Luxury home market at almost €1 bln

• 12 December, 25

These regions were once the primary choices for middle- and lower-income families. Today, rapidly rising rents are intensifying pressure across the entire rental market

According to a new survey by Greece Sotheby’s International Realty, annual luxury home sales in Greece have reached €800 million to €1 billion. However, compared with the €50 billion luxury property market across the Mediterranean region, Greece accounts for only 2%, far below its true potential.

The survey also shows that 63% of respondents are interested in purchasing a luxury property in Greece, indicating strong demand. However, around 50% of high-end buyers are simultaneously considering other Mediterranean destinations — especially Italy (15%), France (10%), and Spain (9%). This highlights that Greece is now competing directly with mature international markets, where infrastructure quality, legal stability, and sustainability practices play decisive roles.

Greek Luxury Property Prices Approach Mature Market Levels

The report notes that property prices in some of Greece’s premier destinations are now comparable to those in established luxury hotspots like Mallorca and Ibiza.

Savvas Savvaidis, CEO of Greece Sotheby’s International Realty, stated: “Our findings show that luxury property prices in Greece can now stand alongside those in mature markets such as Mallorca and Ibiza. Yet Greece still accounts for only 2% of the Mediterranean luxury market, leaving enormous room for growth. As urban and spatial planning frameworks improve and market transparency increases, Greece is likely to attract more institutional investors and stimulate luxury residential development.”

Greece Is Catching Up With the World’s Top Luxury Markets

Although Greece still lags behind its peers in terms of total supply and product diversity, its prices are quickly aligning with international standards:

Overall, Greece’s luxury real estate market is rapidly converging with global high-end destinations. However, to attract more high-net-worth international buyers, the country still needs to upgrade supply quality and expand product variety.

Cre: Ekathimerini