The Greece’s luxury real estate demand remains robust, with the market continuing to attract both domestic and international investors. As we delve into the dynamics of the Greek real estate sector in 2024, it becomes evident that several key factors are driving this sustained interest, including steady economic growth, a surge in tourism, and significant investments in infrastructure.

Strong Market Dynamics

The Greece’s real estate market has demonstrated remarkable resilience and dynamism in 2024. Both local and foreign buyers are showing heightened interest, particularly in urban centers such as Athens and Thessaloniki, as well as in picturesque locations like the Greek islands and the Peloponnese. The residential sector is thriving, with a notable preference for properties that offer stunning sea views and a high quality of life.

Prime Locations for Luxury Homes

The most sought-after areas for Greece luxury real estate include the Athenian Riviera, Corfu, and the center of Athens. According to a market analysis conducted by Greece Sotheby’s International Realty, the Athenian Riviera leads the demand, accounting for 17% of total purchase inquiries. The capital city, Athens, as a whole, represents 30% of the total demand for luxury properties.

The coastal areas of Athens have seen a staggering increase in demand, with a reported rise of 87.2% last year. Even more impressive is the 130% surge in demand for properties in the northern suburbs, which have gained popularity among buyers. Corfu consistently ranks high in buyer preferences, securing the second position, while the top five destinations are rounded out by the center of Athens, Crete, and Lefkada. In contrast, Mykonos has slipped to sixth place, experiencing an 18% decline in purchase requests compared to 2023. Other islands, including Tinos, Paros, and Kea, have also seen a decrease in demand.

Record Sales and International Interest

Despite fluctuations in demand for certain locations, record sales in the Ionian and Central Aegean regions affirm the ongoing appeal of Greece’s premier real estate markets. When examining the top ten markets with the highest demand for luxury properties, Greece holds a commanding lead, followed closely by the United States at 16%, albeit with a slight decrease of 4.3% from the previous year. The United Kingdom ranks third, showcasing a significant increase of 17%, while France (9% share) and Germany (4% share) complete the top five, both experiencing minor declines.

Other countries contributing to the demand for luxury real estate in Greece include Switzerland, Israel, Australia, the United Arab Emirates, and Canada. Notably, Athens remains the preferred choice for prospective buyers, while Mykonos has seen a decline in its ranking.

A Strong Appetite for Luxury Properties

Greece Sotheby’s International Realty has reported a total transaction volume of €500 million over the past five years, underscoring the strong appetite for luxury real estate purchases. The analysis indicates a significant increase in sales volume compared to previous years, reflecting the growing interest among buyers.

Future Price Trends

As for the trajectory of real estate prices in Greece, market experts suggest that prices have not yet reached their peak. While the excessive price increases of previous years, which saw double-digit growth rates of up to 15%, are likely behind us, a steady upward trend is expected to continue. From 2017 to the second quarter of 2024, house sales prices in Attica have surged by 88%, with a nationwide increase of 69.2%.

Looking ahead, it is anticipated that property prices will continue to rise, albeit at a more moderate pace of 2% to 3% annually. Factors contributing to this trend include a shortage of available building stock and the rising costs of construction materials, which are expected to persist in the coming years.

The luxury real estate market in Greece is thriving, driven by a combination of economic stability, increased tourism, and a growing interest from international buyers. With prime locations like the Athenian Riviera and Corfu leading the way, the future of luxury real estate investment in Greece appears promising. As demand continues to outstrip supply, potential investors should consider the unique opportunities that this vibrant market presents.