Real estate market: Greece – a “paradise” with luxury housing

Greece leads in demand for luxury housing; this is not an estimate or an expectation, but a reality. Analysis of data from real estate agencies and notary offices shows that foreign citizens play the main role as investors and buyers.

The reason is obvious. Prices, which are outrageous by Greek standards, are still far from the standards of other Southern European countries, causing them to act like a magnet. As Premier Realty managing director Corina Saia emphasizes, “interest in Greek real estate exists and will remain high. The demands of luxury home buyers are now increased. Homes that offer comfort and convenience, such as sustainability, technology upgrades and hotel amenities, top the preferences of luxury homebuyers.”

Crete and Ionian Islands
The luxury housing market of the Ionian Islands has experienced a strong “downturn”, while Cretan direction is still in high demand as there are more favorable relationship between price and characteristics of luxury real estate. In these areas, buyers can find detached houses with two or three bedrooms, a swimming pool and stunning views, with prices starting from 350,000 euros and reaching 14 million for premium villas over 1,000 sqm.

Typical of Crete is the Elounda Hills project, one of the largest investments in our country, comprising, among other things, 260 branded villas and apartments, a marina with 202 berths, a 5-star hotel, a botanical garden and an amphitheater. It should be noted that buyers have already shown great interest in the property.

Athens
High demand is observed for newly built premium homes with convenient access to the city. We see keen interest even in small luxury houses with an area of ​​60 sq.m. in the Amarusi areas, at prices from €3000 sq.m. for one-bedroom residences, and in the center of Athens, for example Kolonaki, prices for corresponding residences start from €6,000 sq.m.

Particularly in Marusya, the demand for housing is driven by large office projects built in the surrounding areas. The new growth trend is also being seen in northern suburbs such as Ekali, Politia and Kifisya. Areas offer an improved lifestyle and excellent schools that attract many investors.

According to Indomio, over the past 2 years, the average price in the municipality of Kifissia reached its maximum in May 2024 and amounted to 3,423 euros per sq.m. The asking price was higher in the Kefalari subregion – 4014 euros per sq.m. Houses with two bedrooms or more start from €5,000 per sqm and above. In the Ekali area, luxury villas start from €8,000 sq.m.

Athens Riviera
However, the supply of luxury seaside homes is significantly less than the public thinks. Their price rates have formed a strong upward trend, as a result of which they themselves Greeks no longer consider their market sustainable based on average incomeswhich have decreased significantly after more than a decade of crisis in the Greek economy.

The inappropriateness of buying apartments by the sea is obvious from the fact that the fixed prices are no lower than 200-220 thousand euros, which corresponds to the purchasing power of only foreign investors. A characteristic feature of the demand for luxury homes with modern characteristics is the high demand for projects in Elliniko and its surroundings. In Glyfada, prices for villas start from €8,000, and in Voula and Vouliagmeni – from €7,000 and €9,000 respectively.

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