years.
Asking rents now exceed €10/m² in central, northern, and southern Athens, as well as in Piraeus and the municipality of Thessaloniki. The most significant increases in 2025 are in western Athens and the municipality of Thessaloniki, with +7.8%, and central Athens with +7.6%.
| Area / Sub-market (Q3 2025) | Average Rent (€/m²/month) | Annual Rent Change (%) |
|---|---|---|
| Athens – Center | 11.52 | +7.6% |
| Athens – North | 11.54 | +2.1% |
| Athens – South | 13.10 | +2.0% |
| Athens – West | 9.09 | +7.8% |
| Athens – East | 9.29 | +4.7% |
| Piraeus | 10.42 | +2.3% |
| Piraeus suburbs | 8.67 | +4.1% |
| Rest of Attica | 9.55 | +6.1% |
| Thessaloniki – municipality | 10.42 | +7.8% |
| Thessaloniki – suburbs | 7.68 | +6.4% |
| Thessaloniki – rest of department | 4.40 | -2.2% |
Nationally, asking rents rose by 7.2% year-on-year in the third quarter of 2025 and reached a record of €10.31/m² in January 2026, compared to €9.98/m² twelve months earlier.
Athens offers some of the highest gross yields in Greece, at about 5.43%, in November 2025.
A Structurally Constrained Market by Supply
If price growth appears sustainable, it is also because supply struggles to keep up. Residential construction remains below capacity.
Between January and August 2025, only 23,462 building permits for homes were issued, a drop of 24.53% compared to the same period the previous year. Northern Greece recorded the steepest decline (-32.30%), while Attica issued just 7,053 permits (-12.60%).
The situation is complicated by a Council of State ruling in December 2024, which deemed several “bonuses” of the new building code unconstitutional, creating legal uncertainty for new projects. Greece’s main economic think tank anticipates that the impact will primarily materialize in even lower construction volumes in 2025–2026, before a likely revision of the framework and a restart from late 2026 onward.
The Bank of Greece warns that insufficient private construction activity is slowing the replenishment of supply and fueling the housing crisis, already aggravated by the rising share of renter households, from 22.8% in 2010 to 30.3% in 2024.
Mortgage Market: Low Indebtedness, Falling Rates
Unlike many eurozone countries, Greece enters this up-cycle with a relatively low level of household debt. The stock of housing loans fell from 40.1% of GDP in 2012 to 11.1% in 2024, and even declined another 4% in the first ten months of 2025 to €25.2 billion. Only 20% of home purchases are financed with credit.
Rates, meanwhile, are gradually retreating, following successive cuts in the ECB’s key interest rates. The average rate on new housing loans fell from 3.77% in October 2024 to 3.51% in October 2025. For outstanding amounts over five years, the floating rate declined from 4.28% to 3.61%.
The subsidized programs of the Hellenic Development Bank represent €2.4 billion, one-third of new loans granted in the first ten months of 2025.
Golden Visa and Regulatory Tightening
For a long time, the Greek golden visa program was the most accessible in Europe, thanks to an entry ticket of €250,000. That is no longer the case, especially in the most desirable markets.
Since 2024–2025, a zone system has been implemented:
– “Tier A” (Athens, Thessaloniki, Mykonos, Santorini, and islands with more than 3,100 inhabitants): minimum €800,000 for a single property of at least 120 m².
– Rest of the mainland and smaller islands: threshold at €400,000.
– Exception at €250,000 for very specific projects: conversion of commercial buildings into homes or full restoration of historic buildings, regardless of location.
Furthermore, properties purchased under the Golden Visa can no longer be rented on platforms like Airbnb. A violation exposes the owner to a fine of up to €50,000 and revocation of residency.
The program still retains two major advantages: a near-zero presence requirement (0 days minimum, only a visit for biometric data is needed) and extension of residency rights to three generations of family.
Short-Term Rentals: Targeted Restrictions and Spatial Framework
Greece is among the most aggressive countries regarding tourist rental regulation.
In Athens, a one-year moratorium on new short-term registrations was introduced as early as 2025 in central neighborhoods like Kolonaki, Koukaki, or Exarchia, then extended through 2026, with the possibility of extension to other areas. Certain highly touristic islands are also subject to a freeze or strict caps.
At the same time, a new tourism planning framework links Airbnb growth to the carrying capacity of each destination for the first time. Authorities may set:
– specific operating conditions,
– maximum activity durations per year,
– geographic zones of restriction or prohibition,
– quotas on new registrations.
Short-term rentals are included in tourist capacity. Greece classifies 1,035 municipal units into 5 categories: controlled development zones (Mykonos, Santorini, Skiathos, parts of Corfu, Rhodes, Kos, Tinos, and Crete), developed zones (Athens, Thessaloniki, Paros, Antiparos, Sifnos), and developing zones (Milos, Pelion, Chalkidiki). In saturated zones, the minimum land area for a new hotel rises to 16 stremmas (about 4 hectares) with bed caps.
This approach illustrates current Greek philosophy: curb overheating in hyper-tourist hotspots to preserve residential areas, while continuing to attract capital to less densely developed zones.
Macroeconomics: An Improving but Still Fragile Environment
On the macroeconomic front, Greece’s situation has improved markedly. Expected growth is 2.1% in 2025 and 2.2% in 2026, slowing to 1.7% in 2027. Inflation is around 2.8% projected for 2025 then 2.3% for 2026, after 3% on average in 2024.
Unemployment fell from 25.6% in early 2015 to 8.6% in October 2025. Public debt, still high at 154.2% of GDP in 2024, should approach 120% by 2030 according to the IMF. The budget even shows a surplus of about 1% of GDP.
These improvements help reassure international investors and sustain foreign capital flows, though they declined slightly in 2025: in the first half, non-resident real estate purchases totaled €938.3 million, down -17.84% year-on-year after a peak in 2024.
Greece in 2026: Opportunities and Points of Caution
Greece combines several strengths and risks:
– Prices that remain below pre-crisis highs despite strong recent increases,
– Rents booming, especially in major cities,
– A market still under-supplied in new properties, limiting the risk of a sharp correction,
– An improving macro environment and strong tourist appeal.
On the flip side, several red flags exist: the European Commission estimates the market is overvalued by about 20% relative to fundamentals; the divergence between prices and incomes makes homeownership increasingly unaffordable for households; tourist rental regulation is tightening; and the Golden Visa has lost some of its accessibility.
For an investor, this means targeting specific segments: emerging neighborhoods in Thessaloniki, well-connected suburbs of Athens, medium-sized tourist towns like Naxos, Syros, Lefkada, or Corfu—not forgetting conversion or renovation projects that allow access to the €250,000 Golden Visa tier for those also seeking residency.
Bulgaria vs. Portugal vs. Greece: How to Decide in 2026?
Comparing these three markets requires going beyond stereotypes. The main strengths and weaknesses can be summarized as:
| Key Criterion | Bulgaria | Portugal | Greece |
|---|---|---|---|
| Price level | Low (€2,561/m² average, Sofia ~€2,487/m²) | High (€3,019/m² median, Lisbon ~€5,995/m²) | Intermediate (€2,561–€2,709/m² depending on source, with strong regional variation) |
| Price dynamics 2026 (expected) | +5% to +10% (Sofia up to +12%) | +2% to +4% (after +16–18% in 2025) | +3% to +4% on average, more in some urban areas |
| Typical gross rental yield | 4–6%, but 6–9% possible depending on city | 4–7% (depending on city/segment), 7–10% for short-term | ~4.4% average, peaks at 5.4% in Athens, ~9% on some tourist segments |
| Taxation on rents | 10% flat (after 10% deduction) | 25–28% flat for non-residents (on net income) | Progressive rates but limited social charges; specific regime depending on status |
| Annual property tax | Very low (0.01–0.45% of tax value) | IMI 0.3–0.8% | ENFIA 0.1–1.0% |
| Short-term rental regulation | Increasing regulation (registration, ESTI) | Municipal regulation, controlled reopening | Targeted moratoriums, Golden Visa cap + Airbnb ban for those properties, future spatial framework |
| Golden Visa / residency by investment | Program closed | Funds, culture, jobs (€500k min, no more real estate) | Real estate still possible but high thresholds (€400–800k, exception €250k) |
| Risk profile | Emerging EU country, declining demographics | Expensive market, possible soft correction | Overvalued market, regulation in flux |
| Main advantage | Entry price + taxation + euro in 2026 | Stability, liquidity, capital appreciation | High rental yields in some markets + massive tourism |
In practice, the “best” country depends first and foremost on strategy.
An investor focused on cashflow, willing to accept more risk and more active management to benefit from the arrival of the euro, will find in Bulgaria the most attractive playground, with above-average yields, light taxation, and still significant appreciation potential.
For a long-term wealth profile prioritizing legal security and ease of financing, Portugal is recommended, especially in secondary cities or the Algarve, where profitability and capital gains remain accessible.
An investor seeking a balance between yield, catch-up story, and potential tourism exposure will turn to Greece, provided they manage regulatory risk, choose locations carefully, and do not base their entire model on Airbnb in central Athens or already saturated islands.
How to Invest Smartly: Essential Due Diligence
Regardless of the country chosen, one conclusion stands out: the era when you could buy an apartment in the sun on a simple weekend visit is over. Rising prices, increasingly complex tax regimes, and intensified anti-fraud efforts require rigorous due diligence.
Before any purchase, verify the chain of title, mortgages, seizures or easements, zoning compliance and regularization of renovations, tax status (local taxes, property taxes, condominium debts), and compare advertised rental yields with market rents.
In Bulgaria, the main challenge will be ensuring that short-term rental activity is or will be possible within the local framework (registration, ESTI system, taxation), and that the property is of sufficient quality to stand out in a rapidly growing supply.
In Portugal, the key will be to position yourself in the right areas, understand the municipality’s policy on short-term rental licenses, and precisely calibrate bank leverage and taxation, especially if you are also aiming for tax residency status.
In Greece, beyond the complexity of the land registry and urban planning issues, you will need to closely monitor changes in moratoriums, tourism capacity plans, and Golden Visa rules that can, from one year to the next, radically change the situation in a given neighborhood or island.
In 2026, Bulgaria vs. Portugal vs. Greece: where to invest in real estate in Europe in 2026? The right answer is no longer a miracle destination, but a country aligned with a clear strategy, realistic returns, and assumed risk tolerance—all backed by much more thorough legal and financial work than in the past.
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Cyril Jarnias is an independent expert in international wealth management with over 20 years of experience. As an expatriate himself, he is dedicated to helping individuals and business leaders build, protect, and pass on their wealth with complete peace of mind.
On his website, cyriljarnias.com, he shares his expertise on international real estate, offshore company formation, and expatriation.
Thanks to his expertise, he offers sound advice to optimize his clients' wealth management. Cyril Jarnias is also recognized for his appearances in many prestigious media outlets such as BFM Business, les Français de l’étranger, Le Figaro, Les Echos, and Mieux vivre votre argent, where he shares his knowledge and know-how in wealth management.
