Greece’s luxury real estate market has seen a remarkable rise over the past few years, peaking in 2024, according to converging estimates and reports. The majority of interested buyers come from abroad, though this does not mean there is no demand from Greek investors—on the contrary, domestic interest is on the rise.

The Athenian Riviera is leading the demand for luxury residences, partly due to the global promotional campaign for the Ellinikon project, which has had a multiplier effect on the entire area.

Specifically, according to the third Market Report by Greece Sotheby’s International Realty, which was recently published, Greece’s luxury real estate sector remains robust among high-net-worth individuals. The company’s total sales in Greece over the past five years have reached nearly €500 million.

The Athenian Riviera continues to hold the top spot in 2024, while Mykonos has dropped to sixth place in terms of buyer interest. This year has been marked by increased market activity, with the conversion rate of On-Site Viewings to Sales skyrocketing from 6.5% in 2023 to 14.2% in 2024, indicating the presence of more decisive buyers.

At the same time, record-breaking sales in the Ionian Islands and Central Aegean confirm that demand remains strong for Greece’s top tourist destinations. One of the most notable trends of 2024 has been the significant increase in domestic interest, placing Greek buyers in the top spot, representing 16% of total demand. Close behind are buyers from the United States, also at 16%, though their share has dipped slightly by 4.3% compared to 2023. The United Kingdom takes third place, showing a 17% increase in demand. The top five countries are rounded out by France (9% share) and Germany (4%), though both saw slight declines.

Breaking demand down geographically, the Athenian Riviera leads the pack, accounting for 17% of total buyer requests, while Athens as a whole attracted 30% of total demand. Corfu remained a top choice in second place, with the top five destinations also including central Athens, Crete, and Lefkada. Mykonos, once a leader, has dropped to sixth place, with requests falling by 18% compared to 2023. Tinos, Paros, and Kea also recorded declining interest.

According to Savvas Savvaidis, President and CEO of Greece Sotheby’s International Realty, who spoke to the Athens-Macedonian News Agency (AMNA) and journalist Alekos Lidorikis, the dramatic rise in the conversion rate in 2024 is due to a combination of factors. Firstly, the political stability following the 2023 elections and the formation of a strong government majority bolstered investor confidence in the Greek economy. Additionally, Greece’s upgrade to investment-grade status by international rating agencies such as Fitch and S&P marked a shift in the country’s global perception as an attractive investment destination.

Another key factor has been the limited supply of high-quality luxury properties. The combination of restricted inventory and heightened demand has led to faster purchasing decisions. Furthermore, a shift in buyer mentality, particularly among international investors, has played a crucial role. Many now embrace a “carpe diem” approach, prioritizing lifestyle and immediate enjoyment over long-term capital appreciation alone. Increasingly, buyers seek homes that blend investment value with an enhanced quality of life.

Greek Buyers from the Diaspora and the “Brain Gain”

Greek buyers represent 16% of total demand for luxury residences, according to the report. The profile of Greek buyers in the luxury real estate market is highly diverse, making it difficult to classify them into strict categories. However, three primary groups stand out.

First, there is strong demand from the Greek diaspora—investors of Greek heritage living abroad with substantial financial liquidity. These buyers are drawn to premium properties both as long-term investments and as a means of maintaining strong ties to their homeland. Greece, particularly locations like the Athenian Riviera and the islands, offers an ideal balance between emotional connection and solid investment prospects.

At the same time, a new, dynamic group has emerged due to the “brain gain” phenomenon. Many Greeks who emigrated during the financial crisis of the past decade are now returning. These are highly skilled professionals with international experience and financial stability, seeking not just a house but a lifestyle that combines quality of life with career opportunities.

Additionally, there is a category of Greeks who have generated significant new wealth in recent years through business ventures, the tech sector, startups, and other high-growth industries.

Greece’s Tax Policy – Luxury Real Estate Market for Foreign Investors

Greece’s tax policy plays a crucial role in making the country’s luxury real estate market attractive to foreign investors. However, it remains an advantage that has not been adequately promoted internationally. The Non-Dom tax regime, which offers significant incentives to wealthy investors, could serve as a catalyst for attracting ultra-high-net-worth individuals, much like it has in competing markets.

Other countries with similar regulatory frameworks have leveraged their tax policies as strategic tools to attract affluent residents, transforming favorable tax conditions into actual relocations of investors. Greece has all the necessary ingredients—tax incentives, a high quality of life, and desirable locations—but requires a more targeted international campaign to convert its theoretical appeal into tangible demand and increased foreign buyer presence, according to Mr. Savvaidis.

The New Emerging Luxury Real Estate Hotspots in Greece

In recent years, there has been significant growth in alternative destinations, which are beginning to attract high-profile buyers. Over the past five years, record-breaking sales have been observed in areas such as Paxos, Rhodes, Crete, Lefkada, and Syros, among others. However, it’s important to note that the luxury real estate market does not function like tourism, where a destination can rise in popularity simply due to high visitor numbers.

Attracting ultra-high-net-worth individuals (UHNWI) requires a targeted and long-term strategy. The emergence of new hotspots is not a matter of chance but the result of coordinated marketing efforts, international networking, and strategic positioning of properties in the right markets.

“Our contribution,” says Savvaidis, “is not just reflected in sales figures but in the establishment of a market that didn’t exist in its current form a decade ago. Our strategy has played a pivotal role in the international promotion of Greek luxury homes, positioning Greece as one of the most attractive destinations for high-end buyers.”

Athenian Riviera – The Most Coveted Luxury Real Estate Location and the Ellinikon

The Athenian Riviera has firmly established itself as Greece’s premier luxury real estate destination, attracting increasing investment interest. Its proximity to central Athens, combined with modern infrastructure, easy access to international air travel, and top-tier services, make it one of the Mediterranean’s most rapidly growing areas.

The region’s natural beauty, featuring a stunning coastline, organized beaches, modern marinas, and luxury resorts under international brands, offers a unique lifestyle that appeals to discerning buyers from around the world. The presence of top hotel groups like One&Only and Four Seasons has further enhanced the area’s prestige and global recognition, solidifying its status as one of Southern Europe’s top investment destinations.

Additionally, the global promotional campaign for The Ellinikon has acted as a catalyst for this momentum. The largest urban development project in Europe, with multi-billion-euro investments, has significantly elevated the Athenian Riviera’s international profile, fueling expectations for a new era of growth and opportunity.

Beyond its inherent advantages and strategic investments, another crucial factor shaping the Riviera’s appeal is the development of new high-end properties. In a market where construction activity had been largely stagnant for over a decade, the creation of new luxury residences is not merely meeting demand—it’s generating it.

The influx of new developments is stimulating buyer interest while also fostering a sense of stability and confidence in the area’s future. The result is the transformation of the Athenian Riviera into a thriving, high-end suburban district, where supply and demand evolve in harmony, firmly establishing it as one of the world’s most desirable luxury real estate destinations.