Demand soars for luxury properties in Attica Riviera

• 10 February, 25

The decline of the Cyclades compared to the luxury residential destinations of Attica, as well as a surge in purchasing interest by Greeks, are the two main trends that emerged last year, according to the latest annual report by Greece Sotheby’s International Realty.

Its findings show the Athenian Riviera continues to top the list of areas with the most requests (17% of the total), recording an increase of 87.2% compared to 2023.

On the other hand, Mykonos, which was one of the top three destinations with the highest demand in previous years, has begun to record a notable decline, completing 2024 with a 17.6% decrease in requests, now standing sixth overall. Corfu came in second with a share of 15.6%, followed by the center of Athens with a share of 8.1% and an increase of 35.7% compared to 2023. The housing market of the northern suburbs of Athens also recorded a steep increase of 130%, climbing to seventh.

One of the reasons that may explain this major increase in the purchase of luxury homes in Attica is the large growth (by 51.8%) in demand from domestic buyers, who now constitute 16.2% of the total and are on top for the first time. Buyers from the US, including diaspora Greeks, followed with a similar share. The UK market also recorded an increase of 17.2%, to 16.1% of total requests. Also in the top five are French and Danish buyers. 

The top three countries account for 51% of demand for luxury homes, while one of the notable conclusions of this year’s analysis is the large increase of 32.6% in requests from the United Arab Emirates.

As the report states, 2024 was characterized by increased activity, with the conversion rate of on-site suggestions to sales (viewings to deals) soaring from 6.5% in 2023 to 14.2% in 2024, indicating the presence of more determined buyers. 

Savvas Savvaidis, chairman and CEO of Greece Sotheby’s International Realty, said that “2024 was a landmark year for our company, with even greater sales records and increased investment interest.”

Cre:Ekathimerini