With the Athenian Riviera and the Athens market as a whole taking center stage, the Greek luxury residential market maintained its momentum in 2024, and will remain high on buyers' radar in 2025.
This is according to the Market Report of Greece Sotheby's International Realty, which states that its total sales in Greece have reached 500 million euros over the past five years.
The Greek market in 2024 - Increased sales with a significantly improved "closing" rate
2024 was characterized by increased 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 determined buyers. At the same time, the record sales recorded in the Ionian and Central Aegean confirm that demand remains strong for the country's top locations.
Markets Driving Demand
One of the most important features of 2024 was also the large domestic increase in interest, which led Greeks to first place, representing a 16% share of total demand. The United States follows closely behind with a 16% share as well, although it showed a slight decrease of 4.3% compared to 2023. Third place belongs to the United Kingdom, which recorded a 17% increase. France (9% share) and Germany (4% share) are also in the top five, although both saw slight decreases.
Athens Steadily in First Place - Ahead of Mykonos
Regarding specific geographic areas, the Athenian Riviera is at the top of demand, representing 17% of total requests, while the capital as a whole accounted for 30% of total demand. Corfu remained consistently high in preferences, occupying 2nd place, while the top five were completed by the center of Athens, Crete, and Lefkada.
Mykonos fell to 6th place with requests down nearly 18% compared to 2023, while the islands of Tinos, Paros, and Kea also recorded a decline.
HNWI Interest Remained High in 2024
According to data from a survey conducted by Greece Sotheby's International Realty in 17 offices across Europe, America, the Middle East, and Asia, interest from High Net Worth Individuals (HNWIs) in the luxury housing market remains strong and shapes trends in the global market.
These investors continue to seek properties that combine high quality of life, strategic location, and attractive tax or economic incentives. Sotheby's International Realty offices in markets such as Italy, the United Kingdom, Spain, and Dubai reported "very high" interest in the luxury real estate market in 2024, underscoring the sustained demand from international investors.
At the same time, Mediterranean destinations such as Malta, Portugal, and the French Riviera are recording significant activity, confirming the timeless appeal of coastal and lifestyle markets.
Demand Forecasts for 2025
Forecasts for 2025 remain optimistic, with most markets anticipating a further increase in interest from HNWIs, particularly in locations that offer attractive investment prospects and an enhanced lifestyle. More specifically, the only offices that expect demand to remain the same in 2025 are those in Paris (Propriétés Parisiennes SIR), Miami, Hong Kong, and Cyprus, with the first two of these already ranking demand in 2024 as high.
Within the context of the publication of the 3rd Market Report, Savvas Savvaidis, President and CEO of Greece Sotheby's International Realty, stated: "2024 was a landmark year for our company with even greater sales records and increased investment interest both within and outside of Greece. Buyers showed a clearly stronger willingness to purchase luxury properties, which is confirmed by our data analysis, as well as the significant increase in sales volume compared to the previous year.
"The dynamics of the market are shaped by a set of factors, which include the stability of the macroeconomic environment, the availability of quality properties, and the increased demand for locations that offer both investment value and a high standard of living. For us at Greece Sotheby's International Realty, constant market monitoring and the provision of valid data is a priority. This year's survey, which expanded to 17 international Sotheby's International Realty offices, allows us to understand global trends in depth and ensure that the Greek luxury housing market remains at the top of the choices for high net worth buyers (HNWIs)."