High demand for luxury pads

Demand remains high in the luxury housing market, both from foreign investors and from Greeks.

Areas such as the Athens Riviera, with the development of Elliniko as a reference point, parts of Athens city center with a view to the Acropolis, Crete, Corfu, Porto Heli in the Peloponnese, and Cyclades islands such as Mykonos, Santorini and Paros, are at the forefront of buyer interest, according to Corinna Saias, managing director of Premier Realty Greece.

Primarily, these people look for high-quality properties, with a budget that starts from around 900,000 euros and can even reach €2 million. As Saias explains, “top picks are newly built homes, averaging 150 square meters, which can offer a very high standard of living and significant benefits. The average sale price of such properties is around €8,000/sq.m. Sale prices can start from €6,000/sq.m., reaching €12,500/sq.m. on average. Of course, there have also been transactions at an even higher price level, which, however, are not the general rule in the Greek market,” emphasizes Saias.

The individual characteristics of the properties buyers look for are also of particular importance. The most popular amenities are privacy, exercise areas, swimming pool, landscaped outdoor areas, views, energy fireplaces, electric vehicle charging stations, bioclimatic design infrastructure, security systems and advanced technology amenities such as smart networking. According to Saias, «the new EU directives for residential property energy upgrading show that the sustainability benefits of the properties are particularly important for buyers. From 2028, all new buildings constructed in the EU should have zero environmental footprint.»

Demand remains high because foreign investors wish to diversify their portfolio, due to the climate of intense uncertainty developed recently in a number of foreign markets. At the same time, in Greece, the yields offered for these properties are higher compared to the countries where they originate. The investors most motivated to purchase luxury homes in Greece come mainly from other European countries, such as Germany, Switzerland and the UK, but also from America and Australia.