Greece Sotheby’s International Realty is seeing an increase in demand for luxury properties and a shift in demand from destinations such as Mykonos and Rhodes towards Attica and other areas such as Lefkada.
Based on demand in the first half of the year from wealthy foreign buyers, or High Net Worth Individuals (HNWI), it seems clear that 2023 will see Athens show its true potential, Savvas Savvaidis tells Kathimerini. President and CEO of a real estate company. “It has long been obvious to our staff that our international clients are turning their attention to the capital, but now the dynamics are reflected quantitatively: the Athens Riviera ranks 2nd compared to Mykonos, and the city center ranks 4th compared to popular island destinations “, he explains. Tellingly, the average asking price per square meter for prime real estate in the center of Athens has risen to €8,200, while on the coast it has exceeded €15,000 per square metre. Athens is now on par with Mykonos, where the average price per square meter of beachfront property is 14,000 euros.
Prices are now starting to resemble those of other leading Mediterranean destinations. This is explained not only by high demand, but also by limited supply: “The supply of truly top luxury homes for sale in the country is much smaller than the public thinks. Especially in the coastal home category, high transaction volumes from previous years have significantly reduced the available options.”says the head of Sotheby’s Realty in Greece.
Recent deals are perhaps typical: for example a penthouse on the 4th and 5th floors in Voula with sea views on the Athens Riviera of 227 sq.m. with a full range of services sold for 2,600,000 euros. Another penthouse on the Athens Riviera, also in Voula, with sea views on the 4th and 5th floors, with an area of 292 sq.m., sold for 2,920,000 euros, and in the same area a duplex apartment on the 2nd and 3rd – floors with high ceilings and views of the park, with an area of 203 sq.m., was sold for 2,000,000 euros.
According to S. Savvaidis, another trend that has consistently emerged in recent quarters is that buyers are now very selective about the individual characteristics of a property and are not impressed solely by the destination. “This is largely reflected in deal closing rates, which, although improved compared to 2022, are still behind 2021,” he says, adding that “the market is much more transparent than in the past, and Therefore, buyers can quickly and relatively easily price real estate correctly, discarding overvalued properties, especially if they remain on the market for a long time.”.
Investors are turning to cheaper regions for golden visas
But it is not only the Athenian Riviera and the center of Athens that currently top the preferences of the firm’s foreign clients. In terms of demand, Corfu remains at the top of preferences, but for the first time the Athens Riviera has overtaken Mykonos in terms of demand. The top five is completed by Athens city center and Paros, followed by Lefkada, Crete, Kea, Tinos and Rhodes.
The capital’s center is in the top five for demand, with Lefkada, Kea and Crete moving up.
“Looking at patterns over the past three years, it is clear that the pandemic has led to “outpacing” sales that would normally have matured between this year and 2025. I get the feeling that a few high-net-worth individuals have positioned themselves to buy during during the pandemic, speeding up decisions that they would normally have planned to implement later,” he notes.
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In an effort to provide a comparative picture of the luxury real estate market in the Mediterranean, Sotheby’s International Realty’s Athens office research team collaborated with Sotheby’s International Realty’s Côte d’Azur offices in France, Croatia, Cyprus, Italy, Spain, Montenegro, Portugal and Egypt. According to the results of this study, interest in luxury homes among high-net-worth buyers remains stable in most Mediterranean markets. Offices in Italy, Greece, Cyprus, Egypt and Croatia report no change in demand patterns between 2022 and 2023. Montenegro is the only market to see growth, while Sotheby’s International Realty offices in Portugal, Spain and the Cote d’Azur report declines.
However, there is a shift in demand within markets and greater scrutiny of properties before buyers make a final decision.
Much of the demand comes from Europe itself. As Sotheby’s International Realty explains, “The interest in luxury real estate from European countries is clear. For example, Germany and the UK are becoming sources of inquiries for real estate agencies in many markets, including Portugal, Spain, Greece and Cyprus. France is showing interest in Portugal, Italy and Greece.
The United States is showing interest in luxury homes in Portugal, Spain, Italy and Greece. The Nordic countries are participating in the demand for Spain, Italy and Cyprus. At the same time, Central European countries, especially the Czech Republic and Slovakia, are showing interest in the Adriatic markets, especially Croatia and Montenegro.”
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